If you know any Pharmaceutical Companies that need financial support, kindly refer them to us for assistance.

We are channelling our efforts through them now in Compliance with the FG directives.

Meanwhile others who are not Pharmaceutical Companies too can contact us for assistance.

Thanks

Employ a qualified accountant even if its just OND holder to handle your business transaction documents for you. This will help you to have proper accounting records.

jayaim:
That means they don't fund many business Cuz many are left out & they claim they want to build a strong economy through diversification

Bro don't get me wrong, they fund pharmaceutical companies but Nafdac approval is a must likewise other food related products.

What am saying about restaurants is that it collapses easily. Let me ask you these questions:

Can you tell me what happened to Mr.Biggs
and other big restaurants that sprang up in Nigeria sometimes back?

If you know the answer, you will know the reason why they don't want to support restaurants again.

HBV is a silent killer, it replicates easily and kills slowly. Many might not know they have the virus because it operates silently unlike other viruses. But once it begins to show symptoms the liver is in for it. Will you now wait till your liver is damaged before you will commence treatment? am sure the answer is NO.

Our herbs is relatively cheap compare to others but its efficacy can not be matched by any other herbs that treat the Virus.

Why not contact us today and get this menace removed from your system within a month or two.

realpoacher:


Guy you are really good at what you do and u're also very informed

Thanks boss

jayaim:
Mr James i watched boi's programme on tele yesterday, they are doing a lot. But they don't give restaurant or eatery?

They do before, but now they have stopped.
There are lot of risks attached to the business.

Any business (es) related to food & drugs are sensitive.

Any slight mistake can lead to closure of the business which will affect loan repayment plan.

That's why they don't give loan to restaurants.

Please note, Boi doesn't give loan for trading, it has to be manufacturing or any business that involves value addition in the process of getting the final products. Check page 1and 2 for businesses they can support.


Pls if the loan is for buying and selling BOI is not the right bank for such because they don't do such. Commercial and Micro finance banks will help.

jayaim:
If i get them requirements complete, how long will it take to get the loan?

If everything is OK, I mean if your provide all the required docs on time, it will be between 2-3 months.

jayaim:
Below 10m. It was 5m

No Fed govt. agency can guarantee loan, what you need is two individuals from the categories as explained above to guarantee you.

if you find those individuals, u will get the loan

udilson:
Please what is the requirement for acquiring a loan for a tech startup collateral free

Check their site

@jayaim am still expecting your response to the question I asked you

jayaim:
Mr James, even though we are namesake u are falling hand. I told u we used a reputation government agency as they stood for us as collateral. U are still arguing with me. Nobody knows it @ll. Are u in Abuja? Let me take u there. The agency is strictly for business & entrepreneurship training. I still insist they used politics to kill it.

Bro. I don't understand you. I pasted above the categories of people who can guarantee loan below N10m. Which categories does this govt. agency fall? You can't use an agency to guarantee loan with BOI, you can only use individuals that meet the requirements stated above.

tayodele1:
Once again thanks for your response.
Gocoa, palm tree and cassava plantation

That kind of farming doesn't fall within the scope of the Bank unless you want to be processing Cocoa into powder, palm fruit into red oil and cassava into gari and you need equipment. BOI can come in that aspect.

tayodele1:
Thanks for the write up, it is informative well educative. My question is
1.what are the requirement to get loan for someone who who just start a farming business
Thanks

What type of farming

i emphasized more on loan below N10m in my write up. I will like to talk about the collateral security arrangement available for loan above N10m.

For loan above N10m, there are two security arrangement options

i. Legal Mortgage
ii. Bank Guarantee

I. This option (Legal mortgage) involves the use of landed property by the applicants to secure the loan. In this case, the force sales value of the property must be at least 2.5 times the value of the loan amount.

I.e if you want 20m as a loan the force sales value of the property must be at least 45m and the property must have CofO.

if this option seems difficult, there is another option which is

ii. Bank Guarantee

This simply means a commercial bank will guarantee your loan to Bank of Industry.

Though property will still be required but the 2.5 condition won't be there necessary. The FAC for Commercial Bank might be 1.5m or the same amount of the loan.


Both options are good but using BG makes the processes faster and easier as there won't be legal perfection of the property's documents by BOI which usually delay the process. Perfection of documents will be done by the commercial bank who is guarantee the loan.

Using BG is also cheaper, customer won't pay legal fee which might be expensive depending on the state where the property is located.

For more enquiry get my contact from the first page

Giantfarmer:
I heard that BOI don't give cash that they will pay your creditors directly but how will one cope if you need running capital for your business

Yes, BOI don't give cash to customers to avoid diversion. They disburse the loan to the supplier of the equipment the customer wants to buy.

They give working capital too but only for raw materials.

For both equipment financing and raw material procurement customer must provide pro forma invoice from supplier whom account will be credited when the loan is disbursed.

[quote author=Giantfarmer post=89393997][/quote]

No problem, go back to the first page if you have not, then read all have written and follow them.

you can then keep my contact and be getting in touch with me.

The feedback I got from people who read my write up here is overwhelming.

I quickly want to shed more light on an issue raised by people that got back to me.

They said when they approach BOI for financial support, their staff will just hand over to them(customer) documents with little or no explanation.

Here is the issue, those relationship officers are always busy, they have many applications they are attending to, hence the need for a consultant who will take his time to break down each of the requirements and simplify their conditions for customers to understand.

A man said when he visited, they gave him too many documents, he immediately concluded that this is impossible to achieve. Just ordinary documents oooh.

Many Nigerians are not that patient to go through rigorous documentations while not give your self a rest of mind and let your consultant who understands their language handle it with them?

All you need to do is to provide the necessary information and documents for the consultant to work with and in the case of you unable to get some documents, i will even help or possibly follow you to where you can get those things out. Those are the things you paid for.

Talk to me, I won't charge you for consulting me, i will only charge when its sure you will get the money I.e when you have met all the requirements. My service fee is modest, in fact, some people paid more than what i charged them out of excitement.

Boi is the best if you want to grow

irene4reel:
what if boi borrowed someone money through a cooperative and some of the members default in their payment. Can individual now pays her loan? and will boi still grant such individual loan after finish paying back?

BOI has stopped cooperative lending, then when they did cooperative lending there were a lot of issues that came up. In this scenario you raised, yes individual can pay her loan and BOI can still borrow the same individual coming through a new enterprise or company since he/she didnt default in the cooperative he/she borrowed.

Hope I answered your questions

TheTourist:
Very good enlightening post. Keep up the good work and feel free to continue when you can. I will send you a PM to follow up as I have just registered and launched my plastic recycling company, advisory from your wealth of experience will be an asset moving forward. Thanks

Thanks bro, I have replied you and you can check the first page for my number. Let talk better

I will be talking about the 10% security deposit as part of the post approval requirements for MSMEs loan

This 10% will be paid by the customer to an account in BOI Micro Finance Bank after the loan has been approved, BOI has a Micro Finance Bank where the customer will be asked to open an interest yielding account in which the Bank and the customer will be a signatory to the account. In case of any default the bank can withdraw the defaulted amount from the account but If the customer didn't default at all throughout the tenor of the loan, the customer can withdraw the amount with the interest on the deposits.

Do contact me for more enquiry

Giantfarmer:
pig and egg production are not listed here, does that mean we can't access BOI loan?

BOI can support an existing business in this line but not a start up

Atlanticfire:


Are the companies that are successful in getting the bank of industry loans actually successful companies on the long run?

Do we have success cases to look to?

It does not make sense to associate with a bank that will not support you to success on the long run.

In my opinion, the bank of industry should focus on making businesses successful and growing

Bro they are so many companies that are successful and I can tell you that 94% of the companies that accessed BOI loan are successful. The Bank NPL is between 4%-6% which is extremely good. With their 10% interest rate per annum and a longer tenor, the Bank has eased financial pressure on many companies that got their loan.

If Companies that patronise Commercial banks can be successfully servicing their loan at 28-32% interest rate, though not easy for them. How much more getting the loan at 10% interest rate per annum with a longer tenor.

See this, if 18% difference is spent on other things or possibly injected back into working capital, what do you think will happen to such a company?

For your info. due to the pandemic, the bank has reduced their interest rate from 10% - 8% for existing loan by restructured the loan as a means of cushioning the effect of pandemic on their businesses.

So BOI loan still remain the best if you want your business to grow.

Many people are dying of this virus because they left it untreated, some believe the treatment is expensive while what actually cures it is less than 15k in a month.

Just try us and see

jayaim:
Mr man is like u are not getting me. We used a solid consultant like u advised. Is just 9ja bad politics as usual. That's how i missed out in youwin too after this so called changed band wagon came on board.

I got you and am telling you, is not possible for you to meet all the requirements and not getting your loan.

quote me anywhere.

Learn always to do the right thing

Donald3d:

What's your charge ?

whats d size of the inverter? I live very close to sango and I can help you to pick in Ikeja and drop easily for you. I will charge you 6k contact 08130919858

you can contact Lixzur maritime services on 0806 620 6456. They are reliable

noakchukibadan:
Hmmmmm, I have done most things, for 8 years , I do not think she has apologized more than 3 times on any issue. Like I said I have prayed, and fasted. I have cried, and begged.

Bro divorce is not the next thing. The next thing for you now is to leave the house for her, let her be worried where you go to but tell your people and her parents why you left home. She will come to her senses and if she still refused then you can break up with her

ogalandlord:



This no 5 reason is the problem I have no guarantors and I have a LLC and good business idea

you need to secure the loan, try and use the second option

Odejoe:
1. Pls do BOI give loan for start-up ?
2. What are the categories of businesses that BOI gives their loan?
Thank you

Yes they do. However, your business must be feasible

THESE ARE THE KIND OF PROJECTS BOI CAN FINANCE
Adire (Tie and Dye)/Aso Oke
2. Animal Feeds
3. Aquaculture
4. Bakery
5. Blocks and Interlocking Stones
6. Bottled Water
7. Ceramics & Tiles
8. Chemicals and Paints
9. Cosmetics/Hair Products
10. Dairy
11. Digital Printing/Multimedia Publishing
12. Doors and Window Frames
13. E-Commerce/Information & Communications Technology (ICT)
14. Fashion/Garmenting
15. Fish Smoking/Drying
16. Food Processing (comprising processing of agricultural products)
17. Foundries/Metal Fabrication/3-D Printing
18. Fruit Juice
19. Furniture/Wood Processing
20. Gemstones
21. Greenhouses
22. Laundry and Dry Cleaning
23. Leather/Footwear
24. Liquefied Petroleum Gas/Compressed Natural Gas
25. Meat Processing
26. Mechatronics
27. Health Care (Medical Diagnostics)
28. Laboratory/Orthodontist/Ophthalmology/Physiotherapy)
29. Movie Production (Nollywood)
30. Plastics
31. Quick Service Restaurants
32. Quarries
33. Recycling
34. Roofing Sheets
35. Soaps and Detergents
36. Solar (off grid)
37. Technical/Vocational Schools (Offering City & Guild Certificate)
38. Theme Parks
39. Water Transportation Riverine
40. Light Manufacturing (Paper, Roofing Sheets, lube blending, Paints etc)
41. Grocery packaging

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.