7 Steps To Apply For BOI Loans As A Business Owner [FULL LIST]

The Bank of Industry (BOI) has launched its new MyBOI Portal, enabling Nigerian businesses to apply for financing facilities online.

The portal, which went live on Friday, allows new and existing customers to register, complete business profiles, submit financing applications with supporting documents, and track their application status.

According to the bank, the platform was developed to simplify access to its financing products and improve turnaround times. Businesses can access the platform via the official MyBOI website or the bank’s mobile application. https://onlineportal.boi.ng/

Here are seven steps business owners can follow to apply for BOI financing:

1. Create an account
First-time applicants must register on the MyBOI Portal using a valid company registration number (RC or BN number), a valid email address, and company details. An OTP will be sent to the registered email address to verify the account. Following verification, new customers complete the onboarding process, while existing BOI clients can move directly to the facility application stage.

2. Complete your business profile
Applicants must provide detailed business information and complete the required onboarding and assessment stages on the portal. BOI emphasizes that all information supplied must be accurate and complete, as incomplete submissions could delay processing or lead to rejection.

3. Select a financing facility
After filling out the profile details, applicants can choose their preferred financing facility and state the intended purpose of the funds—such as working capital, inventory, equipment purchase, expansion, or general operations. Accessible funding amounts depend on business size, transaction history, cash flow, credit profile, and repayment capacity.

4. Prepare and upload the required documents
Documentary requirements vary based on the financing facility, business structure, and company size. Applicants may be required to upload:

• Corporate Affairs Commission (CAC) registration documents
• Valid government-issued identification
• Bank Verification Number (BVN)
• Business bank account details and statements (typically 6 to 12 months)
• Tax Identification Number (TIN)
• Business plan or feasibility study
• Proforma invoices or quotations
• Evidence of business premises
• Relevant regulatory licenses and approvals
• Recent audited financial accounts (required for facilities above ₦10 million)

5. Check the requirements for your business category
Facilities of ₦10 million and below (micro-facilities) have distinct documentation rules compared to those above ₦10 million (SME and large-enterprise facilities). Micro-facility applicants generally need a business plan, equipment or raw material quotations, promoter identification/BVN, a one-year bank statement, and relevant regulatory approvals. Larger facilities above ₦10 million may require audited financial statements, management accounts, feasibility studies, tax clearance certificates, security documents, and Environmental, Social, and Governance (ESG) documentation.

6. Submit the application
Once all information and required documents are uploaded, applicants can submit their requests. BOI notes that an application is not considered submitted until all mandatory documentation is uploaded. Submission does not guarantee automatic approval, as every application remains subject to internal credit assessments and eligibility criteria.

7. Track your application
Applicants can monitor their request status through the MyBOI dashboard and receive notifications at key processing milestones. According to BOI, initial responses are typically provided within two to four weeks, provided all documentation is complete.

Who can apply for BOI financing?
Nigerian businesses registered with the Corporate Affairs Commission (CAC) are eligible to apply, provided they meet specific facility requirements. Applicants must possess a valid BVN for owners or directors, maintain a verifiable business bank account, and satisfy credit and cash-flow evaluations. Key eligible sectors include manufacturing, agro-processing, the digital economy, creative industries, and energy across micro, small, medium, and large-scale enterprise tiers.

Can businesses apply for non-interest financing?
Yes. The MyBOI platform includes access to BOI’s Non-Interest Banking facilities. Applicants seeking Shariah-compliant financing can select the Non-Interest Banking option while creating their business profile. These applications are reviewed by BOI’s dedicated Non-Interest Banking division in accordance with Shariah principles.

What business owners should know before applying
BOI advises all applicants to ensure complete accuracy across submitted documents to prevent processing delays or rejection. Customers are urged to access MyBOI solely through official channels and never share login credentials, passwords, or OTPs with third parties. Additionally, existing customers who submitted loan applications before the MyBOI portal launch should continue through their existing processing channels rather than resubmitting online.