SUBMISSION OF LOAN APPLICATION:

Submission of formal Application on the company’s letterhead and in addition to completion of BOI’s application form (We have the form with us). The application must come with or contain information on:

1. Planned collateral to secure the proposed loan e.g Landed properties, Debenture of fixed and floating assets, Bank’s Guarantee etc.
2. Copy of proforma invoice(s) for supply of the equipment
3. Technical/management agreement with equipment vendors (if any)
4. Approved licence (if required) for operation
5. Company profile:

1. The Company’s registration documents- Certificate of incorporation, Memo and Article of Association
2. The Company’s profile detailing (1) the company’s business focus and activities/track record of its activities since incorporation, (2) Shareholders of the company and the percentage shareholding structure.
3. The Company’s strategic plan i.e. what the company’s pursuit will be in 3-5 years down the line.

1. Financial Performance/Records:  

• Bank’s statement in the last one year in major accounts in use, 

• Three years Audited Account (if any) and the recent Management Accounts.

(B) SUMISSION OF FEASIBILITY REPORT/BUSINESS PLAN (We handle this for our clients upon provision of necessary information/payment of commitment fee by the applicant). This report must contain:

• Projects concept, the need for the project and detail project description.
• Detailed description on equipment technology, technical information, installation and deployment process.
• Details of utility requirements and availability of essential services such as water, power, transport around the project site
• Curriculum Vitae of Owners and Management team detailing – Name, qualification, track records etc inclusive of the BVN
• Manpower requirements broken down into categories and salaries.
•  Information on Technical Partners, if any ((Attached details of agreement).
•  Strategies for creating awareness and marketing of the services of the company.
• The proposed financing plan with realistic assessment.
• Consolidated projections covering Profit and Loss Accounts, Cash Flow Analysis and Balance Sheets. Also provide the detailed information/data and assumptions used in the above projections.  

FOR LOAN AMOUNT THAT IS LESS THAN N10MILLION

• Irrevocable Personal Guarantee of the Chief Promoter of the company
• Two (2) external Guarantors acceptable to BOI who must belong to any of the following categories:
  • Senior Civil Servant (Level 12 and above) who should not be more than 53 years old or not more than 28 years in service (whichever comes first.
  • Bankers (not below the level of Assistant Manager) and must have been confirmed by current employer.
  • Professionals i.e. Medical Doctors, Lawyers, Accountants, Engineers, etc.
  • Senior Staff (not less than a manager) of reputable quoted Companies, International Oil Companies, Telecommunications Companies (GSM providers)

The guarantees must be supported by duly Notarized Statement of Net worth acceptable to BOI                 

• Payment of 10% security deposit into designated BOI account; in addition to lien over the equipment (present and future)
• Asset and Credit Life Insurance of the Chief Promoter

LOAN AMOUNT ABOVE N10MILLION

• All assets/mortgage debenture/ Legal mortgage in choice locations.
• Irrevocable Personal Guarantee of the Chief Promoter of the company.
• Asset and Credit Life Insurance of the Chief Promoter.

                     OR

Bank Guarantee from a Commercial Bank acceptable to BOI

TURN AROUND TIME:

FROM OUR SIDE – One (1) month or 30days for information gathering and packaging the loan documentations for submission.

FROM BOI– Period ranging from 60-90days depending on the loan amount and meeting all required information 

OWNERS’ EQUITY CONTRIBUTION: Minimum of 10% of total capital requirements excluding the cost of land.