Many individuals who have business ideas are limited because of lack of funding. There’s hardly any business you want to start that you don’t need capital.
The income level of most Lagosians is low. Hence, it is difficult to save enough to invest in a business especially if you are a low income earner.
Borrowing from a friend may not be a viable option because if you’re poor, it’s also likely that you have a circle of friends that are also poor. So, that leaves the option of borrowing from a commercial bank.
Of course in most cases, the entrepreneur must have had an account with the bank, to be able to apply for a business loan. Here’s a list of some banks where you can apply for a business loan for your SME.
20 Banks In Lagos Where You Can Apply For A Business Loan.
Diamond Bank Plc
Diamond bank avails its customers loans such as Overdraft, Lease Finance facility, Credit cards, Salary advance, Small and Medium Enterprise loan, personal loan and so on. For one to qualify for any of their loan product, one must have an account with Diamond Bank. For further enquiries, visit www.diamondbank.com
Zenith Bank Plc
Zenith Bank is one of Nigeria’s mega banks where individuals and firms can access loans to enhance their lifestyle or boost their businesses. One of the advantages of Zenith Bank’s loan reflects in its fast loan processing time. To find out more about the bank’s loan products, visit www.zenithbank.com
Nigeria’s number one customer bank offers different types of loan to meet individual and corporate organizations needs. Of course, an intending loan applicant must have a current account with the bank before he/she can stand any chance of accessing Sterling bank’s loan. The bank’s website is www.sterlingbankng.com.
GTI Microfinance Bank
This Microfinance Bank is located at 127, Awolowo Way, Ikeja, Lagos and it is a subsidiary of GTI Capital Limited. GTI MFB offers loans to individuals, Small Scale Enterprises and Corporate bodies and their tenor ranges between 6 months and 48 months. One of the advantages of GTI is that as long as you are the bank’s customer, your loan application will be approved. To find out more about GTI’s loan dynamics, visit their office address.
Apex Microfinance bank
Apex MFB was created with the vision of meeting the financial needs of individuals. This microfinance bank offers loans to individuals that want to grow their business with a reasonable interest rate. The bank is located in Kwara State, Oyo State and other parts of the country.
Fortis Microfinance Bank
Fortis MFB is Nigeria’s best Microfinance bank that has helped many individuals and corporate organizations to realize 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.
United Bank for Africa (UBA) Plc
United Bank for Africa’s loan products have benefited a lot of individuals and businesses in Nigeria. Unlike many mega banks, UBA’s loan products are speedily approved once an applicant (who has an account with the bank) meets the bank’s conditions. Visit www.ubagroup.com for further enquiries.
The pan African bank (Ecobank Plc) has put a lot of smile on the faces of Nigerians via their range of loan products. The bank has tailor made solutions for financial needs of Nigerians who operate an account with them. The bank’s turn around time for loan processing is fast and their loan packages are flexible and are accessible to individuals and organizations. Visit www.ecobank.com or one of the bank’s branches in your location to know more about ecobank’s loan products.
First Bank of Nigeria Limited
One can obtain loan from First Bank of Nigeria Plc as the bank has a wide variety of loan products which include Automobile loan, Personal Home Loan, Loan against salary and Equipment Loan for individuals. For corporate bodies, the bank has Contract finance, Lease finance, overdraft and so on. To find out about conditions precedent to accessing any of the bank’s loan type, visitwww.firstbanknigeria.com
Hasal MicroFinance Bank
Hasal MicroFinance Bank offer loan of up to NGN 500,000 to individuals and corporate bodies. Hasal’s loan is collateralized by guarantor(s) and more information about the MFB’s loan can be viewed by visiting www.hasalmfb.com or visiting one of their branches nationwide.
Accion MicroFinance Bank
Accion MFB in its three months of operation approved over 280 loans for Nigerians. This microfinance bank is a sure place of getting loan of all sorts. The bank’s website is www.accionmfb.com
Nigerian Export – Import Bank (NEXIM)
NEXIM avail loans to exporters to enable them carry out their export business. Their loan products include Direct Lending Facility, Export Credit Insurance Facility, Export Credit Guarantee Facility and so on. NEXIM’s website iswww.neximbank.com.ng
African Development Bank
This bank can be approached for loans and grants by Small and Medium Enterprises. Recently, African Development Bank approved $580, 000 for the development of SMEs in Nigeria. To know more the bank’s grant, visitwww.afdb.org/en/news-and-events/loans-grants/nigeria/
This bank grants loan to entrepreneurs to grow their business. If you are an entrepreneur that needs loan from Bank of Industry, visitwww.boinigeria.com
Fidelity Bank Plc
Fidelity Bank ranks among the top ten banks in Nigeria and the bank offers a wide range of loans to individuals and businesses if they meet their requirements. The bank’s website is www.fidelitybank.com
Access Bank Plc
The bank is an avenue for loan acquisition by both Nigerians who meet their loan requirements. For more information, visit www.accessbankplc.com
Lapo MicroFinance Bank
Lapo MFB is a place where Nigerians can obtain loan of all types regardless of the applicant’s occupation. The loan requirements are flexible and their rates are highly competitive. Their website iswww.lapo-nigeria.org
Skye Bank Plc
As a mega bank, Skye banks avails loan facility to Nigerians (students inclusive). Visitwww.skyebankng.comfor more details on Skye Bank’s loan requirements.
Various cooperative societies in Nigeria are avenues of obtaining loans in Nigeria. One major requirement for obtaining loans in any cooperative society is that applicants must be members of the cooperative society. For more information, visit any cooperative society within your vicinity.
www.gofundme.comis an online avenue for obtaining grants and the beauty of this medium is that such grants are not repaid. A lot of people have benefited from this site, as such. Nigerians too should benefit by logging on to the site for further enquiries.