How to apply for BOI loans as a business owner

Nigerian businesses can now easily apply for loans through the Bank of Industry's new MyBOI Portal. The portal went live on Friday and allows businesses to register, complete their profiles, submit financing applications, and track their application progress online. The bank designed the platform to streamline access to its financing facilities and reduce the time it takes to process applications.

To apply, businesses must first create an account on the MyBOI Portal by registering with their company's registration number, a valid email address, and other company details. After verification, new customers move on to the customer onboarding process, while existing BOI customers can proceed directly to the facility application process.

Once registered, businesses must complete their business profiles by providing accurate and complete information about their business. This information includes the company's registration details, business activities, and other relevant data. Incomplete or inaccurate submissions can delay or affect the application.

After completing the profile, businesses can select the financing facility they wish to apply for and provide details about how the funds will be used. The amount a business can access depends on factors such as its size, transaction history, cash flow, credit profile, and repayment capacity.

To submit a successful application, businesses must also prepare and upload the required documents. These documents vary depending on the facility and the size and structure of the business. For most applications, BOI requires a company's registration documents, valid government-issued identification, BVN, business bank account details, bank statements, and a business plan or feasibility study.

Depending on the facility, additional documents such as tax clearance certificates, regulatory approvals, and Environmental, Social, and Governance documentation may be required.

Businesses should also check the requirements for their specific business category before submitting their application. For example, micro facilities of ₦10m and below require a business plan, equipment and raw material quotations, identification, BVN, and one-year business bank statements. Larger facilities above ₦10m may require audited financial statements, management accounts, and additional documentation.

Once the required information and documents have been uploaded, businesses can submit their facility request through the portal. An application is only considered submitted when all required documents have been uploaded. Submitting an application does not guarantee approval, as it remains subject to BOI's credit assessment and other internal eligibility criteria.

Applicants can track their application progress through their MyBOI dashboard, which provides notifications at key stages of the application process. Processing time depends on the facility and the completeness of the documents submitted. BOI typically provides an initial response within two to four weeks, with complete documentation helping to expedite the review process.