Most aspiring entrepreneurs rely on loans to cover some or all expenses of launching a business. Not all Nigerian banks offer similarly favourable conditions for borrowers, but here are 5 banks that offer business loans with no collateral.
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As one of the most popular banks in Nigeria, Guarantee Trust Bank offers a wide variety of financial products to both individual and corporate users. Their collateral-free lineup of loans is designed to help micro, small, and medium enterprises. There are several types of loans you can choose from depending on the size and projected calculations of your business. You can also choose to access your GTBank loan through an Installment Loan, Contract Finance, Revolving Credit, and Local Purchase Order.
2. First Bank Nigeria
In an effort to allow the Nigerian economy to grow at a faster pace, First Bank Nigeria has introduced several business loans that require no collateral. Like GTBank’s collateral-free loans, First Bank’s loans are designed for micro, small, and medium enterprises. All you need for your application to be successful is to provide a viable business plan and explain how you plan to develop it in the nearest time. You will also need to complete a psychometric test to qualify for a First Bank loan.
3. Access Bank Nigeria
Access Bank has been known for one of the most small-business-oriented Nigerian banks for a long time. The bank has made working with small business owners and retailers their top priority. Unsurprisingly, Access Bank is also known for its collateral-free business loans. You can borrow from ₦100,000 to ₦1,000,000 with no collateral, depending on your business. You need to have an active corporate account at Access Bank and show 6 months or more of regular transactions.
4. Heritage Bank
In the past few years, Heritage Bank has really stepped up its business loan program. Today, the bank has several programs targeted at small and medium enterprises that allow borrowers to take loans with no collateral. One of the most interesting initiatives by the Heritage Bank is their Youth Innovative Entrepreneurship Program, which is focused on providing affordable, collateral-free loans to young entrepreneurs who are opening their first business who don’t have a large budget to operate with otherwise.
5. Stanbic IBTC Bank
Stanbic IBTC Bank in Nigeria is making an effort to help Nigerian small and medium enterprises grow their operations, buy supplies, and improve business assets through collateral-free loans. There is an easy procedure to obtain a loan from Stanbic IBTC Bank, but there is a catch: the assets bought with the loan only become yours when you repay your loan in full.
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