How to Get Loan From Bank of Industry for Small Business

Procedure for securing loan from the Bank of Industry

As a small business owner, I understand that you may be facing some challenges in raising funds for the expansion of your small business. Growing a small business organically can be very challenging. But the good news is that the Bank of Industry is out to assist small businesses with funds that they might need to grow their businesses. Unfortunately, small businesses still find it difficult to access the funds. It is not that the Bank of Industry is not willing to release the funds. The problem is that most small business owners are ignorant of the requirements for granting loans to small businesses.

Also Read: How to Get Small Business Loans With Ease

If you plan to apply for loan from the Bank of Industry of Nigeria, here are the requirements:

Formal Letter of Application

You must officially apply for the loan in your company’s letter head paper. The letter must be properly signed by the Director or someone with sufficient authority to act in that capacity.

Photocopy of Company’s Registration Document

This includes the photocopy of Certificate of Incorporation, the Certified True Copy of Forms C02 and C07 and the Certified True Copy of Memorandum and Articles of Association of the Company.

Feasibility Study Report

Detailed feasibility study report about your small business.The feasibility report has to be in a required format as provided by the Bank of Industry.

Photocopy of Title documents to project site (Statutory Certificate of Occupancy)

The Bank of Industry will like to you to submit the title document to project site such as statutory Ceritificate of Occupancy to authenticate your ownership of the site.

Photocopy of Title Documents to the Collateral Security

The Bank of Industry only accepts landed property and must be in an urban center. The landed property must be supported with Statutory Certificate of Occupancy

 Approved Site Plan

Your site plan must have been approved. This is to ensure that you have complied with zoning requirement. For example, you are not expected to build a factory in a residential area.

Approved Building Plan

This is only applicable if building is required for the type of business you do.

Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building

Although this is not compulsory, it will be a plus if it is available.

Valuation Report on Factory Building(s)

This is for expansion projects and evidence of availability of landed property in an urban area that can be offered as collateral security.

Quotations for items of plant and machinery (at least 3 quotations from different sources).

It is a procurement good practice to obtain at least 3 quotations from different sources. You should not just do this for the purpose of obtaining a loan. It should be part of your company’s policies.

Also Read: Criteria For Securing Bank Loan

At least two (2) quotations for items of raw material and letters of intent to supply.

Just as explained above.

Three (3) years most recent Audited Accounts of the company

This is only possible for existing company. This can be waived if your business is new.

Organizational Structure and Management of the company

You must clearly show the hierarchy of authority in your small business and the key management staff holding strategic position in the company.

Declaration of total outstanding liabilities of the company

The Bank of Industry likes to know the level of your exposure in term of liabilities to third parties.

Statement of Account for the past six months from the company’s bankers

The Bank of Industry expects that your small business should operate bank account(s).

Three (3) years most recent Tax Clearance Certificate for the Company and two (2) Directors.

You may need the services of external auditors to help you process the Tax Clearance Certificates.

Eight recent Passport photographs of each of the two Directors and the Company Secretary
Completed copy of BOI Questionnaire for main promoters and the company


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  1. Pingback: How to Write Feasibity Study Report for Small Business

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