Bank Of Industry Nigeria: Functions,Recruitment,Graduate-NYSC Corper Loans,F.A.Q, Details About B.O.A
The Bank Of Industry is one of the oldest banks in Nigeria and
its primary function is to provide long term financial assistance to different emerging industries in Nigeria and also to grant loans to Nigerians,graduates and NYSC corp members.
--The post contains information concerning the Bank Of Industry Nigeria,its Yes Program,Graduate Loans,Recruitment,Interest Rate,Cap Fund,Application Form Etc
Quick Facts/ Functions of Nigeria Bank Of Industry
- BOI is the oldest financial institution in the country.
- BOI was initially named the Nigerian Industrial Development Bank (NIDB)
- The Bank of Industry (BOI) targets the industrial sector of the economy which includes the Agricultural and Agro-allied businesses, Solid Minerals, Oil and Gas, Manufacturing.
- The Bank of Industry finances plant and equipments example funds for your case tractors,combine harvesters,dryers,freezers, or any machinery.
- The bank of industry does not finance raw materials, nor working capital, nor lands and building.
- The Bank of Industry will send money to the vendors and suppliers of the equipment your business needs.
- The bank of Industry will disburse the funds to the vendor of the equipment that the loan is intended to finance.
- The bank will ensure that the price quoted is equivalent for the type of equipment being purchased.
- The Bank of industry BOI requires collateral,but its collateral requirements are very flexible.
- The BOI can help you source your working capital requirements through its partners.
- With a proof of cognate experience the Bank of Industry can help to start up a business for you at its own discretion.
- The Bank of Industry does not re-finance plant and equipment.
- The bank of industry's desire is to support your business.
- BOI was incorporated in 1964 with a total capitalization of 2 million pounds.
- BOI prides itself as the oldest, largest, and most successful financial institution in the country.
- The Bank Of Agriculture has offices in each geo-political zone of Nigeria.
- BOI can be contacted via email@example.com or through the bank’s website.
Bank Of Industry Loans For Nigerians - Graduates - NYSC Corp Members
The Nigerian Bank Of Industry grants money to Nigerian citizens who would want to start up a small scale business.
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On October 5, 2015, the Bank of Industry launched a new, N2 billion empowerment program called “The Graduate Entrepreneurship Fund”.
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The Graduate Entrepreneur ship Fund was specifically created for graduates who take part in the National Youth Service Corps.
Main Goals Of The Bank Of Industry Graduate Entrepreneurship Fund
- Encouraging corp members to become employers rather than job-seekers.
- Creating an environment for students to start their own business
- Making the member of NYSC eligible for concessional loans.
- Making the National Youth Service Corps worthwhile and less risky.
The Graduate Entrepreneurship Fund has been set up by the BOI to grant loans to corp members,however in other to be able to get the loan,you must convince the BOI and show them that you have a feasible business plan.
Q1: How do I apply - qualify for the Bank Of Industry loan for NYSC Corpers?
- Fill the Bank of Industry loan application form.
- You must attend the entrepreneurship capacity building program that lasts for two or three days.
- The training is mostly concentrated on generating a Business Model.
- An online Business Plan Competition will be initiated where graduated students will show off their business ideas.
- Submit a potentially successful business plan.
- Winners of the competition will be presented with a loan of 2 million Naira.
- The loan will be provided within BOI’s 35 SME clusters with tenors ranging from three to five years inclusive of six to twelve months moratorium period.
- The BOI loan processing and inspection time will take up to 2-4 weeks.
- You have to pay back monthly,possibly from the proceeds of your business.
Q2: How do I apply for a loan from the Bank Of Industry,what is the generic risk Acceptance requirements of the bank of industry?
A: The generic requirements include the following:
- A Nigerian business.
- Ability to provide at least 20% equity for the project. Equity can be in the form of existing plant and equipment.
- An effective working succession plan.
- Your business size should define you as an SME.
- Your company should have been in operation for a minimum of three years with a good track record of sales and profit margin.
- Clear, specific,and verifiable loan purpose.
- Viable and realistic growth plan.
- Able to provide collateral.
- No history of loan default.
- Sufficient industry knowledge, skills and experience related to your business field.
- Prudent and financially disciplined,able to separate personal funds from business funds.
- Passionate,energetic and resilient in the face of challenges and unafraid of competition.
- Evidence of having attended an entrepreneurial development programme at an accredited EDC.
- Good book keeping and accounting skills.
- Skilled and dedicated workforce.
- Easy access to raw materials.
- Membership of organised private sector associations such as Nigerian Association of Small and Medium Enterprises (NASME), Manufacturers Association of Nigeria (MAN), Nigerian Association of Small Scale Industries (NASSI) etc
- Good corporate citizen up to date with personal and Corporate Income Taxes.
- Business generates sufficient cash-flow to meet loan obligations.
- Strong demand for products from a loyal customer base.
- All necessary licenses and permits to operate your line of business.
- Belong to the agricultural, manufacturing value chain or related services.
- Safe and secure location of project site and collateral assets.
- Reliable tested technology with long term maintenance agreements.
- Business line is legal and permissible.
- Business ownership and management should be willing to make full a nd accurate disclosures to BOI.
A: It takes between two and four weeks to receive loan approval.
For more information concerning the bank of industry yes program,interest rate,industry loan,application form,recruitment,agriculture loan,industry cap,BOI Micro Finance Bank Etc visit the Bank Of Industry official website at boi.ng/