Welcome, Guest: Join Nairaland / LOGIN! / Trending / Recent / New
Stats: 2,483,585 members, 5,624,405 topics. Date: Thursday, 28 May 2020 at 08:27 PM

Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium (2606 Views)

COVID-19: First Bank Grants 2 Months Moratorium On Loan Repayment / List Of Business(es) That Are Eligible For Bank Of Industry Loan / A Nairalander's Experience With Bank Of Industry (documents Attached) (2) (3) (4)

(1) (2) (3) (Reply) (Go Down)

Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 1:28pm On May 01
BOI is still in the business of providing financial support to serious minded MSMEs, SMEs and LEs operating within the country.

Below are the reasons why many businesses especially MSMEs failed to successfully access well structured BOI loan even after several attempts while they come back to say BOI don't give out loan as being advertised publicly:

Note:

BOI is not a commercial bank that give you loan without any serious documentation or a loan at a killing interest rate that could eventually kill your business. It is a Developmental Financial Institution that give your business financial support with moratorium to enable you stand firm. Their belief is that the project which you took the loan for must be the one to pay back the loan.

let move on now, I will like to focus more on MSMEs and SMEs because I believe most LEs have major required documents.

Here are the reasons:

1. The business owners' inability to determine
what the business actually need.

Many business owners will just approach the bank(BOI) for loan when they not even sure if they actually need the loan or not. Many don't even know the type of business the bank can support and the one they don't support but when they are rejected they will be complaining.

Its not a mistake to say that what some businesses need to thrive in this country is not access to capital. Some actually have access to fund but still fail, they need business consultant who can guide and professionally advise them to determine what next for the business to move on. In this case, BOI has consultants who can guide and also help in securing financial support from BOI after it has been ascertained by the consultant and agreed by the business owner that they actually need financial support.

(I won't charge you a dime for this advisory services until we conclude and agreed by both parties that you actually need the fund and also fit to meet other requirements)


2. Negligence to records keeping.

You will agree with me that an average Nigerian don't take things seriously until is being needed or when chips are down. As a matter of fact that's what brought us to where we are today on this Covid 19 issue. If the FG has shut down the air and land borders on time we wouldn't av been so hit like this. So as our Nigerian business men and women, we don't pay attention to documentation. Today in Nigeria, many businesses are operating without registration with CAC or having any documents that record their daily sales or transactions. With this kind of structure, how can such a businesses successfully access a well structured, documents oriented and easy repayment loan like that of BOI? Such individuals or businesses will be frustrated and ends up saying BOI don't give out loan or is difficult to access. The question now is, did you or your business meets the required conditions?

There are other reasons which i will share here when I see people response to what have shared.

For further enquiry

contact 07088809305
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by Emrixx(f): 1:34pm On May 01
Please continue I'm interested in this lecture
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 1:58pm On May 01
Emrixx:
Please continue
I'm interested in this lecture

I will still like to hear from more people before I can continue but I value you. You can use that number to reach me for more info. I don't charge until we both convince that you will get the support from the Bank
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by Emrixx(f): 2:32pm On May 01
jameshow:


I will still like to hear from more people before I can continue but I value you. You can use that number to reach me for more info. I don't charge until we both convince that you will get the support from the Bank

thanks
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by gratefulheart(m): 4:01pm On May 01
go on

jameshow:
BOI is still in the business of providing financial support to serious minded MSMEs, SMEs and LEs operating within the country.

Below are the reasons why many businesses especially MSMEs failed to successfully access well structured BOI loan even after several attempts while they come back to say BOI don't give out loan as being advertised publicly:

Note:

BOI is not a commercial bank that give you loan without any serious documentation or a loan at a killing interest rate that could eventually kill your business. It is a Developmental Financial Institution that give your business financial support with moratorium to enable you stand firm. Their belief is that the project which you took the loan for must be the one to pay back the loan.

let move on now, I will like to focus more on MSMEs and SMEs because I believe most LEs have major required documents.

Here are the reasons:

1. The business owners' inability to determine
what the business actually need.

Many business owners will just approach the bank(BOI) for loan when they not even sure if they actually need the loan or not. Many don't even know the type of business the bank can support and the one they don't support but when they are rejected they will be complaining.

Its not a mistake to say that what some businesses need to thrive in this country is not access to capital. Some actually have access to fund but still fail, they need business consultant who can guide and professionally advise them to determine what next for the business to move on. In this case, BOI has consultants who can guide and also help in securing financial support from BOI after it has been ascertained by the consultant and agreed by the business owner that they actually need financial support.

(I won't charge you a dime for this advisory services until we conclude and agreed by both parties that you actually need the fund and also fit to meet other requirements)


2. Negligence to records keeping.

You will agree with me that an average Nigerian don't take things seriously until is being needed or when chips are down. As a matter of fact that's what brought us to where we are today on this Covid 19 issue. If the FG has shut down the air and land borders on time we wouldn't av been so hit like this. So as our Nigerian business men and women, we don't pay attention to documentation. Today in Nigeria, many businesses are operating without registration with CAC or having any documents that record their daily sales or transactions. With this kind of structure, how can such a businesses successfully access a well structured, documents oriented and easy repayment loan like that of BOI? Such individuals or businesses will be frustrated and ends up saying BOI don't give out loan or is difficult to access. The question now is, did you or your business meets the required conditions?

There are other reasons which i will share here when I see people response to what have shared.

For further enquiry

contact 07088809305



Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by ogo4god: 5:40pm On May 01
jameshow:
BOI is still in the business of providing financial support to serious minded MSMEs, SMEs and LEs operating within the country.

Below are the reasons why many businesses especially MSMEs failed to successfully access well structured BOI loan even after several attempts while they come back to say BOI don't give out loan as being advertised publicly:

Note:

BOI is not a commercial bank that give you loan without any serious documentation or a loan at a killing interest rate that could eventually kill your business. It is a Developmental Financial Institution that give your business financial support with moratorium to enable you stand firm. Their belief is that the project which you took the loan for must be the one to pay back the loan.

let move on now, I will like to focus more on MSMEs and SMEs because I believe most LEs have major required documents.

Here are the reasons:

1. The business owners' inability to determine
what the business actually need.

Many business owners will just approach the bank(BOI) for loan when they not even sure if they actually need the loan or not. Many don't even know the type of business the bank can support and the one they don't support but when they are rejected they will be complaining.

Its not a mistake to say that what some businesses need to thrive in this country is not access to capital. Some actually have access to fund but still fail, they need business consultant who can guide and professionally advise them to determine what next for the business to move on. In this case, BOI has consultants who can guide and also help in securing financial support from BOI after it has been ascertained by the consultant and agreed by the business owner that they actually need financial support.

(I won't charge you a dime for this advisory services until we conclude and agreed by both parties that you actually need the fund and also fit to meet other requirements)


2. Negligence to records keeping.

You will agree with me that an average Nigerian don't take things seriously until is being needed or when chips are down. As a matter of fact that's what brought us to where we are today on this Covid 19 issue. If the FG has shut down the air and land borders on time we wouldn't av been so hit like this. So as our Nigerian business men and women, we don't pay attention to documentation. Today in Nigeria, many businesses are operating without registration with CAC or having any documents that record their daily sales or transactions. With this kind of structure, how can such a businesses successfully access a well structured, documents oriented and easy repayment loan like that of BOI? Such individuals or businesses will be frustrated and ends up saying BOI don't give out loan or is difficult to access. The question now is, did you or your business meets the required conditions?

There are other reasons which i will share here when I see people response to what have shared.

For further enquiry

contact 07088809305

Thank you sir, I appreciate you for this mind blowing post, pls I need assistance on how to get this loan.





Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by Tinamama: 6:04pm On May 01
Pls continue,l am highly interested in your lecture
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 6:26pm On May 01
[quote author=ogo4god post=89072506][/quote

you have my number you can talk to me
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 6:27pm On May 01
Tinamama:
Pls continue,l am highly interested in your lecture

I will continue with this tomorw, pls check back tomorw noon sir. I value you sir meanwhile i have my line above for more discussion
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jayaim: 12:27am On May 02
Oga, me & u know. Even if u meet the criteria, it won't be givin to u. Am taking from experience, paddy paddy connection is involved. I have applied they just eat our money. A reputable government firm in Abj stood for us.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 9:24am On May 02
jayaim:
Oga, me & u know. Even if u meet the criteria, it won't be givin to u. Am taking from experience, paddy paddy connection is involved. I have applied they just eat our money. A reputable government firm in Abj stood for us.

You are one of the people that made me to create this thread. if you didn't get the money then your documentation has issues, to you u met all the requirements but to them you didn't meet them. I have some questions to ask you, did you use consultant to apply? because people are very funny when it comes to doing d right things. if you meet 99 out of 100 requirements, to BOI u haven't met all the requirements. At the long run I will post the short video of people that i have helped to secure this loan with what they bought which was financed by BOI. Last year alone I got 10 approvals and 8 disbursements with the remaining 2 disbursements ought to av happened if not the lockdown. You need the right people to guide you to approach BOI. I like this kind of feed back, I challenged you today, contact me if you are actually in need of that fund and you are sure you meet the requirements as claimed. Thanks

1 Like

Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 10:00am On May 02
Any one with similar experience should please use this medium to comment, let me thrash the issue here and explain to you why u didn't get the loan.

By the grace of God, I have 800m awaiting approval done before covid lockdown, 334m approved awaiting disbursement, 2.5B approved awaiting disbursement.

Let talk irrespective of the amount, by the grace of God I will handle it
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 11:53am On May 02
The number 3 reason why some applications are not successful is

Lack or poor financial records


This is a serious issue that every entrepreneur who has vision to grow must pay attention to.

It is not a surprise that many entrepreneur dont even have company account. They use personal account but still they make money daily and spend the money that day either to buy raw materials to produce another product or they spend the money or keep the money at home. This kind of business might have good cash flow but are not reflecting in it bank statement either personal or company account. Pls for God sake how will you convince BOI that such a company has good cash flow?

It advisable you allow your money to pass through your company account or personal account even if you will withdraw it the same day.

Note

As an entrepreneur if you want to grow, you must have a company account, there are some transactions you can't do with your personal account.

A well - run Company account with good outflow and inflow will give an entrepreneur green light to BOI. with this, you will get a loan from BOI. most entrepreneur that complain don't do this.

For SMEs who registered as limited and has vision to grow, try and get your financial records to be audited by an auditor.

I am too loaded but the response isn't encouraging to continue.

for a serious minded business pls contact me on the above number
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by aliamimar(f): 1:50pm On May 02
Please continue, we are following.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by espirito(m): 2:24pm On May 02
Bro please continue, this is top quality content.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 2:49pm On May 02
aliamimar:
Please continue, we are following.

Thanks I will drop one more reason then continue tomorrow
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 2:49pm On May 02
espirito:
Bro please continue, this is top quality content.

Thanks
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 3:07pm On May 02
Fourth reason is


Poor management structure

You will agree with me that most businesses don't have management structure or I should say they have poor management structure. The owner of these businesses know this and wish to have this structure while some don't even know the essence of having one.

To BOI, an enterprise or company with poor management structure will mismanage any fund given to such an enterprise or company. Therefore they ensure any enterprise or Company that come for financial support has good and competent personnel to handle whatever the fund will be used for.

When an organization has pool of competent personnel to handle the daily operation of the enterprise or company, such an enterprise or company will not have problem in using its resources judiciously as expected by BOI. so such application will be successful.

It is advisable to get competent hands into your management team even if the team members won't more than 2 or 3 for an enterprise (MSMEs)

In short, BOI looks at the experience the applicant has in that business and if the person (CEO) doesn't have experience, he/she must have experience team members
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by samshoz(m): 4:20pm On May 02
Sir, what about those of us doing small backyard livestock farming as part time biz and want to expand, any hope for us?
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 4:34pm On May 02
samshoz:
Sir, what about those of us doing small backyard livestock farming as part time biz and want to expand, any hope for us?

it depends on what u want to do, what u want to buy and if u have registered ur business with CAC.

If you have not registered, it is advisable to register an enterprise for such purpose instead of limited. Thanks
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by samshoz(m): 5:28pm On May 02
jameshow:


it depends on what u want to do, what u want to buy and if u have registered ur business with CAC.

If you have not registered, it is advisable to register an enterprise for such purpose instead of limited. Thanks

I have not registered. How much to register? Your number is not on WhatsApp?

Would get some rabbit stock, make some cages, get their feed and some medication for them.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 8:32pm On May 02
samshoz:


I have not registered. How much to register? Your number is not on WhatsApp?

Would get some rabbit stock, make some cages, get their feed and some medication for them.

try and register first and make sure its an enterprise
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by joinnow: 3:30am On May 03
For a startup biz is there any hope or is it only existing biz?
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 9:38am On May 03
joinnow:
For a startup biz is there any hope or is it only existing biz?

there is hope but u must have a business that is super feasible

1 Like

Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 11:58am On May 03
samshoz:


I have not registered. How much to register? Your number is not on WhatsApp?

Would get some rabbit stock, make some cages, get their feed and some medication for them.

when I see that you have good project to pursue, I give out my whatsapp number. The number above is just for calling
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by samshoz(m): 2:10pm On May 03
jameshow:


try and register first and make sure its an enterprise

How much is it to register as an Enterprise, duration and what's the process sir?
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 2:44pm On May 03
samshoz:


How much is it to register as an Enterprise, duration and what's the process sir?

That's not my area of expertise, just Google CAC site for more info
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by samshoz(m): 7:15pm On May 03
jameshow:

That's not my area of expertise, just Google CAC site for more info
Thanks.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by samshoz(m): 7:15pm On May 03
jameshow:

That's not my area of expertise, just Google CAC site for more info
Thanks.
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by adescopy(m): 8:00pm On May 03
samshoz:


How much is it to register as an Enterprise, duration and what's the process sir?
I can do that for you if you like. Check my signature for my number
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 8:29pm On May 03
adescopy:
I can do that for you if you like. Check my signature for my number

well, I didn't recommend anyone, if he goes to CAC site he will be guided
Re: Bank Of Industry Loan At 10% Interest Rate Per Annum And 6 Months Moratorium by jameshow: 3:03pm On May 04
Number 5 reason is

Poor security arrangements

In as much as the Bank belongs to the Federal Govt. they don't want to lose their resources, hence the security arrangement in place to protect any loan given out.

The Bank has various security arrangements to secure their loan.

I. Legal mortgage: This is the use of a landed property to secure loan. Usually the loan you secure with a landed property is more than N10m.

ii. External Guarantors security arrangement:

This is a type of security arrangement use to secure loan below N10m by the Bank. The 2 external guarantors must be from the following set of people:

i. Civil servant grade level 12 and above
ii. Bankers: Assistant Bank Manager and above
iii. Professionals such as Lawyers, Doctors, chartered accountant etc
iv. Senior staff ( minimum of Asst Manager) of reputable quoted companies

with a notarized networth form to be filled and taken to court for affidavit.

Inability of applicants to meet this security requirements, will cause a rejection of an application.


No 6 reason is very important as it explain more about putting 1-5 together in a one place before submission and that's why using a consultant is important. TO BE CONTINUED.

(1) (2) (3) (Reply)

Business 360: A New Investment Newspaper / 3 Nigeria's Most Trusted Websites To Buy And Sell Bitcoin, Perfectmoney & Others / Does Anyone Know The Prices of Iron Rods?

(Go Up)

Sections: politics (1) business autos (1) jobs (1) career education (1) romance computers phones travel sports fashion health
religion celebs tv-movies music-radio literature webmasters programming techmarket

Links: (1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

Nairaland - Copyright © 2005 - 2020 Oluwaseun Osewa. All rights reserved. See How To Advertise. 158
Disclaimer: Every Nairaland member is solely responsible for anything that he/she posts or uploads on Nairaland.