brave women project boi

BRAVE Women Project

Business Resilience Assistance for Value-adding Enterprises for Women in Nigeria (BRAVE Women Nigeria) is part of a wider initiative funded by the Women Entrepreneurs Finance Initiative (We-Fi) and implemented by the Islamic Development Bank. It’s executed by the Bank of Industry Limited. It combines training elements for 600 firms and grant-matching for 500 women-led SMEs, 20-30 lead firms, and ten business associations to support growth and resilience.

The Project seeks to enable an empowering business environment for women entrepreneurs in Nigeria and strengthen their resilience. This phase of the Project is being implemented in Edo, Gombe and Kano States and is expected to end in April 2023.

Eligibility Criteria

Women-owned/led Small and Medium Scale Enterprises (SMEs) – Available Grant: $5,000 – $15,000

  • Must be located in any of the project states (Gombe, Kano and Edo states)
  • Women-owned SMEs are those SMEs in which women own 51% or more shareholding in the enterprise
  • For Women-led SMEs, women must own at least 20% of the shares
  • The enterprise must also have at least one woman in top management positions (COO/CEO/President/Vice President) or 30% women membership in the Board of Directors (where the board exists)
  • The SMEs must be active in the business sectors of agri-business, education, health, textile/garments and energy
  • Must have between 2 and 100 staff
  • Must not be involved in providing financial services and charging interest (like conventional banks, and insurance companies) or involved in any other business not approved under the Shari’ah (including the manufacturing, selling or offering of liquors, pork, haram meat, or involvement in gambling, night club activities or pornography
  • Registered enterprises (business name, partnership or limited liability company) are preferred, but if you are in the process of registering with CAC and have evidence of business operations for the past 12 months, you can still register and submit your application

Lead Firms – Available Grant: $40,000 – $50,000

  • Lead firms are large companies with commercial relationships with at least 20 Micro, Small and Medium Scale Enterprises MSMEs 
  • They buy finished products or semi-processed products from the MSMEs and are active in the business sectors of agri-business, education, health, textile/garments and energy
  • They can be located in any part of Nigeria, but must have dealings with MSMEs in at least one of the project states of Gombe, Kano and Edo states
  • The lead firm must also have commercial business with at least two major actors in its business sector value chain

Business Associations & Cooperatives – Available Grant: $40,000 – $50,000

  • Business Associations must have many active members and provide services to them in the business sectors of agri-business, education, health, textile/garments and energy
  • The business associations must provide trainings, market expansions, cost saving innovations services etc. to members and represent their interests at state and national levels

Loan Requirements

  • CAC Certificate of Incorporation
  • Memorandum of understanding and article of Association
  • Certified True Copy (Particulars of Directors)
  • 12 Months Bank Statement
  • Means of Identification
  • Tax Clearance Certificate
  • Annual Returns
  • Evidence of Place of Business
  • Business Continuity Plan
  • Other Government Licenses to show regulatory compliance (NAFDAC, Ministry of Education etc)

The Project is currently not receiving new applications

Loan Documentation Required

Customers are required to open an account with the Bank of Industry before application can commence. The documents needed for an account to be opened are listed below. A customer identification number will be created at the end of the account opening process.

An account can be opened by completing an account opening form and submitting all the required documents:


  • Schedule of the shareholders signed by the company secretary. (Shareholders Register) for new customers and a confirmation of earlier submission for returning customers
  • Full Incorporation Documents:
    • Photocopy of Certificate of Incorporation
    • Certified true copy of Memorandum and Articles of Association
    • Forms CAC 2.5 (Allotment of Shares)
    • CAC 2.3 (Particulars of Directors)
    • CAC 2.1 (Appointment of Company Secretary)
  • Means of identification of all Directors of the company (i.e., photocopy of International Passport/Driver’s License and National Identity Card) and BVN of the Executive Directors. (**note that ID of all Directors are needed for compliance and credit search)

The loan application process will begin after the account is opened. A loan application form is required to be completed and all required documents submitted and verified:


  • Formal Loan Application on Letterhead
  • Duly completed Loan Application Form
  • Feasibility Study Report on the project to be financed stating write-up on technology and manufacturing process(s), etc.
  • Quotation/Proforma Invoice for the supply of items of Machinery and Equipment. Sources and quotations for Raw Materials expressed in quantity and amount
  • Security: Bank Guarantee, a letter of intent for Bank Guarantee (with Risk Management being part of the authorized signatories) of the commercial bank issuing the guarantee. Any exception should be supported with the Bank’s approval limits OR
    • Legal Mortgage
    • Photocopy of the title document(s) to the property being pledged e.g Statutory Certificate of Occupancy/Deed of Assignment/Conveyance/Deed of sublease
    • Valuation Report on the Property Proposed as Security from BOI’s accredited value
    • Lease agreement, if operating from a rented premises
  • A copy of the draft Technical, Management, Machinery Supply and/or Joint Venture Agreement (where applicable)
  • Three years’ Audited Financial Accounts and most recent Management Account from a BOI accredited auditors (for an existing business) OR Statement of Affairs (for business less than one (1) year)
  • Company’s Bank Statement for a period of one (1) year
    • The output of the process is the offer letter
    • Two options are proposed for this stage as shown below
  • Regulatory approvals e.g NAFDAC certificate, Mining Lease
  • Declaration of Outstanding Liabilities to other Institutions and/or Individual

If a loan a loan is approved, the next and that last part of the process is disbursement. Before disbursement can begin, the documents below must be submitted:


To be provided by the customer:

  • Submission of Letter of Offer duly endorsed by a Director and Company Secretary or two (2) Directors
  • Letter of acceptance of Offer and Letter showing specimen signature of the authorized signatory
  • Board Resolution authorizing borrowing
  • Return of duly executed Loan Agreement
  • Evidence of payment of fees (if applicable – appraisal, commitment and legal fees)
  • Letter of Attestation
  • Original proforma invoice(s) for the approved item
  • Four (4) Passport photographs of the Chief Promoter and a Director
  • Evidence of filing of Annual Returns, as well as tax clearance certificate -TCC- for the Company, the Chief Promoter and Directors of the Company. Evidence of payment (eTCC) should be accepted for deferral
  • Submission of Bank Guarantee or title documents/other legal documents e.g. Statutory Certificate of Occupancy of the pledged property, ground rent receipts etc.
  • Letter of undertaking to pay interest during moratorium

Click to view or download checklist

Strategic Partners

Partner Banks


  • Matching Grant Scheme: 50% Contributed by Beneficiary, 50% provided by the BRAVE Project
  • Tenor: 12 Months
  • Pricing/Charges: Interest Rate: 0% p.a.
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