In this article you will find very interesting steps that you can take and apply for bank of industry funds to kick start a business you desire.
As many applied to receive loan that will help their business to surpass every odds young business faces, only few are able to receive the sum of money they applied for from the bank. This is mainly caused by lack of genuine information from the people that want to take up the loan. There are steps and things that must be done before you can express applied and receive loan without wasting ado.
We’ve have prepared the article for every persons needing to take loan to read through and take advantage of the important eight steps. The steps are very important and cognizance must be attached so that you can receive what you hope for from the bank of industry of Nigeria.
. BANK OF INDUSTRY MANDATE
The bank is specially created to provide substantial amount of money and bankroll young businesses in manufacturing and processes activities. The bank has a target area with which its focus and would accept application fast from this sectors of focus. The target areas in oil & gas, Agro-processing, Manufacturing, solid minerals etc are the core mandate of the bank.
. IT IS IMPORTANT YOU KNOW THE ENTITIES BANK OF INDUSTRY FINANCE
It is important you that bank of industry finances business enterprises or company, hence the bank does not finance individual or group people. The business entreprise that bank of industry finance should have been duly registered and the registration mane would be provided when applying for the loan with the bank.
. YOU SHOULD KNOW THE ITEM BANK OF INDUSTRY CAN FINANCE
This is another notable step that every applicant should know about. The is mandated to finance company equipment. It is outside the mandate of the bank to finance landed properties or any related properties.
. THE MODE OF DISBURSEMENT
It is worthy to note that the bank of industry does not disburse cash to individual or company account provided, instead the bank provides the cash and disburse to the vendors and suppliers of equipment the company needs and apply for loan to finance.
. THE AMOUNT THAT CAN BE FINANCED BY BANK OF INDUSTRY (BOI)
Many applicants think bank of industry can finance every budget and business plan you put before them. The amount the bank is saddled to finance begins from N5M up to the amount that would be needed to procure the equipment and suppliers. The bank can also finance business that are of lesser amount, they have also make arrangement with state Government to make such amount available to whoever that needs.
. THE COLLATERAL REQUIREMENTS FOR THE AMOUNT INTEND TO BORROW
As a reputable banking company, individual applying for finance are required to make available a substantial collateral that would cover the entire amount taken by business owners. This is mainly done legally between the individual using name of enterprise and the bank. Guarantor is also very important for the company owner to provide before such can take loan from bank of industry.
. THE START UP BUSINESS STATEMENT ACCOUNT IS VERY IMPORTANT
The bank of industry also will request company owner to display a minimum of three years company bank statement. This is important to ascertained the financial flow of the company in the last three year of progress. A quick and honestly provided bank statement aid quick disbursement of loan.
. SUPPORT YOUR APPLICATION WITH RELEVANT DOCUMENTS AS REQUESTED BY THE BANK
This germaine if you must receive loan from this bank, you must have relevant documents to back up your application. This help to established the track records and approach of the business since it’s begins operations.
HOW TO APPLY FOR BANK OF INDUSTRY LOAN
To apply for loan from bank of industry, you need to click here to apply and do so. Every steps provided above are very important if you must receive accordingly and without much times wasted.