Features of Bank Of Industry
Everything you need to know
Bank Of Industry
The Bank of Industry is a provider of development financing services with an emphasis on financing loans for manufacturing-related industrial machinery. The Federal Government of Nigeria owns all of the Bank. The loan is disbursed by the bank to the vendors and suppliers of the equipment, not to the borrower, as stated in the loan application..
Agro-processing, solid minerals, information technology, oil and gas, and the creative industry are among the target subsectors. Loan help from BOI for SME's begins at N5 million. Other than landed property, the BOI accepts collateral. Additionally, they are aware of the difficulty in acquiring C of Os and actively engage in lobbying on behalf of the impacted governments.
A Start Up Loan from the government might help you launch or expand your own firm. An excellent substitute for those seeking startup financing for their businesses. The BOI has devoted time, effort, and resources to supporting the growth of small enterprises.
- SME Term Loan: BOI provides loan packages that are specifically designed to fulfill the needs of Small and Medium-Sized Enterprises (SME). SME financing is a source of capital available for particular, medium-term company undertakings.
- Working capital loan
- Graduate Entrepreneurship Fund
- Government Enterprise & Empowerment Programme
- Youth Entrepreneurship Support Programme
Pros & Cons:
- Minimal interest rate
- High loan balance
- A lot of paperwork is needed
- Vendors receives loans directly from lenders