How to apply for BOI loans as a business owner

The Bank of Industry (BOI) has launched its MyBOI portal, enabling Nigerian businesses to apply for financing online. Through the platform, new and existing customers can register, complete their business profiles, submit financing applications, and track the progress of their applications online. The bank claims the platform aims to simplify access to financing and reduce the time needed for application processing.

To apply for BOI financing, businesses must create an account on the MyBOI Portal, providing a valid company registration number, email address, and other company details. After verification via OTP sent to the registered email address, applicants can proceed to complete their business profile and select a financing facility.

Eligible businesses include those registered with the Corporate Affairs Commission (CAC) and operating in sectors such as manufacturing, agro-processing, digital economy, creative industries, and energy. The bank offers financing for different business sizes, including micro enterprises, small and medium-sized enterprises, and large enterprises.

The application process involves providing information about the business, selecting the appropriate financing facility, and preparing and uploading required documents. These documents vary depending on the facility and the business size but may include CAC registration documents, valid government-issued identification, bank verification number, bank account details, tax identification number, business plan or feasibility study, and evidence of business premises.

BOI also offers non-interest financing through the MyBOI platform. Businesses seeking Shariah-compliant financing can select the Non-Interest Banking option during the account creation process. After submitting the application, businesses can track its progress through their MyBOI dashboard, with an initial response typically received within two to four weeks.