The Bank of Industry ( BOI ) has released pre- qualification requirements for her so much publicised zero percent interest loan for interested Nigerians who have passion for entrepreneurship. You recall that Nigerian Senate has approved collection of zero percent Bank of Industry loan for people with business ideas aged 18 to 40 years.
The Bank of Industry is set to create the best environment for graduate and non-graduates in Nigeria. Recently, Bank of Industry launched N11 billion empowerment programs tagged “The 0% Entrepreneurship Fund” for Nigerian Youths who are unemployed.
Lots of benefits accompany with this 0% Entrepreneurship Fund include: To help in creating an environment for Nigerians to start their own business; and to encourage students and traders to become employers rather than malingering around seeking for jobs.
How Can One Get Business Loan From BOI? To get loan from Bank of Industry you must possess the following under listed:
1. Your business can be Small, medium and large enterprises, excluding cottage industries.
2. Any New or existing companies, seeking expansion, modernization or diversification.
3. Clients with demonstrable ability to meet loan repayments.
4. To get business loan from Bank of Industry you must have no record of unpaid loans to erstwhile development finance institutions and other banks.
5. Any applicant with Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
6. Applicants whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible You have the above,
you can pass the process of screening
Other requirements are: 6. Filled the Bank of Industry Loan application form
7. Submit a potential successful business plan
8. Formal letter of Application
9. Photocopy of Certificate of Registration or Incorporation of the Certified true Copies of Forms C02 and C07
10. A photocopy of the Certified True Copy of Memorandum and Articles of Association of the Company
11. Feasibility Study Report (4 copies)
12. Quotations for items of equipment (at least 2 or 3 quotations from different sources), where applicable
13.Three (3) years most recent Audited Accounts of the company (for existing company only not a must for new company )
14.Organizational Structure and Management of the company
15. Declaration of total outstanding liabilities of the company
16. Statement of Account for the past six months from the company’s bankers
17. Completed copy of Bank of Industry Questionnaire
18. Eight recent Passport photographs of each of the two Directors and the Company Secretary
19. Acceptable Securities shall include a charge/security interest over all of applicant’s assets, copyrights, rights etc
20. Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.
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