You probably know by now that the Bank of Industry (BOI) has a N90 million business development fund meant specifically for Women. The bank manages this fund (BUDFOW) on behalf of the Federal Ministry of Women Affairs and Social Development (FMWASD), a ministry that provides soft loans to female entrepreneurs at a repayment interest rate of 5%.
To get Funds From BOI’s 90 Million Business Fund For Women, you must have a promising business plan as well as knowledge and experience of the business you are proposing. You must also have passion for it.
Things will get easier for you if you have a registered company and have been in business already. You must be ready to provide some necessary documents before you loan can be processed. Here they are:
1. Formal Application.
2. Photocopy of Certificate of Registration (2 copies).
3. Business Plan (2 copies).
4. Quotations for the supply of items of machinery and equipment (one from the source used in the business plan and another from other sources).
5. Write-up on Technology, Manufacturing Processes, Technical Partners, if any and where not detailed in the business plan.
6. Sources and quotations for Raw Materials expressed in units.
7. Eight (8) passport sized photographs of the promoter (business owner).
8. A photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the Promoter.
9. Photocopy of International Passport or Driver’s License or National Identity Card of the Promoter.
10. Detailed profile of the Promoter and Key Management Staff (preferably Curriculum Vitae).
11. Bank Statement of the Business Enterprise for a period of one year (for existing business).
12. Declaration of Outstanding Liabilities to other Banks and Individuals.
13. Evidence of availability of collateral security (e.g., landed property, bank guarantee, individual guarantor etc).
you must also provide the following information about your Guarantor(s):
1. Letter of intent to guarantee.
2. Means of identification.
3. Eight passport sized photographs.
4. Recent Bank Account Statement for one year.
5. Tax Clearance Certificate.
6. Profile of the Guarantor
Will my Application Scale through?
If you are a literate and know what you really want, your application will most likely scale through. More so, if your business prospect has value- the like of manufacturing business, you are at advantage. Take note that BOI does not finance trading business.
All you need to do is convince the interviewers about your prospects. Be as confident as you can. You will be directed to the female desk for discussions. There, you will be given a checklist of requirements and afterward a questioner. If you fumble with these documents, your application may be doomed. Some questions in this questioner include question about yourself (where you are referred to as Promoter), question about what kind of business you wish to do, your business location, source of raw materials, equipment, markets, etc., if you do some research about your business, the answers to these questions will come to you almost naturally.
Will I get All the Cash Right Away?
No you won’t. If your application is granted, BOI will negotiate on your behalf with equipment suppliers to install your proposed equipment in your business location. As for your supplies, BOI will negotiate with distributors on your behalf to supply you at distributorship price. BOI may also find a market network for you. The remaining funds can then be disbursed to you.
Since the inception of this program, over 50 Nigerian women have benefited and are now business owners. You too can succeed if you have the will and power for business.