Getting loan without collateral can be so difficult and frustrating. Even with the collateral, banks will still need to scrutinize the individual to make sure the submitted details are complete. It can be discouraging. In this post, we bring you Banks that can finance your small business in Nigeria and their details
Having an idea and looking for funds to finance a business can frustrating and this has brought many entrepreneurs with genuine business idea to a stalemate because of lack of capital to start their own business.
Many great business ideas would have come to limelight due to their outstanding business ideas but because of their inability to access business loans to finance and execute their ideas, has sadly brought their progress to a halt.
In this post, we will review to how you can access quick loans, either for business purpose or for urgent personal financial needs.
These categories of loan can be gotten from most commercial banks in Nigeria: Salary Advance, Mortgage, Overdraft, Term Loan, Auto Loan etc.
What are the banks that offer loans in Nigeria?
1. Bank of Industry
The Bank of Industry Limited (BOI) is Nigeria’s oldest, largest and most successful development financing institution. 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
2. First Bank Plc
First Bank is Nigeria’s oldest bank. To boost and grow 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.
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. For more information First Bank loan application process visit: www.firstbanknigeria.com
3. Zenith Bank
Zenith Bank is one of Nigeria’s biggest banks where individuals and firms can access loans to boost their business whether for startup or expansion purposes. Zenith Bank offers a wide assortment of loan types to cater to every business contingency which includes: OVERDRAFT, RECEIVABLE DISCOUNTING / INVOICE DISCOUNTING, LPO FINANCE, IMPORT FINANCE FACILITY, EXPORT FINANCE FACILITY, TERM LOAN, LEASE, BONDS & GUARANTEE. For more information on Zenith Bank loan application process, visit www.zenithbank.com
4. GTI Microfinance Bank
GTI is a leading Nigerian Investment Banking group with proven expertise in Financial Advisory, Securities Dealing (Fixed Income and Equities), Asset Management and Private Equity. 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 website www.gti.com.ng. Or their office. They are located at 127, Awolowo Way, Ikeja, Lagos.
5. Diamond Bank
Diamond Bank is one of the leading banks in Nigeria. Diamond Bank offers access to short and medium term financing for working capital & asset purchase needs with reduced collateral requirements. These loan products are as follows; Overdraft, Lease Finance facility, Credit cards, Salary advance, Small and Medium Enterprise loan and personal loans are some of the loans Diamond Bank offers to its customers.
Note that in other to qualify for any of Diamond Bank loan program, you must be an account holder with Bank. Visit www.diamondbank.com for further inquiry.
6. Fortis Microfinance Bank
Fortis MFB is Nigeria’s best Micro-finance bank that has helped many individuals and corporate organizations to bring fulfillment to their dreams through assisting them with loans of all sorts. The Micro-finance bank is widely spread across Nigeria and more information about Fortis can be gotten by visiting any of their branches. Visit www.fortismfb.com for further inquiry
Here is it, Six Nigerian Banks that can finance your business ideas whether you are starting or thinking of expansion be rest assure that one of these banks will make your case theirs and see that your business idea is brought to limelight.