₦airaland Forum

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.

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

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

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Symptoms of HBV are varies and include yellowing of the eyes, abdominal pain and dark urine. Some people, particularly children, don't experience any symptoms. In chronic cases, liver failure, cancer or scarring can occur.

The good news is that there is herbs available at an affordable price for the treatment of this menace(HBV). This herbs is tested and trusted and its capable of removing the virus from the system within one or two months depending on the severity of the damages that the virus might have caused to the liver.

Don't wait till you start seeing symptoms before you commence treatment.

If you are interested, contact us today on

08054099754

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

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

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

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

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

espirito:
Bro please continue, this is top quality content.

Thanks

aliamimar:
Please continue, we are following.

Thanks I will drop one more reason then continue tomorrow

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

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

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

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

[quote author=ogo4god post=89072506][/quote

you have my number you can talk to me

Bigdaddy234:
Register your company with cac today Business name Limited liability company Church Mosque Association Club NGO Foundation Football club
Telephone or whatsapp 07034672434

how much is Business name and Limited

how much is registration fee for both limited and enterprise

if you are into fashion, you can also be supported. I mean full time fashion designer