BOI 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
- Formal Application on letterhead of the registered Enterprise/Business Name
- Duly completed Online Loan Application Form
- Photocopy of Certificate of Incorporation
- 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)
- 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.
- Scanned copy of Quotation(s)/ Proforma invoice(s) for the supply of item(s) of Machinery and Equipment
- Digital passport photographs of the Chief Promoter and one other Director of the company
- 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)
- BVN (Bank Verification Number) of Chief Promoter, Directors and Shareholders of the company
- One year Audited Financial Accounts and most recent Management Accounts from BOI accredited auditors (for existing business)
- Statement of Affairs (for businesses less than one (1) year)
- Company’s Bank Statement(s) for a period of one (1) year (for existing business)
- Declaration of Outstanding Liabilities to other Banks and Individuals
- 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.
- 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
- Submission of the Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
- Letter of acceptance of Offer
- Return of duly executed Loan Agreement
- Submission of original Degree Certificate, NYSC Certificate and Entrepreneurship Training Certificate
- Board Resolution authorizing borrowing
- Photocopy of the filed Annual Returns (up to date) of the Company at Corporate Affairs Commission (CAC)
- 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)
- Evidence of filling appointment of Company’s Secretary with CAC (copy)
- Eight (8) passport photographs of the Chief Promoter and one other Director of the company
- 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)
- Letter of Attestation
- Letter showing specimen signature of the authorized signatory
- Original proforma invoice(s) for the approved items
- Submission of the original GSI and Third Party Guarantee Forms
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