You’ll agree that one of the best sources of financing small businesses is by obtaining business loans. Business loans are suitable for small businesses because they offer packages that are suitable for business owners. If you’re contemplating where to get business loans for your business, then you’re at the right place. This article will cover thorough information about banks that offer business loans and the requirements to obtain these loans. Here we go!
Banks That Grant Business Loans
Here are banks that you can obtain business loans from:
1. ALAT SME Loans
ALAT offers loans to small businesses. These loans are aimed at helping small businesses expand and grow across their industries. ALAT By Wema understands the challenges associated with the growth of small businesses in Africa and as such, helps these businesses with loans that can help them grow.
Requirements For ALAT SME Loans
Here are the requirements to obtain ALAT SME loans:
- Loan applicants must have an active ALAT bank account.
- Your business must be registered by the Corporate Affairs Commission (CAC).
- Your business must have an active bank account with ALAT or Wema.
How To Apply For ALAT SME Loans
To apply for ALAT SME Loans, kindly download the ALAT by Wema app and apply for “SME Loans”.
2. Standard Chartered Business Loan
Standard Chartered ranks among the top banks that offer business loans to both individuals and businesses. The loans are of different ranges which allows business owners to select the loans that are suitable for their business. With the Smart Business Loan by Standard Chartered Bank, you get access to loans of up to N20 million with no collateral.
Requirements For Standard Chartered Business Loan
Here are the requirements to obtain a Standard Chartered Business Loan:
- A valid means of identification (International Passport, Driver’s License, Voter’s Card, or government-issued ID).
- Copy Of Registration Certificate (may include your Corporate Affairs Commission Certification)
- Proof of Address (may include Water Bill, Light Bill, or Cable TV subscription bill)
How To Apply For Standard Chartered Business Loan
To apply for Standard Chartered Business Loan, kindly visit any Standard Chartered Bank around you.
3. Bank Of Industry (BOI) Loans
The Bank Of Industry provides financial assistance to small and large-scale businesses. The Federal Government, through the Bank Of Industry, focuses on the industrialization of the Nigerian economy. As a result, they are aimed at providing financial and advisory support to small and large businesses. If your business is focused on agriculture, then this loan is for you.
Requirements For Bank Of Industry (BOI) Loan
Below are the requirements needed to apply for the Bank Of Industry loans:
- A well-filled Bank Of Industry application form.
- A Certificate Of Incorporation
- A simplified business plan (may include a brief profile of the business, sources of funding, etc.).
- A recent passport photograph of one of the directors of the business.
- A valid means of identification.
- A Bank Verification Number (BVN).
- Your company bank statement.
How To Apply For The Bank Of Industry Loans
To apply for the Bank Of Industry loan, begin by completing the application form here.
4. Union Bank SME Loan
Union Bank ranks among the top banks that offer loans to small businesses. The bank is known for supporting small businesses by providing tailored business loans to small businesses that require funding. With Union Bank, you can get loans of up to N10 million without collateral. Along with that, this loan is open to both registered and unregistered businesses. Isn’t that nice?
Requirements For Union Bank SME Loans
Here are the requirements needed to obtain a Union Bank SME Loan:
- A Certificate of Incorporation with the Corporate Affairs Commission.
- An invoice for goods to be purchased.
- An evidence of tenancy or ownership of your business.
- A document detailing who will operate the business loan account.
How To Apply
To apply for Union Bank SME Loan, kindly use this link to complete an application form.
5. Access Bank Instant Loan
Access Bank is among the top banks that allow their customers to obtain business loans. With Access Bank, you can have a smooth application process to obtain a business loan. Thanks to Access Bank, first-time business loan seekers can get up to N10 million in loan support for their businesses.
Requirements For Access Bank Instant Loan
The following are the requirements to obtain Access Bank Instant Loan:
- Your business must be registered (either as a venture, enterprise, limited, etc)
- A Bank Verification Number (BVN) associated with your business.
- A Tax Identification Number (TIN) associated with your business.
- evidence of a minimum of one year of existence of your business.
- At least a three-month relationship with Access Bank.
How To Apply
To apply for the Access Bank Instant Loan, sign up using their website here.
6. Moniepoint Working Capital Loan
The Moniepoint Working Capital Loan is a loan package designed to help businesses grow without worrying about offering collateral. With this loan, businesses like yours can get the funding they need without placing any of their valuable assets for collateral. This loan platform allows businesses to obtain loans of up to N1 million.
Requirements For Moniepoint Working Capital Loan
Here are the requirements for the Moniepoint working capital loan:
- Applicants must own a verified Moniepoint business account.
- Your business must be duly regulated by the Corporate Affairs Commission.
- You must possess a business ledger that is valid for six months.
- Your business must possess a good credit score.
How To Apply
To apply for the Moniepoint Working Capital Loan, here is the application link to sign up on the Moniepoint app.
Conclusion
You’ve seen the loans available for your small business. These loans are the best if you’re looking for stress-free loans to take your business to the next level. Thank you for this article; you’ve read about small business loans and how to apply for them. Go ahead, apply for them, and drop your experience in the comments section below.