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Monday, August 22, 2016

How to get a Loan in Nigeria with no collateral

Doing business in Nigeria for a small scale business can be somewhat difficult without adequate funding.Most banks and finance houses demand for collateral to enable them give you loans
Three banks presently giving out loans without capital:
1.First Bank
2.Diamond Bank
3.Stanbic IBTC Bank

First bank- They make you pass through a psychometric test and if you pass you give them your business plan and financial projection.

Diamond Bank-Their loan can be assessed through:revolving credit,Instalmental loan,Local Purchase Order(LPO)Finance and contract Finance.However you need to open a corporate account with them before you can assess an SME loan.

Stanbic IBTC bank-You need to furnish them with projected cash flow statement,your own contribution,your business financial statements,CV of each member of your management team,the reason for needing the finance,Personal statements of assets of Management team.

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