How To Get Loans For Starting Up SME’s In Nigeria

There are a lot of people in Nigeria with great business ideas, but their inability to raise capital for a start-up has brought hopelessness to their dream.

In other words, many individuals and businesses would have become exceptionally successful due to their outstanding business ideas but their inability to meet up with the financial requirements that are necessary for the execution of those ideas has sadly brought their progress to a stalemate.

But, important to realize is that in Nigeria, there are many types of loans which include: Quick Loan, Salary Advance, Mortgage, Overdraft, Term Loan, Auto Loan etc.

And, they can also be gotten from most Nigerian banks.

What are the banks that offer loans in Nigeria?

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1. Zenith Bank

Zenith Bank is arguably one of Nigeria’s megabanks where individuals and firms can access loans to boost up their lifestyle or bring progress their businesses. One of the advantages of Zenith Bank’s loan is that its processing time is fast. To find out more about the bank’s loan products, visit www.zenithbank.com.

2. First Bank Plc

In other to power growth in the SME sub-sector, First Bank of Nigeria has made plans to provide non-collateral loans for small and medium enterprises. The loans are offered to SMEs (small medium enterprises) in different sectors of the economy. And there are no favorites.

Just as the name implies, the non-collateral loans that are offered by First Bank do not require collateral. The only requirement is to go through a psychometric test, pass the test and provide the bank with your business plan and financial projections.

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3. GTI Microfinance Bank

GTI MFB offers loans to individuals, Small Scale Enterprises and Corporate bodies and their tenor range between 6 months and 48 months. An advantage of GTI is that as long as you are a customer of the bank, your loan application will be approved. To find out more about GTI’s loan dynamics, visit their office address. The Microfinance Bank is located at 127, Awolowo Way, Ikeja, Lagos and it is a subsidiary of GTI Capital Limited.

4. Diamond Bank

Overdraft, Lease Finance facility, Credit cards, Salary advance, Small and Medium Enterprise loan and personal loans are some of the loans Diamond Bank avails its customers. So, in other to partake or qualify for any of their loan product, one must have an account with Diamond Bank. Visit www.diamondbank.com for further inquiry.

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5. Bank of Industry

This bank, which is reputable for its integrity, grants loans to entrepreneurs to grow their business. If you are an entrepreneur that needs loan from Bank of Industry, visit www.boinigeria.com

6. Fortis Microfinance Bank

Fortis MFB is Nigeria’s best Microfinance bank that has helped many individuals and corporate organizations to bring fulfilment to their dreams through assisting them with loans of all sorts. The Microfinance bank is widely spread across Nigeria and more information about Fortis can be gotten by visiting any of their branches.

In conclusion, I would leave with you the words of Mr. Oluwafemi Akinfolarin, First Bank’s Head of SME Banking: “Getting loans without collateral is part of our contribution towards boosting the growth of the SME segment.” “Most SMEs don’t have collateral to secure loans. With this now, all a prospective borrower is asked to do is to go through a psychometric test. Once the SME passes it, we advance the loan. That is a cutting-edge innovation.”