FULL LIST: 7 Ways to Apply for BOI Loans as a Business Owner

The Bank of Industry (BOI) has launched its new MyBOI Portal, allowing Nigerian businesses to apply for financing facilities online.

The portal, which went live on Friday, enables new and existing customers to register, complete their business profiles, submit financing applications and supporting documents, and track the progress of their applications.

The bank said the platform was designed to simplify access to its financing facilities and improve the turnaround time for applications.

Businesses can access the portal through the official MyBOI website, while the platform is also available through the bank’s mobile application.

Here are seven steps business owners can follow to apply for BOI financing:

1. Create an account

First-time applicants are required to register on the MyBOI Portal.

Applicants will need a valid company registration number, such as an RC or BN number, a valid email address and other company information to create their profile.

An OTP will be sent to the registered email address to verify the account.

After verification, new customers can proceed with the customer onboarding process, while existing BOI customers can proceed to the facility application process.

2. Complete your business profile

Applicants are required to provide information about their businesses and complete the relevant onboarding and assessment stages on the portal.

BOI advises applicants to ensure that the information supplied is accurate and complete, as incomplete or inaccurate submissions may delay or affect an application.

3. Select a financing facility

After completing the required profile information, applicants can select the financing facility they wish to apply for and provide details about the proposed use of the funds.

According to the bank, financing can be used for purposes including working capital, inventory, equipment financing, expansion and business operations.

The amount a business can access depends on factors including its size, transaction history, cash flow, credit profile and repayment capacity.

4. Prepare and upload the required documents

The documents required depend on the financing facility, as well as the size and structure of the business.

Applicants may be required to provide:

• Corporate Affairs Commission registration documents
• Valid government-issued means of identification
• Bank Verification Number
• Business bank account details and bank statements
• Tax Identification Number, where applicable
• Business plan or feasibility study
• Proforma invoices or relevant quotations
• Evidence of business premises
• Relevant regulatory licences and approvals
• Financial statements, where applicable

BOI’s current facility assessment information states that business bank statements are usually required for six to 12 months, while recent audited accounts are required for facilities above N10 million.

Applicants should also prepare evidence showing how the proposed financing will be used.

5. Check the requirements for your business category

Businesses seeking facilities of N10 million and below have different documentation requirements from those applying for facilities above N10 million.

For micro facilities of N10 million and below, BOI lists requirements including a business plan, equipment quotations, raw material quotations, identification and BVN of the promoter, a one-year business bank statement for existing businesses, and relevant regulatory approvals.

Applicants may also be required to provide guarantors or acceptable security, depending on the facility.

For SME and large-enterprise facilities above N10 million, requirements can include audited financial statements, management accounts, feasibility studies, bank statements, CAC documents, tax clearance certificates, regulatory approvals and security documents.

BOI also requires additional Environmental, Social and Governance documentation for certain facilities.

Applicants should therefore check the requirements for their specific facility before submitting an application.

6. Submit the application

Once the required information and documents have been uploaded, applicants can submit their facility requests through the portal.

BOI says an application is not considered submitted until all required documents have been uploaded.

Submitting an application, however, does not guarantee approval, as applications remain subject to the bank’s credit assessment and other internal eligibility criteria.

7. Track your application

After submission, applicants can track their applications through their MyBOI dashboard.

The portal also provides notifications at key stages of the application process.

BOI says processing time depends on the facility and the completeness of the documents submitted.

According to its FAQ, most applications receive an initial response within two to four weeks, while complete documentation can help speed up the review process.

Who can apply for BOI financing?

Nigerian businesses registered with the Corporate Affairs Commission can apply for BOI financing, subject to the requirements of the particular facility.

The bank’s portal states that registered businesses must have a valid BVN for the owner or directors, a verifiable business bank account and meet its credit and cash-flow assessment requirements.

Businesses operating in sectors including manufacturing, agro-processing, digital economy, creative industries and energy may be eligible, depending on the financing programme.

BOI also provides facilities for different business sizes, including micro enterprises, small and medium-sized enterprises and large enterprises.

Can businesses apply for non-interest financing?

Yes. The MyBOI platform also provides access to BOI’s Non-Interest Banking facilities.

Applicants seeking Shariah-compliant financing can select the Non-Interest Banking option when creating their business profile.

Such applications are handled by BOI’s Non-Interest Banking division and assessed in line with Shariah principles.

What business owners should know before applying

Applicants should ensure that all information and documents submitted to BOI are accurate and complete.

The bank says failure to provide accurate information may lead to delays or rejection of an application.

BOI also advises customers to access MyBOI only through its official channels and not to share their passwords, OTPs or login details with third parties.

The bank does not guarantee approval simply because an application has been submitted. Each request is assessed based on the applicable credit and eligibility requirements.

Existing customers whose applications were submitted before the launch of MyBOI have also been advised to continue with the existing process rather than resubmit their applications through the new portal.

Business owners can access the MyBOI Portal through the bank’s official online platform.