Dangote Foundation/BOI N5bn Matching Fund – Are you looking for funds to startup or boost your business? If yes apply now for Dangote Foundation/BOI low-interest loans.
The Dangote Foundation/BOI Fund is a N5 billion (five billion Naira) matching fund, which could be accessed by Enterprises and Limited Liability Companies.
Things You Need to Know Before You Begin Your Loan Application
The bank of industry targets businesses that engage in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry.
2. Entities that BOI Finances
Bank of industry only finances enterprises or companies and not an individual person or group of persons. The company / enterprise must be duly registered and you will be required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.
3. Items that BOI can finance
The bank is principally set up to finance industrial equipment used in manufacturing. The Bank does not finance land and building which are expected to be financed from equity. You can also access your working capital requirements from any of the ten (10) SME friendly banks that Bank of Industry partners with at Monetary Policy Rate plus 6 percent.
4. Mode of disbursement
The bank does not disburse the loan to the borrower in cash but to the vendors and suppliers of the equipment that the loan application is for.
5. Amount that can be financed by BOI
BOI’s loan support to the SME starts from N5 million. However, loan below N5 million are provided on our matching fund platform which is operated in collaboration with various state governments and on our Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.
6. Collateral requirements
As part of the fiduciary responsibility in managing funds under its care, Bank of industry requires that you pledge some assets to secure you loan. However, the Bank also accepts other forms of security subject to adequate coverage of the loan being provided to you. Types of security the Bank accepts include:
- Legal mortgage on a landed property. The property must be duly registered with a Certificate of Occupancy
- Debenture on assets of the company
- Bank Guarantee
- External Guarantors with Notarized statement of Networth for loans below N10 million.
Please note that the Bank is willing to share assets previously pledged to other lenders provided the Bank’s loan is adequately covered in the arrangement. Also note that the Bank is willing to accept third party collateral.
7. Startup businesses
While the Bank under its general risk acceptance criteria requires a prospective borrower to have at least three years acceptable performance track record, it can also lend to start-ups at its discretion and on a case-by-case basis. A startup would need to provide proof of cognate experience in its business area and would need to have a highly qualified management and operational team with sound management structure.
8. You need to support your application with some documents
This is the list of the documents you should be prepared to upload while you applying for this loan.
Who Can Apply For The Dangote Foundation/BOI N5bn Matching Fund?
The Dangote Foundation and bank of industry loan is meant for registered businesses and limited liability companies which specialize in selling made in Nigeria good or who are into;
Applicants can request as much as 50 million Naira depending on your line of business with interest rate for this loan is 5% only which makes it suitable for both new and existing businesses.
- Your business must be registered
- Other requirements depend on your business category and the loan you wish to apply for.
How To Apply For Dangote Foundation/BOI N5bn Matching Fund
Interested and eligible business owners who wish to apply for this loan should Click Here to Apply Online
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