Bank of Industry Business Plan – BOI
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All you need to know about having a Professional Business Plan for the Bank of Industry (BOI) Loan.
Necessary information you need to know about getting an effective Business Plan for the Bank of Industry – BOI Loan. A complete breakdown of the Template and every thing else you need to know.
Business Plan for BOI loan
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Business Plan = N60,000
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A Business Plan is a document that sets out a business’s future objectives and strategies for achieving them.
A business plan is a guide—a road-map for your business that outlines goals and details how you plan to achieve those goals.
A business plan is a document that summarizes the operational and financial objectives of a business and contains the detailed plans and budgets showing how the objectives are to be realized.
A business plan is a written description of your business’s future. Business Plan is a document that describes what you plan to do and how you plan to do it.
A business plan lays out a written plan from a marketing, financial and operational viewpoint.
A business plan is a formal written document containing business goals, the methods on how these goals can be attained, and the time frame within which these goals need to be achieved.
A business plan is also a road map that provides directions so a business can plan its future and helps it avoid bumps in the road.
Bank of Industry Limited (abbreviated as ‘BOI‘) is the oldest and largest Development Finance Institution (DFI) currently operating in Nigeria. BOI is owned by the Ministry of Finance Incorporated (MOFI) Nigeria, the Central Bank of Nigeria (CBN) and private shareholders.
The bank is a parastatal under the Federal Ministry of Industry, Trade and Investment tasked with providing financial assistance for the establishment of large, medium and small projects as well as the expansion, diversification and modernization of existing enterprises; and rehabilitation of existing ones. In line with the Nigeria Industrial Revolution Plan and Economic Recovery and Growth Plan (ERGP) released by the Government of Nigeria, the bank focuses on financing industrial projects in key sectors of the economy such as: Agro and Food Processing, Light Manufacturing, Gas and Petrochemicals, Engineering and Technology, Solid Minerals and Creative Industries (arts and entertainment). BOI also focuses on promoting youth entrepreneurship, women-owned businesses and renewable energy projects.
BOI's Market Focus
* Small, medium and large enterprises, excluding cottage industries.
* New or existing companies, seeking expansion, mordenisation or diversification.
* Credit worthy promoters who will be required to prove their commitment to the project by contributing at least 25% of the project cost excluding land.
* Borrowers whose management capability, financial situation (including availability of collateral and guarantee), character and reputation are incontrovertible.
* Clients with demonstrable ability to meet loan repayments.
* Borrowers with no record of unpaid loans to erstwhile development finance institutions and other banks
The bank’s emphasis is on prudent project selection and management, accordingly, it supports quality projects with potential developmental impact. BOI therefore, considers industries that meet the following criteria:
- Capacity to substantially add to industrial output.
- Projects that use largely domestic raw materials.
- Industry in which Nigeria’s comparative advantages could be converted to competitive ones.
- Ability to promote the expansion of exports through the production of high quality products that are attractive to domestic and export markets.
- Niche projects that produce for worldwide consumption.
- Projects that create both forward and backwards linkages, with the rest of the domestic or regional economy.
- Ventures that promote inter-state or regional integration.
- Small and medium enterprises (SMEs) that have linkage with large firms, belong to clusters and operate under franchise.
- Enterprises with high employment generation capacity.
- The project must be technically feasible, commercially viable and economically desirable.
- Projects that are environmentally friendly.
- Enterprises that have good management set-up and proper accounting procedures.
- Enterprises promoted by women entrepreneurs.
The following industrial sub-sectors are also accorded priority in the project selection:
- Agro-industries, textile and leather
- Polymer –based industries
- Solid minerals
- Foundries
- Information communication technology (ICT) services
Business Plan Contents
If you contact the Bank of Industry (BOI), asking for a business plan standard format, from past experiences there is every possibility that you would be told “there is no recommended business plan format”, but the Bank of Industry like many other international loan/financing establishments would definitely be interested in seeing the following sections in your business plan that are highly recommended by most professional international business plan establishments.
Executive Summary:
Executive summary is usually at the beginning of your business plan but is always the very last thing you are to write about, because it is a summary of everything else. It will include a summary of the Business details, Key personnel and everything else.
Vision:
This is where you talk about the business idea, Business goals, What the business does, What makes the business different and probably the Legal requirements.
Marketing:
This includes Market research, Profiling customers, Profiling competitors, Managing market risks, Pricing, Promotion and advertising.
Running the business:
Talk about your Staff, Premises, Suppliers, Equipment and Managing operational risks.
Finance:
You should be able to provide a bit of accurate information on Start-up costs, Profit and loss forecast, Sourcing finance, Managing financial risks and Cash flow forecast.
The above are just the basics that should be covered in a professional business plan. Remember to keep it as short as you can, while also covering all important sections. To be on the safe side, just contact a professional business plan writing body to do the job for you.
Disclaimer.
We are not official representatives of BOI. A reasonable part of this article has been made available just to provide people with helpful information.
