Source: business loan providers
Obtaining loans to develop or update a firm’s services is a common step for a business owner. If you’re looking for the finest prices and information on how to get a business loan in Nigeria, you’ve come to the correct spot.
There are several methods for obtaining a loan for your business. However, keep in mind that a company’s success is contingent on more than just acquiring funding.
You’ll need a well-planned strategy that addresses administration, effective management, cash flow, customer service, and successful marketing.
Another critical component is understanding your company’s surroundings. To run a successful business, you must first understand your customers’ wants and then figure out how to satisfy them.
Remember that having a strong online and/or physical presence, as the case may be, as well as a creative marketing funnel for your organization to follow up with leads is essential.
However, this does not substitute capital when it comes to developing your business.
One of the most common reasons for company failure in Nigeria is a lack of capital, which has destroyed innumerable goals that would have offered competitive advantages.
Furthermore, most lending banks would rather lend to well-established businesses than to SMEs.
As a result, many small businesses find it difficult to get financing. It’s also why we’ve compiled this list of the top sites in Nigeria to acquire low-interest business loans for small and medium-sized businesses.
Nigeria’s Top 10 Business Loan Providers:
The top ten sites in Nigeria for securing business loans are:
Loanspot.africa is Africa’s premier lending web, serving as a marketplace for evaluating loan offers from different lenders.
When you first visit the website, you will be prompted to register an account with proper information (don’t worry, this won’t take long).
After completing your registration, choose the amount you want to borrow and the reason for which you want to borrow.
In a matter of seconds, you’ll be matched with lenders who fulfill your criteria.
Simply browse to each lender’s website and evaluate their offerings, interest rates, payback conditions, and so on.
When you’ve selected one that works for you, you’ll receive an email informing you that your request is being processed. Once processed, the funds will be sent to your bank account.
This is one of the most efficient loan marketplaces in Nigeria today, with a large choice of options to pick from.
On the site, you’ll be able to examine a variety of interest rate ranges, repayment periods, and other borrowing options.
2. Advans Nigeria Inc.
Advans Nigeria is a well-known loan platform in Nigeria for both companies and individuals.
Despite offering personal loans, it is most renowned for its business loan services.
It only needs downloading Advans Nigeria’s mobile application, registering, and requesting for a loan as a company.
Furthermore, the organization permits you to undertake extra operations as a company, such as saving.
Advans Nigeria’s selling point is its ease of use for businesses.
To have greater independence, you may conduct transactions with Paga and OPay POS agents, such as saving, loan repayments, and cash deposits and withdrawals.
As a consequence, Advans Nigeria can provide your company with a loan with the click of a mouse.
3. Firstbank Nigeria
Firstbank Nigeria’s SME product finance is organized into three categories: personal, business, and private.
Their business loans, on the other hand, benefit a diverse spectrum of SMEs and big enterprises throughout Nigeria.
As a global bank, Firstbank offers one of the largest loans to failing businesses.
All industries are affected, including oil and gas (upstream and downstream), industry, telecommunications, electricity and infrastructure, and others.
However, while they have the power to lend large sums, they must also fulfill a number of additional conditions.
4. SME financing from FairMoney
FairMoney is a regulated microfinance bank that provides Nigerians with digital banking services. The Nigerian Deposit Insurance Corporation insures all of its activities. Aside from personal loans, FairMoney also provides business loans to small and medium-sized businesses. The loans are quick and flexible, and they are available within 24 hours after application.
Business owners can borrow up to N5 million without putting up any collateral.
The loan has the following features:
Loans that are hassle-free for your unique company demands
Transparent and safe. There are no additional fees or transaction costs, and all transactions are NDIC-insured.
Simple to use program. It is a same-day application and approval process.
Repayment terms range from 72 hours to 12 months.
To apply, go to https://forms.gle/SHoPRhCHF45rhjvd6 and fill out the form.
Send an email to [email protected] or a WhatsApp message to 09023912203 if you have any questions.
5. The Baobab Group
Depending on the needs of the business, Baobab Group offers big loan amounts to a variety of business sizes.
On the other hand, they offer personal loan services to anyone in need.
Their offerings include microloans, mini microloans, micro+ loans, SME loans, cross and group guarantee loans, and asset finance.
Apart from offering a varied choice of loans to meet your unique needs as a business owner, applying for a loan with Baobab Group is quite straightforward.
It just takes four steps since all you have to do is complete the loan interest form on their website, and an agent will do the rest.
Corporate organizations or enterprises looking to expand in a large way may benefit from Access Bank’s specifically designed loans.
They do, however, provide loans for people, namely those in the creative field, as an extension of CBN loans.
The bank is still one of the most popular in Nigeria, and it delivers excellent lending services to match.
One of Access Bank’s distinguishing features is that it provides one of the most extensive ranges of corporate business loans, including term and time loans, fleet financing, mortgage loans, asset finance, and more.
As a consequence, their service is basically suitable for all sorts of businesses. Some of the standards, however, must be completed, which can be challenging for small and new businesses.
Lendigo is a Nigerian lending network that offers loans to companies without demanding collateral.
Because there are no defined industries, their loans are suitable to a diverse variety of enterprises, and they claim to have supplied N6 billion in loans to over 2,000 businesses thus far.
As previously stated, Lendigo provides loans to businesses throughout Nigeria. Their loans are mostly for small enterprises, and no collateral is required.
The loan amount varies depending on the business, however it can vary from N300,000 to millions of Naira. Surprisingly, the Lendigo app is all that is required to obtain this loan.
What makes Lendigo so enticing to business owners?
The biggest advantage of Ledigo for company owners is that no collateral is required.
As a company owner, all you have to do is download their app and register, which leads us to their second perk.
This makes the loan extremely accessible, and they will send you the funds within hours of receiving your request.
8. Guaranty Trust Bank (GTB)
As an international bank, Guaranty Trust Bank (GTB) offers a wide range of loans to entrepreneurs. This includes overdrafts, asset finance, imports and exports, and other services.
Their extensive business financing options make them an appealing option for entrepreneurs, though you must first qualify.
While GTB specializes in personal loans, it also provides a variety of choices to businesses across Nigeria.
This is still their one-of-a-kind selling feature, particularly for businesses. However, the drawback remains the standards that must be met in order to obtain such a loan.
GTB loans are available to firms in a variety of industries throughout Nigeria.
However, as a small business, accessing certain amounts would be problematic because the bank demands some type of guarantee.
Swiftlynx is a technology startup that offers financial services. In order to promote financial services, the firm makes use of technology. Its goal is to build wealth in Nigeria by offering digital goods and services that make it simpler for those who have been economically excluded in the past to save, lend, borrow, and invest.
Swiftlynx Nigeria Limited offers alternative financing to entrepreneurs, creatives, and small business owners.
Clients can obtain Business loans ranging from N200,000 to N500,000 from the firm.
Visit the company’s website at www.Swiftlynxtechnologies.com to apply for a loan.
Alternatively, dial +234 7068425502.
10. Stanbic IBTC loan
Stanbic IBTC is another another bank that focuses on SMEs while also lending to bigger corporations.
You may easily apply for a SME loan online by opening an account, and the bank will assist you in meeting your business objectives by providing working capital.
Stanbic IBTC loans are built on four pillars: support, convenience, speed, and flexible terms. Of all the pillars, flexible terms are unquestionably the most popular among business owners.
It allows you to construct a repayment plan depending on your company’s cash flow.
It has no prejudices in terms of selecting enterprises because its services are suitable to all sectors. Bank loans are available to small, medium, and large enterprises.
This page lists the best sites in Nigeria to get a business loan. Essentially, all you have to do is evaluate your company’s needs and connect them with the services that it may require. Best wishes on your search for the ideal company financing!