What do lenders in Nigeria look for in a business plan?

Beyond the narrative, Nigeria lenders such as Bank of Industry (BOI) typically check the financial projections for repayment capacity — a DSCR around 1.25x is a reasonable target — alongside standard registration and identity documents.

Does Funderly localize the currency and numbers?

Yes — set your idea's currency to NGN (₦) and every export reflects it, so the numbers you submit match the currency your lender expects.

Is this only for one specific lender?

No. The DSCR and repayment-schedule math Funderly builds follows standard underwriting practice used broadly across Nigeria's commercial and development-finance lenders, not one institution's specific form.

Funderly use case

Business Plan for a Bank Loan in Nigeria

A loan application in Nigeria is judged on specific numbers — not just a narrative. This page covers what Nigeria's lenders typically require and how Funderly's Lender tier builds the same math into your plan.

Best for founders and SMEs in Nigeria preparing a business plan for a bank or development-finance loan.

What this helps with

Typical lenders: Bank of Industry (BOI), NIRSAL Microfinance Bank, Commercial banks under the FGN MSME Intervention
Typical loan range: ₦500,000 – ₦50,000,000
DSCR calculation and a full repayment schedule built into the plan

How the workflow supports this

What lenders in Nigeria typically require

Requirements vary by lender, but most Nigeria bank and development-finance loans ask for a similar core set of documents alongside the business plan.

CAC (Corporate Affairs Commission) registration certificate
Memorandum and Articles of Association
A business plan and feasibility study
Equipment/machinery quotations where applicable
Collateral or guarantor documentation

DSCR and the numbers a lender checks

Nigerian commercial lenders generally look for a DSCR of at least 1.25x before approving an SME loan, in line with standard underwriting practice.

A Lagos-based retail business borrowing ₦8,000,000 from a BOI-backed facility needs to show monthly cash flow that comfortably covers repayment — the same 1.25x threshold a bank underwriter checks anywhere.
Funderly’s Lender tier calculates DSCR against the 1.25x (meets bank minimum) / 1.0x (tight) thresholds and builds a full loan amortization schedule, so the numbers in your plan match what an underwriter checks.
Financial projections are formula-driven from your inputs, not AI-guessed — the same model behind every Funderly export.

Building the plan

Funderly runs market analysis, competitor research, and financial modeling in one workflow, so your Nigeria loan application has a consistent story from the narrative through to the numbers.

Describe the business, get market and competitor analysis, then build the financial model on the Lender tier ($499 one-time).
Export the plan and financial statements as PDF, DOCX, XLSX, or a PPTX summary deck.
Pricing is one-time, not a recurring subscription — useful when you are budgeting for a loan application, not an ongoing tool.

Use cases

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