Your BOI loan application, done right
We help business owners and startups complete the Bank of Industry SME loan application and every document on its checklist, from the first form to the final disbursement.
- Loan class
- Short termMedium termLong term
- Loan type
- Term loanWorking capitalOn-lending
- Repayment
- MonthlyQuarterlySemi-annualAnnual
- Disbursement
- SingleMultiple
- Currency
- NGNUSDEUR
Options as listed on BOI's SME loan application form.
Built for established SMEs and new ventures alike
BOI's SME application covers limited liability and public companies, sole proprietorships, cooperatives and enterprises. What you submit depends on how long you have been trading.
Existing businesses
Trading for one year or more- Three years' audited accounts and the latest management account, from BOI-accredited auditors
- Company bank statement covering one year
- Declaration of outstanding liabilities to banks and individuals
Startups and new businesses
Trading for less than one year- A Statement of Affairs in place of audited accounts
- A strong feasibility study with five-year projections and clear assumptions
- Evidence of funds from each source in your financing plan
Your BOI application runs alongside your growth plan
If you are also working with us on strategy, operations or brand, each phase of our process moves your loan application forward too. No duplicated work, no separate paperwork chase.
Only need help with the loan? You can start with the BOI application on its own and add other services later. See our services
Eight sections, filled in correctly the first time
The BOI SME loan application form asks for detailed company, ownership and financial information. We complete it with you and check every entry against your supporting documents.
- 01Company informationRC number, date of incorporation, TIN, premises, nature of business and staff numbers
- 02Shareholders and directorsOwnership, ID, BVN, TIN and address for each director and corporate shareholder
- 03Credit facility requestAmount, purpose, loan class and type, repayment plan and disbursement
- 04Assets to be financedEach asset's specification, model, cost and supplier, with invoices attached
- 05Other bank relationshipsYour deposit accounts and any existing loans with other lenders
- 06CollateralType, reference number and description of the security you offer
- 07Chief promoterMain contact's details, BVN, passport photograph and signature
- 08Related partiesAny relationship with BOI employees or directors, declared up front
Everything BOI asks for, organised and handled
BOI's checklist for loans above ₦10 million covers the application, approval and your feasibility study. Numbers match BOI's own list, so nothing gets lost between us.
- 1Formal application on company letterhead
- 2Duly completed loan application form
- 3Photocopy of Certificate of Incorporation
- 4Certified true copy of Memorandum and Articles of Association, with Forms CAC 2.5, CAC 2.3 and CAC 2.1
- 5Feasibility study with company profile, key management CVs and technology or process write-up
- 6Quotations or proforma invoices for machinery and equipment
- 7Sources and quotations for raw materials, in quantity and amount
- 14Draft technical, management, supply or JV agreements, where applicable
- 8CVs of directors and key management staff
- 9Eight passport photographs of the chief promoter and two directors
- 10Means of identification for two directors
- 11BVN of the chief promoter and two directors
- 15Three years' audited accounts and latest management account, from BOI-accredited auditors
- 16Statement of Affairs, if trading for under one year
- 17One year of company bank statements
- 18Three years' accounts of institutional investors, where applicable
- 19Declaration of outstanding liabilities
- 12aBank guarantee: letter of intent from the issuing bank's head office
- 12bLanded property: title document, ground rent receipts, owner's TCC, valuation by a BOI-accredited valuer, owner's ID, photos and BVN, consent letter
- 13If renting, a lease running at least one year beyond the loan tenor
Once BOI approves your loan, these documents complete the process before disbursement. We prepare, collect and check each one with you.
- 1Letter of Offer endorsed by a director and company secretary, or two directors
- 2Letter of acceptance of the offer
- 3Duly executed loan agreement
- 4Board resolution authorising the borrowing
- 5Up-to-date annual returns filed with CAC
- 6Current Tax Clearance Certificate of the company and two directors (if property is pledged)
- 7Evidence of filing the company secretary's appointment with CAC
- 8Original title documents or bank guarantee
- 9Individual guarantors: ID, four photos, notarised statement of net worth, BVN and CV
- 10Submission of bank guarantee, if applicable
- 11Evidence of fee payment: appraisal, commitment and legal, if applicable
- 12Letter of attestation
- 13Letter showing specimen signature of the authorised signatory
- 14Original proforma invoices for approved items
The feasibility study is the heart of your application. BOI expects it to cover the following, and we write it to that standard.
- 1The company's activities since incorporation
- 2CVs of shareholders holding 5% or more, with their shareholding
- 3Project cost and financing plan, with evidence of funds from each source
- 4Costs incurred on the project to date
- 5Installed capacity, annual cost of production, and five-year cash flow and balance sheet projections with assumptions
- 6Technical information on technology and production process
- 7Technical partners, if any
- 8Machinery list with specifications, sources and prices
- 9Utility needs and access to water, power and transport at the site
- 10Raw material requirements, sources and unit costs
- 11Manpower requirements by category and salary
- 12Existing management and staff, for expansion projects
- 13Market study: supply, demand and market prospects, including competitors and pricing
- 14For ongoing projects: existing, expansion and consolidated five-year P&L, cash flow and balance sheets
How ready is your application?
Answer six quick questions drawn from BOI's checklist. It takes under a minute and shows where to focus first.
- 1Is your business registered with the Corporate Affairs Commission (CAC)?
- 2Do you have three years of audited accounts, or a Statement of Affairs if you are under one year old?
- 3Do you have a feasibility study or business plan for the project?
- 4Do you have proforma invoices for the machinery or equipment you need?
- 5Can you offer security, such as landed property or a bank guarantee?
- 6If you rent your premises, does the lease run at least one year beyond the loan tenor?
Your result appears here as you go. Every "not yet" is something we can help you put in place.
Book a pre-reviewWhere applications usually stall, and how we prevent it
Most delays come from small, avoidable gaps. We check for each of these before anything reaches BOI.
- Auditor not BOI-accredited
- Audited accounts must come from BOI-accredited auditors. We confirm this before your accounts are prepared.
- Valuation from the wrong valuer
- Property pledged as security needs a report from a BOI-accredited valuer. We point you to one early.
- Lease too short
- Rented premises need a lease at least one year beyond the loan tenor. We flag it before you apply.
- Thin projections
- BOI expects five-year projections with clear assumptions. We build and stress-test the model with you.
- Missing CAC forms
- CAC 2.5, 2.3 and 2.1 must accompany your MEMART. We check the full set of company records.
- Undeclared liabilities
- Existing loans and bank relationships must be declared. We reconcile them before submission.
Growmax Associates is an independent consultancy. Loan approval, terms and disbursement are decided solely by the Bank of Industry, and using our service does not guarantee approval. Requirements on this page are summarised from BOI's SME loan application form and checklist for loans above ₦10 million, and may change; always confirm current requirements with BOI.
Let's get your BOI application moving
Book a free pre-review. We will go through your documents against BOI's checklist and map the gaps.