By Abimbola Salami
First of all, BOI means the Bank of Industry which is a subsidiary of Bank of Industry in Nigeria and it offers a wide range of financial services to micro, small and medium-sized enterprises as well as low-income earners who are unable to finance their business on their own or start their business. Bank of Industry (BOI) is basically a microfinance bank whose main aim is to help or assist entrepreneurs or intending business owners by providing easily accessible loans as well as good financial advice in other to help them achieve the sustainable growth as well as the goals and objectives needed by these entrepreneurs or intending business owners. Bank of Industry was incorporated under the 2002 Company and Allied Matters Act and is regulated by the Central Bank of Nigeria as they also help to provide various savings deposit for all levels of customers. Part of the objectives of the Bank of Industry are;
Basically, the Bank of Industry s set up to target the industrial sector of the Nigerian economy as they encourage the industrial production as well as the value creation by encouraging manufacturing and processing activities of businesses as the objective is to provide the industrial sector with the adequate amount needed to finance the manufacturing and processing as they also target sub-sectors which includes agricultural and agro-allied businesses, solid minerals, oil and gas and so many other businesses which makes the use of equipment in the production of goods and services that would add value to the society. The Bank of Industry is not set up to finance working capital, raw materials, land and buildings and it does not finance these aspects as the primary reason the bank is set up is to finance industrial equipment and such equipment can be tractors, dryers, ploughs, harvesters, planters and other related industrial equipment or machinery. The Bank of Industry can assist you to get the working capital from the patterns of the bank as the bank itself cannot provide the capital as they are not set up for that but they can liaise with their partners which can be other banks who have the interest of small and medium-sized enterprises in mind as well as individuals who are willing and ready to start a business as they would provide the capital needed as well as the friendly terms and conditions so that the processes and conditions would not be so stressful for the individuals as well as the small and medium-sized enterprises. The bank of Industry can also lend to startups with promising future as they would use their sense of judgment to do this and this is also when the business plan written by the individuals or the small and medium-sized enterprises comes in as a good business plan would convince them that your business would turn out well and you also have an idea of what to do in your business, you would also need highly qualified and experienced management and the operational team as well with a verifiable management structure. The Bank of Industry requires flexible collateral in other to get the loans required for the business you want to venture into and the requirements needed to be granted a loan by Bank of Industry (BOI) would be discussed as we progress with this article. The Bank of Industry is not only concerned with financing your business but it is also concerned with the growth of your business as well as the success of your business.
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Bank of Industry (BOI) has been a major supporter for the development of small and medium-sized enterprises which would also help in the development of the Nigerian Economy as they target businesses that engage in manufacturing and processing activities and the target of the Bank of Industry includes Information technology, Oil and Gas industry, Solid minerals, Agro-processing as well as a creative industry.
The categories of people legible for the bank of industry loan are as follows;
Bank of Industry (BOI) is concerned with the effective management as well as project selection which is targeted towards job creation as well as poverty eradication. The bank considers industries who are in line with the following criteria;
Sub-sectors which are treated with utmost priority when it comes to project selection are as follows;
Businesses who seek to apply for a loan from Bank of Industry (BOI) should meet the following requirements and they are;
Bank of Industry is not only concerned with the provision of finance for your business as they are also interested in the success and growth of your business. The bank of industry loans can be applied for thus;
As part of the requirements to get any loan you need to put down some collaterals before any loan can be gotten, the bank of industry accepts other forms of security which are subject to adequate coverage and the type of security the bank accepts are as follows;
The bank is willing to share assets which have been previously used as collateral to other lenders in as much as the bank loan is adequately covered in the arrangement and the bank id also willing to accept third party collateral.
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The following must be evident in your business plan you intend to submit to Bank of Industry for loan application and they are as follows;
Bank of Industry is not only concerned with the provision of finance for your business as they are also interested in the success and growth of your business.
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