Post by Trade facilitator on May 15, 2022 16:12:44 GMT 1
This Is How To Access Up To N500 Million Loan In Nigeria By SMEs And What Each Bank Offers – Part 1
Every owner of SME in Nigeria knows that the biggest problem facing Small and Medium Scale Businesses (SMEs) in Nigeria today is how to raise capital to either start or continue running existing businesses. In fact this problem has been on for as long as we can remember.
But one thing seems to be clear during the dispensation of the present administration of President Muhammadu Buhari; it is easier to access funds during this administration than any other former leaders.
But no matter how the government tries, the best place to get funding for your business is from the banks. The bank is still the best place you can have access to quick and easy loans. The SMEs is the segment of the economy that plays the major role in economic development of any economy, especially in the developing countries like Nigeria.
The truth is that if this segment of the economy is starved of funds for development and running their businesses, the economy of the nation will stagnate thereby jeopardizing the whole system.
The National Bureau of Statistics (NBS) recently put the total number of Micro, Small and Medium Enterprises at about 37.07 million in Nigeria as at the year 2021. Also the number of people employed by the MSMEs sector as at 2021 is put at 59 million Nigerians. This was disclosed by Dr. Dikko Radda, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Despite the enormous contribution of the SMEs to the national economy, this important segment of the economy has always been facing challenges in Nigeria caused by inconsistency in government policies, poor infrastructure, government support, access to the market, multiple taxation, obsolete technology, and most importantly, access to finance.
Some Nigerian banks offer loans up to N500 million to help small scale businesses in Nigeria thrive and grow. Their interests are relatively low, and their loans are designed to suit various types of businesses and some even do not require collateral.
We have decided to bring to our members some of those banks offering such loans in the country.
Standard Chartered Bank – Smart Business Loan – This can offer you up to N20 million.
This Standard Chartered Business loan scheme provides existing and new customers business loans up to N20 million for business expansion with no collateral.
According to the bank, the loan allows for a repayment plan that can be structured to suit businesses and can be repayable in 2 years.
The loan is easy to access through their digital application forms and automated repayment process.
According to the bank’s website, if you need additional financing during your loan tenor, they can offer you a top up after 12 months if regular payments have been made in the past.
You can get in touch with the bank for other terms and conditions attached to the loan.
First Bank – SME Product Financing Offers N20 million – N500 million.
First Bank’s SME product financing is targeted at the overall growth of Small and Medium scale enterprises which are key drivers of the economy. On its website, the bank offers varieties of options for featured SME products at competitive rate and flexible collateral and products.
The type and nature of business determine the amount that the bank can make available to the enterprise to improve businesses.
According to the bank’s website, the cement distributor finance offers up to N120 million for 12 months to aid working capital of the distributors for business expansion , while the commercial mortgage provides a maximum loan of N100 million and requires a property purchased collateral. The product is designed for the funding needs of established small and medium enterprises in viable businesses with respect to acquiring business premises under the outright purchase or construction scheme.
The bank can fund SMEs for the purchase of Office Equipment up to N20 million to purchase vehicles for operational use. SMEs operating in the Fast Moving Consumer Goods (FMCG) sector can access up to N500 million for a period of 12 months in the bank’s approved list of principal for business expansion.
This is the first tranche of this important piece. Expect the second part soon.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
Every owner of SME in Nigeria knows that the biggest problem facing Small and Medium Scale Businesses (SMEs) in Nigeria today is how to raise capital to either start or continue running existing businesses. In fact this problem has been on for as long as we can remember.
But one thing seems to be clear during the dispensation of the present administration of President Muhammadu Buhari; it is easier to access funds during this administration than any other former leaders.
But no matter how the government tries, the best place to get funding for your business is from the banks. The bank is still the best place you can have access to quick and easy loans. The SMEs is the segment of the economy that plays the major role in economic development of any economy, especially in the developing countries like Nigeria.
The truth is that if this segment of the economy is starved of funds for development and running their businesses, the economy of the nation will stagnate thereby jeopardizing the whole system.
The National Bureau of Statistics (NBS) recently put the total number of Micro, Small and Medium Enterprises at about 37.07 million in Nigeria as at the year 2021. Also the number of people employed by the MSMEs sector as at 2021 is put at 59 million Nigerians. This was disclosed by Dr. Dikko Radda, Director-General of the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN).
Despite the enormous contribution of the SMEs to the national economy, this important segment of the economy has always been facing challenges in Nigeria caused by inconsistency in government policies, poor infrastructure, government support, access to the market, multiple taxation, obsolete technology, and most importantly, access to finance.
Some Nigerian banks offer loans up to N500 million to help small scale businesses in Nigeria thrive and grow. Their interests are relatively low, and their loans are designed to suit various types of businesses and some even do not require collateral.
We have decided to bring to our members some of those banks offering such loans in the country.
Standard Chartered Bank – Smart Business Loan – This can offer you up to N20 million.
This Standard Chartered Business loan scheme provides existing and new customers business loans up to N20 million for business expansion with no collateral.
According to the bank, the loan allows for a repayment plan that can be structured to suit businesses and can be repayable in 2 years.
The loan is easy to access through their digital application forms and automated repayment process.
According to the bank’s website, if you need additional financing during your loan tenor, they can offer you a top up after 12 months if regular payments have been made in the past.
You can get in touch with the bank for other terms and conditions attached to the loan.
First Bank – SME Product Financing Offers N20 million – N500 million.
First Bank’s SME product financing is targeted at the overall growth of Small and Medium scale enterprises which are key drivers of the economy. On its website, the bank offers varieties of options for featured SME products at competitive rate and flexible collateral and products.
The type and nature of business determine the amount that the bank can make available to the enterprise to improve businesses.
According to the bank’s website, the cement distributor finance offers up to N120 million for 12 months to aid working capital of the distributors for business expansion , while the commercial mortgage provides a maximum loan of N100 million and requires a property purchased collateral. The product is designed for the funding needs of established small and medium enterprises in viable businesses with respect to acquiring business premises under the outright purchase or construction scheme.
The bank can fund SMEs for the purchase of Office Equipment up to N20 million to purchase vehicles for operational use. SMEs operating in the Fast Moving Consumer Goods (FMCG) sector can access up to N500 million for a period of 12 months in the bank’s approved list of principal for business expansion.
This is the first tranche of this important piece. Expect the second part soon.
Our company is one of the best companies in Export and Importation businesses in Nigeria today, we train individuals and corporate organizations on how to do Export, Major and Mini Import business the right way; if you are interested, please contact the admin of this forum now.
