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Are you an Entrepreneur thinking about how to get a business loan in Nigeria without collateral? If Yes you are in the right place. In this article, I am going to highlight
5 Nigerian different Banks that will give you business loan without collateral.
Kindly Note This
Small and Medium sized Enterprises (SMEs) are having a hard time starting and growing up their businesses due to their inability to access business funding.
In fact, the major reason that often kills great business ideas and perhaps the dreams of most Nigerian entrepreneurs is their inability to meet the requirements of obtaining a bank loan.
An Entrepreneur Could Raise Business Funds through:
The Banks
Banks – whether commercial, industry or development banks; online or micro finance banks naturally offer the least interests funding for SMEs. Banks generally charge between 5-25% interest rate (and more), for 1-5 years short-to-long term business loans.
In Nigeria, you can obtain bank loans as small as ₦50, 000 and as big as ₦100 Million Naira depending on the scope of your business.
If you are thinking of raising business capital through the banks, you should note that bank loans are usually secured; hence, you’ll need to provide collateral before you can be considered for a loan approval.
Interestingly, some Nigerian banks have awakened to the reality that most start-up entrepreneurs in Nigerian have only solid business ideas behind their heads, and no collateral to show for their loans.
Some of them are now willing to offer startups, business owner and entrepreneurs certain amount of money in the form of business loans without collateral.
This effort may be as part of these banks’ initiatives to empower growth in the Nigeria SME subsectors, by giving out small to long time loans to businesses owners or organisations that need them.
The great thing about these SME business loans is that they are designed to be easily accessible to entrepreneurs, irrespective of the type or size of their businesses.
According to our research, we have put together a list of 5 Nigerian Banks that will give you business loan without collateral, but take the time to find out more about the loan options that suit your financing needs.
Nigerian Banks that Will Give you Business Loan Without Collateral
First Bank Nigeria Plc
The First Bank of Nigeria has made plans to provide non-collateral loans for Small and Medium Enterprises in Nigeria.
This initiative of the bank is aimed to empower economic growth in the Nigeria SME sector through their loan schemes.
The great thing about First Bank’s unsecured loans is that it is easily accessible to entrepreneurs irrespective of their business type, location or size.
As an interested entrepreneur, the only thing you need to do is to go through a psychometric test, pass the test and then provide the bank with your winning business plan and your business financial projections.
And soon you will get your disbursement alert!
Heritage Bank
Heritage Bank has also increased the accessibility to SMEs business funds in Nigeria. The bank has also built initiatives around promoting access to the market for SMEs.
One of their major programs is the Youth Innovative Entrepreneurship Program ( YIEDP) backed by the Central Bank of Nigeria – in recognition of its commitment to SME and Youth development.
The programme is aimed at harnessing the talents and entrepreneurial spirits among the teeming Nigerian youths – by providing timely and affordable loans to help they implement their business ideas.
The fund is to support youth corps members, market women and whoever desires to access business finances through short –term borrowing from the bank.
Guarantee Trust Bank Plc
GTBank Plc also offers entrepreneurs opportunities to obtain loans without collateral. The bank’s non-collateral loans are designed to stimulate growth for Micro, Small and Medium Enterprises (MSME) in Nigeria.
They provide smart financing options for your business that allows your organization to build on its success and plan for growth through quick cash flow solution to finance your business needs; withdrawing money with no funds in your account, and SME friendly accounts that you can open and start with.
If you want a loan without collateral, you’ll have to look at the bank’s SME loan packages and choose the one that is best to you kind of business.
GTBank’s SME loans can be accessed in the form of: Revolving Credit, Installment Loan, Local Purchase Order (LPO) Finance and Contract Finance.
Thus, the Bank gives you access to short and medium term financing for working capital, as well as assets purchase needs with reduced collateral requirements.
Wema Bank
Unlike other Nigerian banks, WEMA has more dealings with retail businesses. The bank has built its structure around retail banking, conducting transactions with market women and real SMEs just like Fidelity Bank.
It is worthy to note that Wema Bank gives business loans from ₦100,000 to ₦1 million without any collateral.
Yes! All you need to do is to have steady transactions for 6 months in your corporate account to qualify for their loan offers.
To show their eagerness to give out these loans, the bank even has a loan calculator on its website – which helps interested loan applicants to calculate how much you would be expecting from your loan request.
Stanbic IBTC Bank
The Stanbic IBTC Bank offers Nigerian entrepreneurs a great opportunity to obtain business loans without providing collateral.
These loans are designed to help SMEs buy their business assets, products supplies and other facilities.
However the assets only become your own when you make the last payment on the received loans.
To apply for Stanbic IBTC non-collateral loan, you should be prepared to provide the bank with the following information:
Stanbic IBTC Loan Application Requirements
The full names and capacities of those who will sign;
5 Nigerian different Banks that will give you business loan without collateral.
Kindly Note This
If you’re looking for loan for business startup, personal or car loan opportunities in Nigeria, you need to make a request to WealthCoach or fill out the form on our Contact page for more information. We may match you with funding sources that are right for you.However, It’s true that most Nigerian
In fact, the major reason that often kills great business ideas and perhaps the dreams of most Nigerian entrepreneurs is their inability to meet the requirements of obtaining a bank loan.
An Entrepreneur Could Raise Business Funds through:
- Personal Savings
- Contributions from Friends & Families
- Government Grants
- Venture Capital vs. Angle Investors
- Using Crowdfunding Sites
- Through Banks Loans
- Corporate Societies and Associations
The Banks
Banks – whether commercial, industry or development banks; online or micro finance banks naturally offer the least interests funding for SMEs. Banks generally charge between 5-25% interest rate (and more), for 1-5 years short-to-long term business loans.
In Nigeria, you can obtain bank loans as small as ₦50, 000 and as big as ₦100 Million Naira depending on the scope of your business.
If you are thinking of raising business capital through the banks, you should note that bank loans are usually secured; hence, you’ll need to provide collateral before you can be considered for a loan approval.
Interestingly, some Nigerian banks have awakened to the reality that most start-up entrepreneurs in Nigerian have only solid business ideas behind their heads, and no collateral to show for their loans.
Some of them are now willing to offer startups, business owner and entrepreneurs certain amount of money in the form of business loans without collateral.
This effort may be as part of these banks’ initiatives to empower growth in the Nigeria SME subsectors, by giving out small to long time loans to businesses owners or organisations that need them.
The great thing about these SME business loans is that they are designed to be easily accessible to entrepreneurs, irrespective of the type or size of their businesses.
According to our research, we have put together a list of 5 Nigerian Banks that will give you business loan without collateral, but take the time to find out more about the loan options that suit your financing needs.
Nigerian Banks that Will Give you Business Loan Without Collateral
First Bank Nigeria Plc
The First Bank of Nigeria has made plans to provide non-collateral loans for Small and Medium Enterprises in Nigeria.
This initiative of the bank is aimed to empower economic growth in the Nigeria SME sector through their loan schemes.
The great thing about First Bank’s unsecured loans is that it is easily accessible to entrepreneurs irrespective of their business type, location or size.
As an interested entrepreneur, the only thing you need to do is to go through a psychometric test, pass the test and then provide the bank with your winning business plan and your business financial projections.
And soon you will get your disbursement alert!
Heritage Bank
Heritage Bank has also increased the accessibility to SMEs business funds in Nigeria. The bank has also built initiatives around promoting access to the market for SMEs.
One of their major programs is the Youth Innovative Entrepreneurship Program ( YIEDP) backed by the Central Bank of Nigeria – in recognition of its commitment to SME and Youth development.
The programme is aimed at harnessing the talents and entrepreneurial spirits among the teeming Nigerian youths – by providing timely and affordable loans to help they implement their business ideas.
The fund is to support youth corps members, market women and whoever desires to access business finances through short –term borrowing from the bank.
Guarantee Trust Bank Plc
GTBank Plc also offers entrepreneurs opportunities to obtain loans without collateral. The bank’s non-collateral loans are designed to stimulate growth for Micro, Small and Medium Enterprises (MSME) in Nigeria.
They provide smart financing options for your business that allows your organization to build on its success and plan for growth through quick cash flow solution to finance your business needs; withdrawing money with no funds in your account, and SME friendly accounts that you can open and start with.
If you want a loan without collateral, you’ll have to look at the bank’s SME loan packages and choose the one that is best to you kind of business.
GTBank’s SME loans can be accessed in the form of: Revolving Credit, Installment Loan, Local Purchase Order (LPO) Finance and Contract Finance.
Thus, the Bank gives you access to short and medium term financing for working capital, as well as assets purchase needs with reduced collateral requirements.
Wema Bank
Unlike other Nigerian banks, WEMA has more dealings with retail businesses. The bank has built its structure around retail banking, conducting transactions with market women and real SMEs just like Fidelity Bank.
It is worthy to note that Wema Bank gives business loans from ₦100,000 to ₦1 million without any collateral.
Yes! All you need to do is to have steady transactions for 6 months in your corporate account to qualify for their loan offers.
To show their eagerness to give out these loans, the bank even has a loan calculator on its website – which helps interested loan applicants to calculate how much you would be expecting from your loan request.
Stanbic IBTC Bank
The Stanbic IBTC Bank offers Nigerian entrepreneurs a great opportunity to obtain business loans without providing collateral.
These loans are designed to help SMEs buy their business assets, products supplies and other facilities.
However the assets only become your own when you make the last payment on the received loans.
To apply for Stanbic IBTC non-collateral loan, you should be prepared to provide the bank with the following information:
Stanbic IBTC Loan Application Requirements
The full names and capacities of those who will sign;
- CVs of each members of the management team;
- The reason why you need the business finance;
- Your business’ financial statements, including an income statement, balance sheet and cash flow statements;
- Personal statements of assets and liabilities of all the partners, members or directors;
- A 12-month cash flow forecast or financial projections;
- The amount of your own equity contribution and the source of the funds
2 Post a comment
This has negative fallout on borrowing a loan amount form any lender and most of the borrowers turn away from the lenders themselves. VillaSarna Loans Sometimes, you have a solid business plan and everything else is in place, but your understanding of loan options is not at its best.
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