HOW TO GET LOANS FROM BANK OF INDUSTRY AS AN ENTREPRENEUR

THIS ARE THE REQUIREMENTS YOU NEED AS AN ENTREPRENUER TO ACCESS LOAN FROM BANK OF INDUSTRY.

1. Formal Application on letterhead and duly completed loan application form.

2. Photocopy of Certificate & Form of Registration

3. Business Plan which includes detailed Profile of the Business Enterprise with Curriculum Vitae of the key Management Staff

4. Proforma invoice for the items of Equipment to be purchased.

5. Sources and quotations for Raw Materials expressed in quantity and amount

6. Means of Identification of Promoters:

(a) Four (4) passport photographs and Biometrics Verification Number (BVN)

(b) Photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card

7. Bank Statement of the Business Enterprise for a period of one (1) year (for existing business)

8. Declaration of Outstanding Liabilities to other Banks and Individuals, if any.

9. Two Individual external guarantors with proper means of identification such as BVN, four (4) passport photographs, Identity Cards

and Letter of Intent to guarantee the loan.

10. Security:

If landed property is being pledged as security, then the following are to be provided:

(i) Photocopy of the Title Document(s) to the property being pledged. This could be a Certificate of Occupancy, Deed of

Sublease or Deed of Assignment/Conveyance

(ii) Evidence of payment of Ground Rent up to date

(iii) Tax Clearance Certificate (TCC) of the owner of the property obtained from the State where the property is located.

(iv) Valuation Report from one of BOI’s accredited valuers

(v) Four (4) passport photographs and BVN of the property owner

(vi) Means of identification of the property owner

(vii) Letter of Consent signed by the property owner to mortgage property to BOI

(viii) If the property is owned by a limited liability company different from the borrower, then Board Resolution of that

company

11. If operating from a rented premises, lease agreement must have a tenor of at least one year beyond loan tenor.