Secured Loans-Get Business Loan Without Collateral In Nigeria

Over the years in Nigeria many businesses and ideas have wasted away due to lack of money and inability to meet banks hard to get requirement of obtaining loan. In fact a recent survey by one of co-operate body in Nigeria shows that the very major cause of  down stream in businesses in Nigeria is due to the fact stated above.

But one thing is still very clear which whether you believe it or not remains that banks are in business of making money, and like any other business out there they will do everything possible to protect their initial capital if things turn against initial plan. With this alone banks are left with no option than to zip up their plan and employ every possible stringent loan requirement which they believe will help them monitor where their money is at any giving time and ensure they re not pouring money down the river.

But before i conclude on that i must as well acknowledge fact that not all entrepreneurs are the same so also businesses. Indeed our bank institutions have really awakened to the reality on the ground that most of this entrepreneurs are worthy doing business with and are rooted on solid ideas. Hence the change of mind or do i call it new development to the extent of offering loans without collateral. Idea of what you get when you are serious and as well as rooted with integrity and honest. Though currently we only have three to four banks that are willing to go along with you on this and below is what they have to offer:

First Bank Of Nigeria Plc.

According to them (First Bank) have put in place wonderful plans to provide what they called non-collateral loans for both Small and Medium Enterprises as part of the bank's initiative to power growth in the SME sub-sector. The loans are offered to SMEs in different sectors of the economy; hence, there are no favorites, first come first server.

They made it clear that the loan comes with no collateral, but you are only required to go through what they call psychometric test, once you pass the test the next step with be to provide the bank with your business plan that include financial projections as well, very important.

According to Mr Oluwafemi Akinfolarin, that is First Bank's Head of SME Banking i quot  ''Getting loans without collateral is part of our contribution towards boosting the growth of the SME segment." Most SMEs don’t have collateral to secure loans. With this now, all a prospective borrower is asked to do is to go through a psychometric test. Once the SME passes it, we advance the loan. That is a cutting edge innovation."

One thing we all agree on about this First Bank's unsecured loans which to me also is a great innovation is the fact that it is designed to be easily accessible to entrepreneurs irrespective of the type or size of your business. What more are you still waiting for if you are really serious which i believe you are walk in to any First Bank Branch near you and present your business plan full stop.

Read Also: Get No Wahala Loan From UBA Best Of Personal Loan Rate

Stanbic IBTC Bank

Indeed believe it or not stanbic ibtc bank have come to stay, and not just to stay like others they came with what most of us need very much (loan). Again not just any kind of loan but loan with collateral. The bank (Stanbic) are offering Nigerian entrepreneurs a great opportunity to obtain business loans without providing or attaching  any form of collateral. They made it clear that the loan they are offering are designed to help SMEs buy assets, but the only condition attach is that the asset only become yours when you make the last payment on the loan.

Are you ready to apply for this wonderful offer from Stanbic IBTC, non-collateral loan. Sure you are i believe, alright please to avoid complain of any type it will be good to go with the following info:
  • The full names and capacities of those who will sign
  • CV of each member of the management team.
  • Your business' financial statements, including an income statement, balance sheet and cash flow statements.
  • The reason why you need the finance.
  • Personal statements of assets and liabilities of all the partners, members or directors.
  • A 12-month cash flow forecast.
  • The amount of your own contribution and the source of the funds.
  • Last but not least: If you do not have a business account with Stanbic IBTC Bank, you must provide the business' bank statements for the past six months.
The fact that time is a major factor here hence is good you go with all this above document. Though in some case they may not ask for they all but is good you are full prepared.

Diamond Bank Plc

Diamond Bank Plc another wonderful bank that is making Nigerians happy, if not for anything their service alone is something to write home about. Now to add to their grown the bank is out with another offer which they call (MSME) Micro Small and Medium Enterprises. If you are an entrepreneurs the opportunity to secure loan with collateral is wild open now from Diamond Bank.

They made it clear that the offer is to stimulate growth for Micro Small and Medium Enterprises (MSME).What more are you still waiting for, and before i forget permit me to remind you that Diamond Bank has about 5 SME friendly accounts but if you want a loan without collateral's which i believe you do, you'll most likely to looking at the bank's SME loans. Now one good thing i love about this is the fact  this loans can be access as Revolving Credit, Installment Loan, Local Purchase Order (LPO) Finance and Contract Finance.

In-fact According to the Head, MSME Propositions, Mr. Chima Nnadozie, "presentation of a collateral security is no longer a bid deal for it to consider applications for, and grant loans to prospective and existing entrepreneurs in Nigeria’s micro, small and medium scale enterprises (MSME) sector." But before going for this loan. All they need from you is to open a corporate bank account with them before you can apply for its SME loans

I strongly believe you are ready to go now but wait a min before you go let me give you one advice that have worked for me all this while. I believe it will do you more good if you have an account with all this three banks listed above corporate account if you ask me. You still have your plan simply walk in to any of their branches now open corporate account, try as much as possible to run and maintain the say account for at least a period of 3-6 months.

After that once you are going back for the loan equip yourself with your business plans or ask those that have obtain loan from there how they presented their business plan then draw your own and couple it with strong/solid repayment plan. With this i believe they will listen to you and as well attain to your request. Three months is not that far before you know we are there already why start now good luck.

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