You can edit your side menu content in the Appearance > Menus and set as Side Menu.
BizMag.com.ng
  • News
  • Jobs
  • Tips
  • Privacy Policy
  • Services
  • Advertise
  • Contact
  • Shop
0
  • News
  • Jobs
  • Tips
  • Privacy Policy
  • Services
  • Advertise
  • Contact
  • Shop
0

In News

How to get loan from BoI (4)

September 28, 2017 Be first to comment

How to get loan  from BoI (4)
PQad

By Emeka Anaeto
LAST week we outlined some important pre-requisites one has to bear in mind before approaching the Bank of Industry, BoI, for loan which included the collateral requirements, as well as evidence of on-going business successes, where, under its general risk acceptance criteria, BoI requires a prospective borrower to have at least three years acceptable performance track record.

A woman cuts boiled donkey meat to sell to vendors at an abattoir in Ughelli, Delta State in southern Nigeria, on August 24, 2017.

This means your business ought to be up and running for at least three years with clear evidence to that effect. But I also noted that a waiver on this may be granted on a case-by-case basis.

In this last lap of basic information series on getting loan from the BoI, I focus on the documents required by the bank for loan applicants. But, first, note that this would be addressed in two sub-sets, viz, micro credit and SME credit.

When I began this series on BoI four weeks ago a differentiation was made between the two sub-sets where BoI focuses on SME Credit of N5 million and above while it uses third party – MicroFinance Banks, to execute its micro credit scheme for borrowings below N5 million.

Required documentation

Some of the required documentation for micro credit category includes: Formal Letter of Application introducing your company, the nature of business, request for loan and stating the loan amount and purpose. The letter should be in your company letterhead.

Other documents accompanying the letter include: Photocopy of Certificate of Registration of your business; A Business Plan; Four passport photographs of the Promoter (business owner); Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter; and Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.

You should also include in your documents the Bank Statement of the Business Enterprise for covering a period of one year (for existing business); Sales record for six months and operating expenses; Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor, etc.).

The post How to get loan from BoI (4) appeared first on Vanguard News.

Share this:

  • Facebook
  • Twitter
  • WhatsApp

No related posts.

Previous Post

Ecobank Graduate Program 2017

In Jobs

Ecobank Graduate Program 2017

View Post

Next Post

Nigeria now second world’s leading…

In News

Nigeria now second world’s leading producer of Sorghum

View Post

Click to Buy

GET Job Test Questions Now!

  • 2019 GSM Phone Number Database ₦250,000.00
  • 2017 Nationwide Phone Number Database ₦25,000.00
bulk sms ad

Recent Posts

  • Outcess Solutions Call Center Agent
  • MINISO Lifestyle Store Manager
  • Jobs at Connect Rail Services
  • Jobs at Max
  • CBN Sets N100,000 Limit for USSD Transactions
  • Diamond Bank Divests from UK Subsidiary
  • Coca-Cola Plans to Launch Alcoholic Drink

Like Us

Like Us

Follow

Subscribe to notifications
BizMag.com.ng
  • News
  • Jobs
  • Tips
  • Privacy Policy
  • Services
  • Advertise
  • Contact
  • Shop

© 2021 BizMag.com.ng - All Rights Reserved.