BOI Fashion & Beauty Fund 2026: Get Up to ₦200 Million at 9% Interest
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- Category: Loans
- Published on Monday, 10 August 2026 13:45
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If you run a fashion, beauty, clothing, leather or related business in Nigeria and need funding to expand, the BOI Fashion & Beauty Fund could be worth considering.
The Bank of Industry (BOI) provides financing to businesses operating across selected areas of the fashion and beauty value chain. The facility can be used to purchase equipment and provide working capital for business operations.
One of the major attractions is the 9% per annum interest rate, while eligible medium-sized businesses can access financing of up to ₦200 million, subject to BOI's assessment and applicable requirements.
This guide explains who can apply, how much you can access, the interest rate, repayment period, security requirements, application process and other important details you should know before applying.
BOI Fashion & Beauty Fund 2026 at a Glance
| Feature | Details |
|---|---|
| Programme | BOI Fashion & Beauty |
| Provider | Bank of Industry (BOI) |
| Maximum financing | Up to ₦200 million |
| Interest rate | 9% per annum |
| Processing fee | 1% one-off |
| Term loan tenor | 3–5 years |
| Working capital tenor | Up to 3 years |
| Moratorium | Up to 12 months |
| Main purpose | Equipment purchase and working capital |
| Target businesses | Fashion and beauty value-chain businesses |
| Application | Online through BOI |
The information above is based on the current BOI product information.
What Is the BOI Fashion & Beauty Fund?
The BOI Fashion & Beauty Fund is a sector-focused business financing facility designed to support businesses operating in Nigeria's fashion and beauty value chains.
Rather than being a general-purpose personal loan, the facility is designed around business needs such as purchasing equipment and providing working capital.
This makes it potentially useful for businesses that have an established operation but require additional capital to increase production, improve their services or expand their activities.
BOI identifies several eligible areas within the sector, including:
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Adire and Aso-Oke
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Clothing design and production
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Fashion and beauty training institutes
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Leatherworks
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Local-label distribution and retailing
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Hair salons
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Skin and beauty businesses
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Face and make-up businesses
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Feminine care businesses
How Much Can You Get from the BOI Fashion & Beauty Loan?
The amount available depends on the size and category of the business.
BOI currently lists the following maximum single-obligor limits:
Micro Enterprises
Micro enterprises can access up to:₦10 million
Small Enterprises
Small enterprises can access up to: ₦50 million
Medium Enterprises
Medium enterprises can access up to: ₦200 million
These are maximum limits rather than guaranteed loan amounts. BOI will assess the applicant and business before deciding the amount that can actually be approved.
This distinction is important.
Applying for ₦200 million does not automatically mean you will receive ₦200 million. Your business, financial position, proposed use of funds, repayment capacity and available security will matter.
What Is the BOI Fashion & Beauty Interest Rate?
The current interest rate stated by BOI is: 9% per annum
There is also a 1% one-off processing fee.
For business owners comparing financing options, the rate can make the facility worth investigating, particularly for businesses that need medium-term funding for equipment or expansion.
However, applicants should consider the total cost of borrowing, including the processing fee and any other applicable requirements or charges that BOI may communicate during the application and approval process.
What Can the BOI Fashion & Beauty Fund Be Used For?
The facility is designed for two main purposes:
1. Equipment Financing
Businesses can use the financing to acquire equipment required for their operations.
For example, a clothing manufacturer may need additional production equipment to increase output.
A beauty business may need equipment to improve its range of services.
A leather business may require equipment to increase production capacity.
2. Working Capital
The facility can also support working capital requirements.
Working capital is the money a business uses to keep its daily operations running.
Depending on the business, this could include funding required to support production, stock, supplies and other operating needs.
BOI states that the purpose of the Fashion & Beauty facility is the acquisition of equipment and provision of working capital.
Who Can Apply for the BOI Fashion & Beauty Fund?
The facility targets businesses operating within the fashion and beauty value chains.
BOI lists:
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Limited liability companies
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Enterprises
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Cooperatives or clusters
Businesses must operate within an eligible part of the fashion and beauty sector.
BOI also states that all businesses must be registered with at least one relevant trade association.
For cooperatives or clusters, BOI requires the cooperative to have been registered for at least two years before the loan application.
Important: This Is a Business Loan, Not a Grant
Applicants should understand the difference.
The BOI Fashion & Beauty Fund is a loan facility.
It is not free government money.
Successful applicants are expected to repay the financing according to the agreed terms.
This means you should only apply for an amount that your business can reasonably utilise and repay.
A strong application should show how the financing will help the business generate additional income or improve its operations.
BOI Fashion & Beauty Loan Repayment Period
The repayment period depends on the type of financing.
Term Loan
The term loan has a tenor of:3 to 5 years
Working Capital
Working capital financing can have a tenor of: Up to 3 years
BOI also provides for a moratorium of up to 12 months from the date of loan disbursement.
A moratorium can give an eligible business time to put the financing to work before repayments begin, subject to the terms approved by BOI.
What Security or Collateral Is Required?
This is one of the areas applicants should pay close attention to.
The security requirements depend on the amount being requested and the type of applicant.
For financing of up to ₦10 million, BOI lists different requirements for cooperatives and enterprises/limited liability companies.
For enterprises and limited liability companies seeking up to ₦10 million, BOI lists requirements that can include:
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An asset debenture over the equipment financed
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An irrevocable personal guarantee of the chief promoter for limited liability companies
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Two acceptable external guarantors
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Other acceptable guarantees or security arrangements
For financing above ₦10 million and up to ₦200 million, BOI lists security options including:
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A legal mortgage on pledged property
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A bank guarantee from an acceptable commercial bank
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An irrevocable personal guarantee of the chief promoter
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An all-assets debenture
The exact security structure will depend on the application and BOI's assessment.
Therefore, do not assume that every applicant will need to provide the same type of collateral.
How to Improve Your Chances of Getting BOI Business Financing
Getting a business loan is not simply about completing an online form.
Your business should be prepared for assessment.
Before applying, consider the following:
Keep Proper Business Records
Maintain records of your sales, expenses, purchases and other business transactions.
Clear financial records can help demonstrate that your business is active and capable of managing financing.
Know Exactly How Much You Need
Do not automatically request the maximum amount.
If your business needs ₦15 million to purchase equipment and support working capital, requesting ₦200 million without a clear justification may weaken your application.
Work out the actual cost of your project.
Prepare a Clear Business Plan
Explain:
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What your business does
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How long you have been operating
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Your customers
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Your products or services
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Current turnover
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Your expansion plans
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How much financing you need
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How the money will be used
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How the business will repay the facility
Make Your Business Case Numbers-Based
Instead of simply saying, "The loan will help my business grow", explain how.
For example:
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Current monthly production
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Expected production after acquiring equipment
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Current number of customers
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Expected increase in customers
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Current monthly revenue
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Expected revenue after expansion
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Number of additional workers you expect to employ
Specific figures make your business proposal easier to understand.
Documents and Information You Should Prepare
BOI may request documents and information as part of its assessment.
Depending on your business structure and facility, applicants should be prepared to provide relevant business, financial, identification and security information.
It is sensible to have the following available:
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Business registration documents
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Relevant trade association registration
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Bank account information
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Business financial records
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Details of the proposed equipment
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Equipment quotations where applicable
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Business plan or project proposal
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Information about existing liabilities
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Details of proposed security or guarantors
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Promoter/director information where applicable
The final documentation requirements should be confirmed directly with BOI because requirements can vary according to the business and financing structure.
How to Apply for the BOI Fashion & Beauty Fund
The safest way to apply is through BOI's official channels.
Step 1: Review the Fashion & Beauty Product
Read the official BOI product information carefully to confirm that your business falls within the eligible sectors.
View the official BOI Fashion & Beauty Fund page
Step 2: Prepare Your Business Information
Before starting the application, organise your business and financial information.
This can save time and reduce errors.
Step 3: Access the BOI Online Loan Application Portal
BOI operates an online loan application portal where businesses can start and save financing applications and track application progress.
Apply through the official BOI Loan Application Portal
Step 4: Complete the Application
Provide accurate information about your business, the amount required and how you intend to use the financing.
Do not exaggerate your figures.
Step 5: Submit Supporting Information
BOI may require additional documents, clarification or security information during the assessment process.
Respond promptly to requests from the bank.
Step 6: Wait for Assessment and Approval
Submitting an application does not guarantee approval.
BOI will assess the application based on its lending requirements and the information provided.
BOI Fashion & Beauty Fund Application Opening Date
Opening date: Currently available/listed by BOI
BOI Fashion & Beauty Fund Closing Date
Closing date: No fixed closing date has been announced by BOI.
At the time of writing, the official BOI Fashion & Beauty page does not state a closing deadline.
Is the BOI Fashion & Beauty Fund Still Open?
The facility remains listed on BOI's official website, and BOI's online loan application portal is available for financing applications.
However, because BOI has not published a specific closing date for the Fashion & Beauty facility, applicants should not wait unnecessarily if they meet the requirements and are ready to apply.
Who Should Consider This BOI Loan?
The facility may be worth considering if you operate an established business such as:
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Fashion design and clothing production
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Tailoring and garment manufacturing
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Leather production
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Shoe and bag production
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Adire production
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Aso-Oke-related businesses
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Beauty salons
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Hair businesses
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Make-up businesses
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Skin and beauty businesses
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Fashion or beauty training centres
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Fashion and beauty product distribution
The key issue is not simply whether your business is in fashion or beauty.
Your business must also satisfy BOI's eligibility and credit requirements.
Why the Facility Could Be Useful to Growing Businesses
Access to affordable SME financing in Nigeria remains an important issue for many business owners.
A business can have customers and still struggle to expand because it lacks enough capital to purchase equipment, increase stock or improve production.
The BOI Fashion & Beauty facility is structured around those types of business needs.
The combination of:
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Up to ₦200 million financing for eligible medium enterprises
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9% annual interest
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Up to five years for term financing
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Up to 12 months moratorium
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Equipment and working capital financing
may make the facility relevant to businesses that are ready to move beyond small-scale operations.
Frequently Asked Questions
How much can I borrow from the BOI Fashion & Beauty Fund?
Eligible micro enterprises can access up to ₦10 million, small enterprises up to ₦50 million and medium enterprises up to ₦200 million, subject to BOI's assessment and approval.
What is the interest rate on the BOI Fashion & Beauty loan?
The current stated interest rate is 9% per annum, with a 1% one-off processing fee.
Can I use the BOI Fashion & Beauty Fund to buy equipment?
Yes. Equipment acquisition is one of the stated purposes of the facility.
Can the financing be used as working capital?
Yes. BOI states that the facility can be used for working capital as well as equipment acquisition.
How long can I take to repay the loan?
The term loan tenor is 3–5 years, while working capital financing can run for up to three years.
Is there a moratorium?
Yes. BOI states that a moratorium of up to 12 months may be available from the date of loan disbursement.
Do I need to belong to a trade association?
BOI states that all businesses must be registered with at least one relevant trade association.
Is the BOI Fashion & Beauty Fund a grant?
No. It is a business loan/financing facility and must be repaid according to the approved terms.
Is there a closing date for the 2026 application?
BOI has not published a specific closing date for the Fashion & Beauty facility on its current product page.
Conclusion
The BOI Fashion & Beauty Fund provides a financing option for Nigerian businesses operating across the fashion and beauty value chains.
With financing limits of up to ₦200 million, an interest rate of 9% per annum, term financing of up to five years and a possible moratorium of up to 12 months, it may be suitable for businesses that need capital for equipment or working capital.
But remember that ₦200 million is the maximum limit for eligible medium enterprises, not an automatic payment to every applicant.
Your business must meet BOI's requirements and pass the bank's assessment.
If you are ready to apply, use the official BOI channels rather than agents or unofficial websites.