The online loan application portal has been created for the convenience of BOI’s prospective SME customers in the sense that they do not initially have to come physically to the Bank to submit their loan applications. It also has the advantage of shortening the loan processing Turn-Around-Time (TAT) of the Bank. The portal has document uploading capability as well as allows the loan applicant select the preferred BOI State Office location where the application will be processed. The online loan application portal can be accessed.

Eight (8) things you should know before you commence your application on this platform

  1. Mandate

The bank of industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry. If your product is not listed here and you think it should, please provide information on your product for review by our technical team.

  1. Entities that BOI Finances

Bank of industry only finances enterprises or companies and not an individual person or group of persons. The company / enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.

  1. Items that BOI can finance

The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.

  1. Mode of disbursement

The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.

  1. Amount that can be financed by BOI

BOI’s loan support to the SME starts from N5 million. However, loan below N5 million are provided on our matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks

  1. Collateral requirements

As part of the fiduciary responsibility in managing funds under its care, Bank of industry requires that you pledge some assets to secure you loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:

Legal mortgage on a landed property. The property must be duly registered with a Certificate of Occupancy

Debenture on assets of the company

Bank Guarantee

External Guarantors with Notarized statement of Networth for loans below N10 million.

Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also note that the Bank is willing to accept third party collateral.

  1. Startup businesses

While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with sound management structure.

  1. You need to support your application with some documents

Upload list of the documents to support your application

How to use the Portal:

The following simple steps summarize the loan application process:

Go to our website:

Click on the “Apply for loan now

Click on “Register here” to register your account.

A verification link and tracking code are sent to your registered email address; click on the verification link to facilitate log in.

Once logged in, you can complete the application form, save and click on “continue” to submit the form.

A mail will be sent to your email address confirming receipt of the application.


To learn more and apply for loan, visit the official homepage here.

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