This document contains the requirements and criteria that must be

met before enterprises or entrepreneurs can be eligible or have

access to financial aids or investment from the following institutions.

REQUIREMENTS FOR BANK OF INDUSTRY(BOI)

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.

THINGS TO KNOW BEFORE COMMENCEMENT OF APPLICATION ON THIS

PLATFORM
1. Mandate
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 will be required to provide the
registration number for a Limited Liability Company or business name for an enterprise before
proceeding with the 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 buildings 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 their matching fund platform which is operated in collaboration with various state
governments and on their 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, the Bank of industry
requires that you pledge some assets to secure your 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 Net Worth 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.

Below are relevant documents checklist.

MICRO CREDIT
1. Formal Letter of Application
2. Photocopy of Certificate of Registration
3. Constitution and Bye-laws of Cooperative Society (only for Cooperative Societies)
4. Business Plan
5. Four (4) passport photographs of the Promoter (business owner)
6. Photocopy of the Current Tax Clearance Certificate of the Business Enterprise and the
Promoter.
7. Photocopy of International Passport or Driver’s License or National Identity Card of the
Promoter.
8. Bank Statement of the Business Enterprise for a period of one (1) year (for existing
business).
9. Sales record for six (6) months and operating expenses.
10. Evidence of availability of Collateral Security (e.g. landed property, Individual Guarantor,
etc.).

SME/LARGE ENTERPRISE
1. Formal Letter of Application
2. Photocopies of Certificate of Incorporation and Certified True Copy of Memorandum and
Articles of Association of the Company.
3. Photocopies of the Certified True Copy of Forms C02 and C07.
4. Business Plan.
5. Photocopy of title documents to project site (Statutory Certificate of Occupancy or Deed of
Assignment).
6. Photocopy of Title Documents (Statutory Certificate of Occupancy or Deed of Assignment) to
the Collateral Security. (This must be a landed property in an urban center).
7. Approved Building Plan (If new building).
8. Bill of Quantities or Contractor’s Estimate of Cost to be incurred on Factory Building.
9. Valuation Reports on Factory Building(s) (for existing projects) and property offered as
Collateral Security.
10. Quotations for items of plant and machinery (at least 3 quotations from different sources).
11. Three (3) years most recent Audited Accounts of the company (for existing company).
12. Three (3) years most recent Tax Clearance Certificate for the Company and two (2)
Directors.
13. Four (4) recent passport photographs of each of the two Directors and the Company
Secretary.
14. Evidence of appointment of a Company

REQUIREMENTS FOR GROFIN

GroFin centers around SBGs working in education, healthcare, agri-business, manufacturing
and key services (water, energy, and sanitation) in West Africa and East africa. GroFin focuses
on these fundamentals needs sectors in light of the impact these businesses have in legitmately
working towards the SDGs and in the manner their ability to mitigate poverty.

INVESTMENT CRITERIA
1). Business profile
They ordinarily invest in businesses with these maturity profiles:
● Early stages(1-3 years) - New companies are viewed as when they are upheld by an
entrepreneur with huge experience, track record and material financial promise to the
venture.
● Early maturity (3-6 years)
● Develop(>6 years)
GroFin considered businesses in all sectors except those operations that have critical potential
negative social and environmental impacts. They don't invest in non benefits

2). Investment size

GroFin invests between US$ 100k - US$1.5M in the business, ideally as self liquidating debt.

3). Entrepreneur profile

The entrepreneur ought to have huge personal investment in the business, can manage a
business - from tasks, sales, financial management, administration, and leadership. They
should have growth aspirations and exhibit uprightness just as professionalism in their dealings.

4). Collateral requirements

Though Grofin has no minimum necessity, they do anticipate that entrepreneurs should
(halfway) secure the loan if collateral is accessible. Quality and value of collateral plays an
important part in the general risk assessment. individual certifications of the entrepreneur is
required.

5). Social impact

The business must have the option to have a quantifiable impact in terms of the quantity of jobs
supported, female possession, female employment, and semi/unskilled work. SMEs that give
aberrant openings for work( for example training, aptitude development) as well as
environmental services( water, squander, energy, ecotourism) are additionally appealing to
GroFin.

6). PRE-ASSESSMENT QUESTIONNAIRE

This is the next step to see if you are eligible for GroFin's services. You need to complete this
step in order to proceed to the important checklist and the final step of submitting your
application ( either online or through their download application form).

REQUIREMENTS OF DEVELOPMENT BANK OF NIGERIA

All MSMEs (startups or existing) involved in productive enterprises are eligible to get a loan from
the Development Bank of Nigeria. DBN is poised to provide funding and risk-sharing guarantees
through Participating Financial Institutions (PFIs), who will then on-lend to end beneficiaries.

As an enterpriser or an entrepreneur seeking financial aid from DBN, the eligibility criteria that
the DBN put in place is majorly for the PFIs. Some of the criteria is stated below:
1. To be eligible to receive financing from DBN, the PFI shall have met the minimum eligibility
requirements set out below on the Cut-Off Date. The PFI shall maintain the minimum eligibility
requirements throughout the Financing Period.
2. DBN or its representative will conduct an annual due diligence process to confirm that the PFI
is not in breach of the minimum eligibility requirements and may declare all advances to the PFI
immediately payable if the PFI is in breach of one or more of the requirements or fails to remedy
the breach of a requirement within any grace period allowed by DBN at DBN’s absolute
discretion.
3. To be eligible to receive financing from DBN, the PFI shall:
● 3.1. hold a duly issued and valid license from CBN to carry on business as a bank or
finance company;
 ● 3.2. demonstrate within the three most recent financial years, two years of profitable
lending operations, with effective risk management procedures, controls, and acceptable
levels of loan portfolio quality and performance;
● 3.3.ensure that its shareholders and Board of Directors shall be qualified persons of
proven integrity and shall be knowledgeable in business and financial matters, in
accordance with the applicable regulatory guidelines on fit and proper persons;
● 3.4. show evidence of compliance with all applicable laws and applicable CBN
regulations;
● 3.5. have qualified and experienced management, adequate organisation and
institutional capacity for its specific risk profile.
4. The PFI shall not be deemed to be in good standing, and ineligible for financing from DBN if
the PFI:
● 4.1. is under CBN’s holding action
● 4.2. receives a qualified audit opinion on its most recent audited financial statements
● 4.3. if the PFI, is unprofitable for four (4) consecutive quarters at any time following its
start-up period which shall be three (3) years from the date it commenced business;
● 4.4. fails to meet its capital adequacy requirements as at the most recent examination
and is unable to inject additional capital to meet the regulatory threshold; and
● 4.5. is a borrower for which DBN has received a written notice from CBN expressing
material concerns about the PFI’s financial condition or business operations resulting
from its most recent supervisory inspection?

REQUIREMENT FOR TONY ELUMELU ENTREPRENEURSHIP

PROGRAMME (TEEP)

Tony Elumelu Entrepreneurship Programme (TEEP) - Eligibility

Requirements
To be eligible for TEEP
1. Business must be based in Africa
2. Business must be for profit
3. Business must be 0-3 years’ old
4. Applicants must be at least 18 and a legal resident or citizen of an African
country
Judging Criteria - Tony Elumelu Entrepreneurship Programme - TEEP
All applications will be judged on 5 core criteria, which are:
● Feasibility of the business idea.
● Market Opportunity: knowledge and understanding of the market, customers
and competitors for their idea/business.
● Financial Understanding: understanding of the basic financial requirements of
running a business, costs and revenues.
 ● Scalability: Demonstrates potential for replication and growth of their product
or service to create jobs and wealth.
● Leadership Potential and Entrepreneurial Skills: Demonstrate leadership
potential, capable of attracting people, customers and resources.
1,000 entrepreneurs will be selected based on the viability of their idea, including:
market opportunity; financial understanding; scalability; and leadership and
entrepreneurial skills demonstrated in the application. A well documented process
involved can be found under the Terms and Condition in the TEEF platform