on lending to smes


This is an on-lending Programme targeted at SME-Friendly Commercial Banks, with the aim of leveraging their branch network and national coverage to intervene both in traditional and non-traditional sectors of the economy which the Bank is not actively operating in.

Eligibility Criteria

  • On-Lending to eligible women-owned businesses
  • For the provision of financing for adapting businesses to the new environment and working capital as well as help in rebuilding businesses in the aftermath of the country’s extended lockdown

Initial Documentation Required

  • A Formal Application
  • Certificate of Incorporation
  • Certified true copy of Memorandum and Articles of Association and Forms
  • CAC 2.5 (Allotment of Shares), CAC 2.3 (Particulars of Directors), CAC 2.1 (Appointment of Company Secretary) and CAC 3 (Notice of Situation/Change of Registered Address).
  • Evidence of filing of Annual Returns
  • Corporate profile of Company; Board and Management Team
  • Evidence of CBN’s License to operate as a Commercial Bank
  • Eight (8) passport photographs of the Chairman and Managing Director
  • Means of identification of the Directors (i.e. photocopy of International Passport/Driver’s License and National Identity Card)
  • Detailed Curriculum Vitae of the Directors and Management Team; clearly indicating Date of Birth and dates qualifications were obtained
  • BVN of the Chairman and Directors
  • Security: If Treasury Bills/ Government Bonds
  • Three years’ Audited Financial Accounts and most recent Management Account
  • Declaration of Outstanding Liabilities to Financial Institutions/Individuals and Security pledged
  • Tax Identification Number of Chairman and Managing Director

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


  • Single Obligor Limit: On a case by case basis
  • Tenor: Up to 4 (four) years inclusive of a 12 (twelve) months moratorium on principal repayment commencing from the date of disbursement
  • Moratorium: Twelve (12) months on principal repayment commencing from the date of disbursement
  • Pricing/Charges: Interest Rate: BOI to your company: 8.0% per annum, Your company to beneficiaries 13.0% (Max spread of 5% per annum), Appraisal Fee: 0.5% of the loan amount (payable on the collection of the Letter of Offer. This fee in non-refundable
  • Security: Bank guarantee of the loan and accruing interest on a continuous basis by any commercial bank acceptable by BOI
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