@traeces
I think you should have done more research. I approached BOI in late 2016 for funds for SaaS (Software as a Service). I tried reaching into their I.T. department, but found the department didn't quite appreciate an "abstract" idea. I learnt my first lesson - that they understand agribusiness better.
I slowed down and went hunting for those who had I.T. loans. I was able to speak with one. After that contact, I made my choice to go source for Angel Investors instead.
I suggest you speak with someone in your line of interest with a running facility, else you just might find yourself taking multiple loans.

Even govt agency don dey do scam

superior1:
Before we blame the credit officer who worked on your document, we need a copy of the proposal/business feasibilty you submitted alongside your application

I concur with you.

This is sad

The best thing for an Entrepreneur in Nigeria is to set up a small business and use the profits from this small business to fund the main business.

Can you just imagine such nonsense? I have given up hope on this country, it has tayed.

I was already on the process for that loan. Had to go clear my annual fees with CAC and also got my tax clearance certificate.

Let me just go and tear that form and keep forging ahead.

They claim to help SME's with their useless 50k as if selling oranges in the street is what the country needs.

Me I didn't go that far before I had to run o

OP, first of all, everybody knows that BOI does not give money to investees, rather they do asset financing, so your outcry shows that you didn't investigate the conditions attached to the facility before applying....secondly, all what you wrote as callous acts from BOI are well stated in their website as conditions precedent to accessing their facilities, so if anyone is to be blamed, i think it should be you, who did not investigate or ask your financial advisor before applying for a facility. Moreover sir, as someone suggested above, i think it is important you share with us what you proposed to BOI in your business plan and the pre-application form you filled. Next time sir, involve your financial advisor (a professional) in issues involving financing of your business.......a poster above did an intelligent thing by seeking for angel investors to finance his start-up......the truth is that nobody anywhere in the world will give you money to kick-start a project without you bearing the risks....you shouldnt expect BOI to give you their money and still bear all the risks (which risk can be more than their money they gave you?)

IT IS EASIER TO GET A PERSONAL LOAN OF 10M naira abroad (for wedding,home improvement ,buying car,etc)than to get a loan of 7m naira for industrial/business purposes in Nigeria.

ggoldmine:


The mother of all frauds in the offer letter was that if the loan was not disbursed within 2 months from the date of the letter of offer (31st October, 2017), the Bank of Industry without any consideration of why it was not disbursed reserved the right to review the terms and conditions of offer but if the loan was not disbursed within 3 months from the date of the letter of offer, the letter lapses and all expenses incurred by the bank shall be repaid by my company.

Its same anywhere, offer letters always have time frame.

In this area (Port Harcourt), we are scammed to join cooperatives and pay the sum of #3500 each for a loan of #100000 per participant of which after payment, end of story. This is since April 2017. Me I just tire for this BOI. Please be careful when they ask you to form cooperative. Your money is gone

Sosqui:
This is really sad... But the 1% non refundable fee is a fraudulent one collected by the branch. I will advice you report them to their Management copying CBN. They must refund you the money.

Thank you

Bro, not branch oh.
Headquarters was where my friend had his transaction.

Barmmyshoes:
Hmmm. This is serious. I somehow detest the issue of loan since I had a very bad experience. Someone offered me a loan, used the little funds I had in transporting myself to her office every now and then not until she changed interest rate to 40%. How I wan take do am?

Na so I just forget am dey run my hustle jejeli till the story go change. Barmmyshoes will get there one day!

Check link below for ongoing discounted sales of barmmyshoes perms and sandals

www.nairaland.com/4357664/quality-dope-stylish-perm-sandals

Haul up you.
Plz keep it up.
God will bless your hustle.

Op you mumu o. So you paid 50K just to see a letter?

muzzol:
OP, first of all, everybody knows that BOI does not give money to investees, rather they do asset financing, so your outcry shows that you didn't investigate the conditions attached to the facility before applying....secondly, all what you wrote as callous acts from BOI are well stated in their website as conditions precedent to accessing their facilities, so if anyone is to be blamed, i think it should be you, who did not investigate or ask your financial advisor before applying for a facility. Moreover sir, as someone suggested above, i think it is important you share with us what you proposed to BOI in your business plan and the pre-application form you filled. Next time sir, involve your financial advisor (a professional) in issues involving financing of your business.......a poster above did an intelligent thing by seeking for angel investors to finance his start-up......the truth is that nobody anywhere in the world will give you money to kick-start a project without you bearing the risks....you shouldnt expect BOI to give you their money and still bear all the risks (which risk can be more than their money they gave you?)

I am doubtful if you know what is going on there. In fact one of the conditions my friend was given was to engage a so called Professional and he smartly asked them to recommend one. The fellow he got was cunningly milking him of money. Thinking of it all now just made me laugh like I do each time I hear these two words said together of anyone in Nigeria : "financial professionals ".I know it is generalizing but I also know it is wisdom to be guarded anytime ANYONE says that to me.... lol!!!

And we hated Jonathan that was dashing N10m to over 1000 entrepreneurs annually.

AnodaIT:
It's good to read Terms and conditions

It's better to read the post well.

IT IS EASIER TO GET A PERSONAL LOAN OF 10M naira abroad (for wedding,home improvement ,buying car,etc)than to get a loan of 7m naira for industrial/business purposes in Nigeria.
MAKING THINGS DIFFICULT UNNECESSARILY FOR OURSELVES.

A government charging N52,000 upfront to give loan to someone looking for loan? Any difference between what yahoo boys do?

OP, Please can I speak to you on phone?

Ease of doing business index...
Kemi Duduosun

Kudos to Nigerian youths who are struggling to survive. Never trust the government!

muzzol:
OP, first of all, everybody knows that BOI does not give money to investees, rather they do asset financing, so your outcry shows that you didn't investigate the conditions attached to the facility before applying....secondly, all what you wrote as callous acts from BOI are well stated in their website as conditions precedent to accessing their facilities, so if anyone is to be blamed, i think it should be you, who did not investigate or ask your financial advisor before applying for a facility. Moreover sir, as someone suggested above, i think it is important you share with us what you proposed to BOI in your business plan and the pre-application form you filled. Next time sir, involve your financial advisor (a professional) in issues involving financing of your business.......a poster above did an intelligent thing by seeking for angel investors to finance his start-up......the truth is that nobody anywhere in the world will give you money to kick-start a project without you bearing the risks....you shouldnt expect BOI to give you their money and still bear all the risks (which risk can be more than their money they gave you?)

A bank whose duty is to help turned around to put outrageous measures and u call that conditions? In my own case, they kept turning me up-and-down. First they said my collateral didn't have CofO. Later they asked me to get 2 external guarantors of Dr, Bar or level 12 civil servants. When I got them, they now said they must have net worth of the amount I applied for. How can young graduates who just started working n wants to assist have such net worth property?

AnodaIT:
It's good to read Terms and conditions

Sadly we have angry people everywhere. They only rant rant and rant. Approval of Loan is different from Disbursement. You have to meet certain conditions for disbursement to take place.

thinktanke:


Bro, not branch oh.
Headquarters was where my friend had his transaction.

Even if it happened at the HQ doesn't make it right. I am telling you for sure, the 1% non refundable fee is a fraud. Send a mail to their Management copying CBN.
Thank you

Try Grofin instead of BOI. They give long tenor loans for existing businesses needing quick growth. However, you have to have a reasonable equity contribution.

SMEs are dead in this country. They will not even provide electricity for your business to thrive, it's loan they will give. Can you imagine the evil in the words of that offer letter?? i weep for naija

Everybody is a scam in Nigeria, I think their decision not to place funds in the hands of applicants is a just one, considering the way a loft of people operate in Nigeria.

Dis one dat everyone wants to travel out, dem fit give you money now, make u tear

superior1:
Before we blame the credit officer who worked on your document, we need a copy of the proposal/business feasibilty you submitted alongside your application

Whatever the proposal/business feasibility I submitted, it was reviewed by various staff of the bank at different levels and judged feasible before my application got approved so I don't see how a presentation of my business plan to you changes anything

govt loans are like that, they pay in kind for all materials needed by you rather than giving you the money in cash, so if you have inflated cost of materials in your quotation thinking they will give you the cash you're on your own

These people are just liars, they tell you something different on air and another thing different off air. And they claim they want to encourage entrepreneurship.