BOI LOAN REQUIREMENT CHECKLIST

The Bank Of Industry Loan Requirement Checklist

LIST OF DOCUMENTS REQUIRED FOR LOAN APPLICATION FOR LIMITED LIABILITY COMPANY UNDER TIES – TIER I OR II

Applying for Small Business Loan of ₦25 million and below

PRE – APPROVAL CHECKLIST

  1. Formal Application on letterhead of the registered Enterprise/Business Name
  2. Duly completed Online Loan Application Form
  3. Photocopy of Certificate of Incorporation
  4. Certified true copy of Memorandum and Articles of Association and Forms CAC 2.5 (Allotment of Shares), CAC 2.3 (Particulars of Directors) and CAC 2.1 (Appointment of Company Secretary)
  5. Simplified business plan that should include a brief Profile of the Business Enterprise, business activity and Sources and costs of Raw Materials expressed in quantity and amount etc.
  6. Scanned copy of Quotation(s)/ Proforma invoice(s) for the supply of item(s) of Machinery and Equipment
  7. Digital passport photographs of the Chief Promoter and one other Director of the company
  8. Means of identification of Chief Promoter and one other Director of the company (i.e. photocopy of International Passport/Driver’s License/ National Identity Card and Permanent Voter’s Card)
  9. BVN (Bank Verification Number) of Chief Promoter, Directors and Shareholders of the company
  10. One year Audited Financial Accounts and most recent Management Accounts from BOI accredited auditors (for existing business)
  11. Statement of Affairs (for businesses less than one (1) year)
  12. Company’s Bank Statement(s) for a period of one (1) year (for existing business)
  13. Declaration of Outstanding Liabilities to other Banks and Individuals
  14. Security:
    • Bank Verification Number (BVN);
    • Scanned copy of first degree certificate (BSc/HND or its equivalent);
    • Scanned copy of National Youth Service Certificate (NYSC);
    • Certificate issued by polytechnics and universities evidencing entrepreneurship training;
    • Scanned copy of duly signed Global Standing Instruction (GSI);
    • Third party guarantee (a senior federal/state civil or public servant, clergy or recognized traditional ruler registered professionals (lawyers, accountants, doctors, bankers, architects etc.), confirmed staff of established companies.
  15. If operating from a rented premises, lease agreement must have a tenor of at least one year beyond loan tenor.

*Note: The approved templates for the GSI and Third Party Guarantee should be downloaded from the online portal, completed and uploaded to the portal.

POST – APPROVAL CHECKLIST

  1. Submission of the Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
  2. Letter of acceptance of Offer
  3. Return of duly executed Loan Agreement
  4. Submission of original Degree Certificate, NYSC Certificate and Entrepreneurship Training Certificate
  5. Board Resolution authorizing borrowing
  6. Photocopy of the filed Annual Returns (up to date) of the Company at Corporate Affairs Commission (CAC)
  7. Photocopy of the Current Tax Clearance Certificate of the Company and two of its Directors (if landed property is being pledged as security for the loan)
  8. Evidence of filling appointment of Company’s Secretary with CAC (copy)
  9. Eight (8) passport photographs of the Chief Promoter and one other Director of the company
  10. Individual Guarantors (Where Applicable)
    • Means of identification (i.e. photocopy of International Passport or Driver’s License or National Identity Card or Permanent Voter’s Card)
    • Four (4) Passport photographs
    • Notarized Statement of Net-Worth (Form will be issued by BOI)
    • BVN
    • Curriculum Vitae of the Guarantor(s)
  11. Letter of Attestation
  12. Letter showing specimen signature of the authorized signatory
  13. Original proforma invoice(s) for the approved items
  14. Submission of the original GSI and Third Party Guarantee Forms

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