GUIDE ON HOW TO OBTAIN A LOAN FROM THE BANK OF INDUSTRY

GUIDE ON HOW TO OBTAIN A LOAN FROM THE BANK OF INDUSTRY

 

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GUIDE ON HOW TO OBTAIN A LOAN FROM THE BANK OF INDUSTRY

The Bank of Industry is one of the leading development financing institutions in Nigeria. It provides funds for Small Medium Entrepreneurs, Startup businesses, and large enterprises. Once you’re eligible, you can get financing up to Five hundred million nairas from the Bank of Industry.

Having access to sufficient funds to finance business is very important in the life of any business. No matter how big or amazing your idea might be, it will remain an idea without the funds to bring it into reality. For any entrepreneur in need of funds to start up a business or to expand an existing business, this development bank might just be your solution.

GUIDE ON HOW TO GET A LOAN FROM THE FEDERAL MORTGAGE BANK OF NIGERIA

CRITERIA INVOLVED

  • It does not give out loans to individuals or a group of individuals.
  • Companies that are duly registered with CAC can also obtain the loans.
  • Small and Medium-scale enterprise duly approved.
  • Also, Startup businesses with sound management must provide evidence of experience in the business.

HOW TO GET THE NATIONAL HOUSING FUND LOAN

THE COLLATERAL REQUIREMENTS FOR THE BANK OF INDUSTRY LOAN

These requirements are quite flexible. These include;

  • Duly registered and approved landed property with a Certificate of Occupancy.
  • Debenture on assets of the company
  • Bank Guarantee and Grants.
  • External Guarantors with the categories of suitable loans.

 REQUIREMENTS BASED ON CATEGORIES FOR THE BANK OF INDUSTRY

  1. For Business Enterprise Applying For Up To Ten Million Naira Loan
  • Duly filled and completed the loan application form and formal application on letterhead.
  • Duplicate copy of Certificate & Form of Registration.
  • Valid business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff.
  • Approved estimated invoice for the items of equipment to be purchased.
  • The Expenses and Quotations for Raw Materials are expressed in quantity and amount.
  • Valid means of Identification of Promoters which includes passport photographs and Biometrics Verification Number.
  • Duplicate copy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Estimated invoice.
  • Bank Statement of the Business Enterprise for one year.
  • Declaration of Liabilities that are yet to be cleared to other Banks and Individuals.
  • Two Individual external guarantors with proper means of identification and a Letter of Intent to guarantee the loan.
  • Security-wise backed up with the necessary documents.
  • If operating from rented premises, the lease agreement must have a tenor of at least one year beyond the loan tenor.

How to get a loan from the Bank of Agriculture (BOA)

  1. For Limited Liability Company Applying For Up To 10 Million Naira
  • Duly fill and complete the other loan application form and formal application on letterhead.
  • Duplicate copy of Certificate of Incorporation.
  • A certified true copy of Memorandum and Articles of Association and Forms.
  • Complete Business Plans to include detailed company profile, Curriculum Vitae of the key Management, write-up on technology processes, and agreement with Technical Partners.
  • Quotations for the supply of items of Machinery and Equipment.
  • Quotations for Raw Materials expressed in quantities and amounts.
  • Valid Means of Identification of the Chief Promoter and one other Director of the company such as passport photographs and Biometrics Verification Number; Duplicate copy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card.
  • Biometrics Verification Number of major shareholders of the company.
  • Three years’ Audited Financial Accounts and updated Management Accounts from accredited auditors or Statement of Affairs.
  • Company’s Bank Statements for one year for existing businesses.
  • Declaration of Liabilities that are yet to be settled to other Banks and Individuals.
  • Two Individual external guarantors with proper means of identification and a Letter of Intent to guarantee the loan.
  • Security backed up with the necessary documents.
  • If operating from rented premises, the lease agreement must have a tenor of at least one year beyond the loan tenor.

Guide On Getting A Loan From SMEDAN

  1. For Large Enterprise and SME Above 10 Million Naira
  • Duly fill and complete the loan application form and formal application on letterhead.
  • Duplicate copy of Certificate of Incorporation.
  • A certified true copy of Memorandum and Articles of Association and Forms.
  • Feasibility Study Report which includes detailed Profile of the Company with Curriculum Vitae of the Directors and Key Management and write-up on manufacturing processes.
  • Quotations for the supply of items of Machinery and Equipment.
  • Quotations for Raw Materials are expressed in quantity and amount.
  • Valid means of Identification of the Chief Promoter and one other Director of the company which includes passport photographs and Biometrics Verification Number; Duplicate copy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card.
  • Biometrics Verification Number of major shareholders of the company.
  • Three years’ updated Financial Accounts and most recent Management Accounts accredited auditors or Statement of Affairs.
  • Company’s enterprises Small and Medium Enterprises for a year.
  • Declaration of Outstanding Liabilities to other Banks and Individuals.
  • Security with the necessary documents available.
  • A copy of the draft Technical, Management Supply, and/or joint Venture Agreement.
  • Three years’ Audited Financial Accounts and most recent Management Account from accredited auditors or Statement of The Affairs.
  • At least three years’ Financial Statement of Accounts for Institutional Investors in the project or another company owned by the Chief Promoter.
  • Declaration of Liabilities that are yet to be settled to other Banks and Individuals.
  1. For Cooperative Society Up To 10 Million Naira
  • Duly filled and completed loan application form and formal application on letterhead.
  • Duplicate of Certificate of Registration.
  • Clear Photocopy of Bye-Laws or Constitution of the Society.
  • Business Plans which include a detailed Profile of the Cooperative Society with Curriculum Vitae of the Executive members.
  • Quotations for the supply of items of Equipment to be purchased.
  • Quotations for Raw Materials Rented premises the quantity and amount.
  • Valid means of Identification of every beneficiary and member which includes passport photographs and Biometrics Verification Number; Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card.
  • Bank Statement of the Society for at least a year.
  • Declaration of Liabilities that are yet to be closed to other Banks and Individuals.
  • Letter of Permit to borrow, issued by the Director of Cooperatives of the State.

 

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