In search of small business loans in Nigeria, as a small business owner, you should be focused on growing your business and satisfying the needs of your customers. That’s why a small business loan in Nigeria is crucial to you.
Businesses and families are increasingly in need of unsecured loans, so certain Nigerian Deposit Money Banks (DMBs) are pushing for this type of lending.
In the event your company needs money, you may be able to get a loan, but the prospect of having to put up collateral may be intimidating.
This is why we have compiled a list of 20 small business loans in Nigeria without regard to order.
20 Small Business Loans In Nigeria
GroFin provides Small and Medium Enterprise (SME) finance/business loans across Africa & the Middle East.
If you have investible numbers and you looking to expand your business, then GroFin is your best short.
With GroFin, businesses can access business loans between US$100,000 and US$1.5 million.
SMEDAN, a government-backed initiative to offers quick and easy business loans to Nigerian SME’s businesses in need of financing.
The core mission of the organization is to promote entrepreneurship among Nigerians and also provide capital to start the business.
Aside funding, SMEDAN also provide business owners with hands-on training and support to help them run their business. If you would like to apply, click here to access their online application portal.
Lidya is an online platform that provides businesses access to finance. The platform offers small and medium-sized businesses with unsecured loans of between $500 and $15,000.
According to the founders, “Lidya uses technology and algorithms to assess the risk before granting the loans, it allows them to offer financial products to these customers at a low cost.”
4. Aella Credit
Aella Credit is building platforms that make it easier for individuals in Africa to gain access to financing. Mainly focused on employee lending and empowerment, the company was affiliated with three main credit bureau agencies in Nigeria to provide quick and affordable loans with no paperwork to its customers.
Aella Credit uses a proprietary credit scoring algorithm to determine the creditworthiness of its users.
The algorithm, which was built after the team gathered over five years of market data and analysis, processes an applicant’s eligibility for a loan by considering social and demographic factors as well as their debt to income ratio.
Lendigo is a loan platform that offers loans to businesses in Nigeria without collateral.
Their loans cover a wide array of businesses as there are no special industries and to date, they claim to have offered ₦6 billion in loans to over 2,000 businesses.
Just as we have earlier explained, Lendigo offers loans to businesses all across Nigeria. Basically, their loans cater to SMEs and you do not require collateral.
The loan price starts from ₦300,000 and runs into millions depending on the business. Amazingly, all you need to access this loan is the Lendigo app.
Paylater is an easy and entirely online lending platform that provides short-term loans to individuals and small businesses in Nigeria to help cover unexpected expenses or urgent cash needs.
With Paylater, you can access up to 500,000 Naira loan with no collateral.
Once your application is approved, funds are typically received within 1 – 3 business days. Making on-time repayments can grant you access to higher credit limits for your next loan.
KiaKia is a digital money lender for Nigerian businesses. KiaKia utilizes psychometry, big-data, machine learning and digital forensics for its proprietary credit scoring and credit risk assessment algorithm to provide direct and peered personal and business loans to millions of individuals and SMEs without credit information.
The name KiaKia was derived from a Nigerian language which means “Fast Fast”. According to them, the solution is very simple and fast, but highly effective and efficient.
8. C24 Limited
C24 Limited is a microfinance institution that was established with the sole mission to create an avenue for people to actualize opportunities around them, by helping them access cash loans when they need it.
C24 understands the need for quick cash loans and the necessity of quicker loan processing time.
Their online loan process has been optimised to help applicants avoid the stress associated with other loan companies.
QuickCheck is a modern lending platform for individuals and small businesses.
QuickCheck uses mobile technology to enable individuals and small businesses to gain access to financial credit.
According to the platform, users can access quick and hassle-free loans of up to 30,000 Naira without any collateral for a duration of either 15 or 30 days.
Specta is an online lending platform that gives you loans of up to 5 Million in one transaction all within 5 minutes! No collateral, no paperwork and no visit to any office. With Specta, you can take care of urgent personal and business needs anywhere, anytime.
Specta has 2 loan products, MySpecta which offers individual loan services and Specta4Business which provides quick and accessible loan for corporates and business owners.
FastCredit offers business loans to micro, small and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of 6 months for business owners that meet the criteria.
Aside from business loans, they also offer simple and fast ‘all-purpose’ cash loans to employees of corporates such as the banks, TELCOs, Insurance/other financial institutions, FMCGs, Pharmaceuticals, Aviation, Oil and Gas employees etc to enable them urgently meet their consumer needs.
12. Carbon’s SME Loans
SME loans from Carbon enable you to “develop your small company with inexpensive, collateral-free financing.”
Without collateral, guarantors, or paperwork, Businesses may borrow up to ₦1,000,000.
Brass Microfinance Bank Limited is a CBN-approved firm that provides financial services to micro-entrepreneurs and low-income earners in a sustainable, ethical, and lucrative way. Their headquarters are in Niger.
You may also make payments and examine any payments that need your attention, as well as accept or reject pending payments.
14. EZ cash for SMEs
The Stanbic IBTC Bank’s EZ cash for SMEs is an immediate loan available to small company owners that match specific conditions.
Customers may choose a payback period ranging from one to twelve months.
15. GTBank Business Loan
GTbank loans is very popular in the country. GTbank business loans are a wide array of business loans that are suitable for different SMEs in Nigeria.
GTBank Business loans include: Like Build or Buy Loans for Schools, Fashion Industry Credit, SME Invoice Discounting Finance (SME IDF), Overdraft & QuickCredit for Small Business.
16. Access Bank Business Loan
An access bank loan is one of the most sought after bank loans in Nigeria. Access bank business loan service provides capital.
Access bank business loan service offers loans like: Access Bank Creative Sector Loan, Access bank Lending Against Turnover (LATO), Term and Time Loans, Fleet Financing, Plant & Machinery Financing, Contract Financing, Overdraft, Working Capital Finance and Access bank W Power Loan.
17. UBA Business Loan
UBA business loan service offers an array of credible credit financing options for business in Nigeria.
Some UBA business loans include: Working Capital Loan, UBA Asset Finance, UBA School Loans, UBA Health Loan and Young Entrepreneur Finance Scheme (YEF).
18. Starta Business Loan
Starta offer low interest loans to businesses in Nigeria who are looking to expand their operation.
Starta has supported over 8,000 business ideas with more than N5.6 billions worth of loans since the company started.
Starta business loans range from N100,000 to N10,000,000.
19. Firstbank SME Loan
Firstbank Nigeria SME product financing offers loans across three major categories, personal, business, and private. However, their business loans support a wide array of SMEs and large businesses across Nigeria.
As a multinational bank, Firstbank offers one of the largest loans to businesses in need. This cuts across oil and gas (up & downstream), manufacturing, telecommunication, power and infrastructure, and more. However, although they can fork out large sums as loans, several other requirements need to be in place to access that sum.
20. Baobab Group
Baobab Group offers huge loan amounts to different sizes of businesses depending on their needs. However, on the other end, they also offer loans to individuals in need of personal loan services. Their service line includes microloan, mini microloan, micro+ loan, SME loan, cross and group guarantee loans, asset finance.
Asides from the fact that they offer a wide array of loans to meet your varying needs as a business owner, applying for a loan with Baobab Group is so easy. It takes only 4 steps as all you need to do is fill out the loan interest form on their site and an agent would carry on with it from there.
It is important to consider your business requirements and the services it may need in order to get a business loan in Nigeria. Thank you for reading this article on Small Business Loans In Nigeria. I hope this article helps!