Looking for information about the Bank of industry loan for graduates 2018, agriculturists, corps members and more? I’ve got you covered in this informative post.
The Bank of Industry is the oldest, largest, and most successful development financial institution in Nigeria.
The Bank of Industry is owned 94.80% by Ministry of Finance, 5.19% by Central Bank of Nigeria, and 0.01% by private share holders.
It is a government owned corporation that was rebuilt out of the Nigerian Industrial Development Bank (NIDB) Limited in 2001.
The merger of the Nigerian Industrial Development Bank (NIDB), Nigerian Bank for Commerce & Industry (NBCI), and National Economic Reconstruction Fund (NERFUND) that took place in 1964 was re-organised from the Investment Corporation of Nigeria (ICON) Limited that had commenced operations in 1959.
What Is Bank of Industry Loan 2018 (BOI)
Bank of industry is an efficient, focused and profitable financial institution that provides financial assistance, by giving out boi loan, to the industrial sector of the Nigerian economy.
Bank of Industry focuses more on youth entrepreneurship, women empowerment, and renewable energy projects.
Its subsidiaries include the bank of industry trust company, bank of industry microfinance bank, bank of industry insurance brokers limited, and LECON limited.
Also Read: Top 14 Quick online loans in Nigeria
Objectives and Functions of Bank of Industry
Objectives and functions of the Bank of Industry include:
- Paving way for other financial institutions to follow.
- Creation of employment opportunities.
- Provision of financial assistance to the industrial sector of the country by financing industrial plants equipments.
- Provision of business support by giving out bank of industry loans.
- Assists in providing working capitals for businesses.
- Orientation of entrepreneurs on business development.
Bank of Industry Lagos Address
The Lagos of the Bank of Industry is at 23, Marina Street, P.M.B 12855, Lagos Island, Lagos state.
E-mail: [email protected]
Bank of Industry Loan for Graduates 2018 and Corpers
The bank of industry offers bank of industry loan to graduates, between the ages of 18 – 35, via the Youth Entrepreneurship Support (YES) Programme.
The bank of industry loan for graduates with minimum of Ordinary National Diploma (OND) is for aspiring Nigerian youth entrepreneurs with innovative ideas.
The program loan limit is 10 billion naira; to read more about the YES programme, follow this link https://www.boi.ng/yes/.
Bank of Industry also offers bank of industry NYSC loans to Nigerian youths, serving the country for the compulsory 1 year, via the Graduate Entrepreneurship Fund (GEF) Programme.
Also Read: Quick Nysc loan for all serving corps members
About Graduate Entrepreneurship Fund 2017 and Now
The graduate entrepreneurship fund 2018 is the 3rd round of the 2 billion naira empowerment programme for Nigerian youths serving the mandatory 1 year national service. The programme entails the following steps:
- Online business plan competition where the most promising real sector business ideas are selected. Note: the selection/screening of the participants is done via the GEF online application portal, boi.ng/gef.
- Three days intensive entrepreneurship capacity programme that is held at the following locations:
- South – South: former Martins TTC, Issele – Uku, Aniocha North LGA, Delta state.
- South – East: Umunna, Bende LGA, Abia state.
- South – West: Aisu College Hospital Road, Ede, Osun State.
- North – East: Government College, Jalingo, Taraba state.
- North – Central: Mangu, Plateau state.
- North – West: Mani Road, Katsina, Katsina state.
- Lagos: Iyana Ipaja, Agege, Lagos State.
- Successful participants with bankable business plans, that are within the bank of industry small medium enterprise clusters, are given bank of industry loan of 2 million naira each to be repaid at an interest of 9% annum with tenors ranging from 3 – 5 years inclusive of 6 – 12 months grace period.
To know the bank of industry SME clusters, visit www.boi.ng.
Graduate Entrepreneurship Fund
The alarming rate of unemployment, especially among the youths, in the country made the bank of industry seek a way to improve the economy as this unemployment rate was also not helping the Nigerian economy.
The Bank of Industry partnered with the National Youth Service Corp Directorate to implement the Graduate Entrepreneurship Fund.
The graduate entrepreneurship fund, the first youth programme created by the BOI and launched in October 2015, targets Nigerian youths undergoing the mandatory one year national service programme.
The programme involves giving out bank loan worth 2 billion naira to eligible NYSC youths. This loan tenor ranges from 3 – 5 years. The collateral securities for the loan include the NYSC discharge certificate among others.
This special empowerment programme for serving members of NYSC has produced more employers of labour than jobseekers among Nigerian youths. This achievement has in turn created more employment opportunities in the country.
To read more about this scheme, visit https://www.boi.ng/graduate-entrepreneurship-fund.
How to Access Loan from Bank of Industry
Since the bank of industry has unveiled its online loan application portal, accessing any of the bank of industry loan is now more convenient as it is unsaddled with going to the bank to submit an application for a bank of industry loan.
To access a bank of industry loan either you are a Small Medium Enterprise, Limited Liability Company, a graduate, or a corps member; the first thing to do is to register and then apply. https://www.boi.ng/apply/register.
After application for the bank of industry loan, the loan can be tracked using the tracking ID sent in the notification email received via https://www.boi.ng/apply/track.
Also Read: Free Ishiba Grant, Development and Empowerment NGO
Requirements Involved to Get Bank of Industry Loans
Before one can access any of the Bank of Industry loan, certain requirements must have been met. Basic requirements for bank of industry loan include:
- Formal letter of application.
- Photocopy of certificate of registration / incorporation.
- Business plan.
- Evidence of collateral security.
- Passport photographs, etc…
The bank of industry loan requirements varies according to the type of bank of industry loan been applied for.
Limited Liability Company: https://www.boi.ng/wp-content/uploads/2017/09/Appendix_0_6_pre-post-Approval-checklist_Limited_Liability_N10m-Below.pdf.
Large Enterprise and Small Medium Enterprise: https://www.boi.ng/wp-content/uploads/2017/09/Appendix_0_5_pre-post-Approval-checklist_Small_Medium_Enterprise.pdf.
Cooperative Society: https://www.boi.ng/wp-content/uploads/2017/09/Appendix_0_7_pre-post-Approval-checklist_Cooperative_Society_N10m-Below.pdf.
Government Enterprise and Empowerment Programme: https://www.boi.ng/wp-content/uploads/2017/09/GEEP-CHECKLIST.Ref.
Bank of Industry Loan Application Form
The bank of industry loan application form is the form, filled with necessary information, used to apply for a bank of industry loan.
You can get the bank of industry loan application form via this link https://www.boi.ng/capfund/download-attachment/6320 or get the graduate entrepreneurship fund loan application form via https://www.boi.ng/wp-content/uploads/2015/12/ONLINE-GEF-LOAN-APPLICATION-FORM-1.pdf.
Bank of Industry Loan for Agriculture
The agricultural sector of Nigeria is faced with the problem of limited capacity for processing and preservation of agricultural products; unfortunately, this problem has led to more wastage and losses
The bank of industry established a Cottage Agro – Processors (CAP) Fund to support the establishment of cottage agro processing plants that will produce raw materials and food products for industries within and outside the Staple Crop Processing Zones (SCPZs) across Nigeria.
Hence, solving the above mentioned problem and reducing the rate of unemployment in the country.
The Cottage Agro – Processors Fund is expected to finance about 1000 projects by giving out bank of industry loans at 9% interest rate, 1% total management fees, with a tenor of 5 years and 6 months moratorium. https://www.boi.ng/access-boi-cap-fund-for-agricultural-product-processing/.
Limited Liability Companies, Enterprises, and Cooperative societies that are engaged in the processing of agricultural products, such as: cassava, rice paddy, groundnut, cashew, oil palm, plantain, sorghum, yam, aquaculture, livestock, cocoa, shea nut, maize, tomato, and their individual derivatives; in to raw materials or finished food products for industry or export market can access the CAP fund.
Applicants to the cottage agro processors fund must undergo entrepreneurial training at any of the existing accredited Business Development Service Providers (BDSP).
Applicants can apply through these organisations in order to increase their chances and speed up the application for the bank of industry loan process.
Other requirements for the bank of industry agricultural loan can be found here https://www.boi.ng/capfund/requirements/.
Bank of Industry Interest Rate
The bank of industry loan attracts different interest rates depending on the type of loan applied for. The interest rate varies from 4% monthly on reducing balance to 9% per annum.
Bank of Industry Loan For Graduates (Summary)
BOI is not just concerned with providing finance. It is very much interested in the success of a business.
Its concern starts from wanting loan applicant to have the very best chances of having his loan request granted, and extends to ensuring that he generates enough sales and profits to meet his business objectives as well as repay his loan.
In order to assist all prospective loan applicants the bank has appointed Business Development Support Providers to assist in every step of the way.
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