A major challenge in starting a business is capital, and it will be a lot easier if one can get access to loans to finance any business start up.

Your interest might not be in starting a business, you may be looking to get access to loans to meet pressing financial needs. Irrespective of the nature of the loan In Nigeria, there are institutions that grant loans to small and medium scale enterprise, with zero to little interest rate.

We have compiled a list of credible companies that you can approach for a business loan to fund your business.

  1. Diamond bank

You will be required to open an account with any branch of diamond bank in the country. Diamond bank avails it customer the opportunity to access loans for small and medium enterprise.

  1. Zenith Bank

One of the leading banks in Nigeria, Zenith Bank provides its customers with the opportunity to access loans to boost their business. You must operate an account with the bank in order to access loans.

  1. Apex microfinance bank

The Apex microfinance bank was created to meet the needs of individuals who need access to loans to grow their business with a low interest rate.

  1. United bank for Africa

UBA is one of the leading provider of business loans for small and medium enterprise. In order to access UBA loans you must operate an account with any branch within the country.

  1. Union homes savings and loans.

Union homes savings and loans, a subsidiary of union bank of Africa is one of the leading mortgage finance institutions in Nigeria. Union homes aims to provide mortgage financial services, builds houses/estates, finance estate developers, supports investors in housing scheme.

  1. First bank of nigeria limited

If you need access to loans including automobile loan, personal home loan, loan against salary and equipment loan, you can access it by opening an account with First Bank of Nigeria.

  1. Nigeria export-import bank (nexim)

If your business is in the import-export of commodities. You can access loans from the Nigeria Export-Import Bank to facilitate your export business. Their loan facilities include direct lending facility, export credit insurance facility, export credit guarantee facility among others.

  1. African development bank

The African Development Bank grants business loans to small and medium enterprise, looking to access loans mainly for the growth and expansion of their business. The ADB recently approved $580,000 for the development of Small and Medium Enterprise in Nigeria.

  1. The bank of industry

The BOI is the countries oldest, largest, and most successful development financial institution.

The BOI was established and mandated to provide financial assistance to the establishment of large, medium and small enterprises as well as the expansion, diversification and modernization of existing enterprise.

  1. Lapo Microfinance Bank

Lapo Microfinance Bank, provides loans to individuals irrespective of their occupation or social status, their rates are competitive and loan requirements are flexible.

  1. Aso savings and loans plc

Aso Savings and Loans plc is a primary mortgage institutions created to be the countries mortgage bank of choice in terms of client service, housing provision, and real estate partnership.

They operate a residential line of credit, to meet temporary expense commitment with the use of a line of credit secured by a residential collateral.

Other financial institutions that grant loans

  1. Any commercial bank in Nigeria.
  2. Cooperative societies
  3. Any microfinace bank in Nigeria
  4. CRC credit bureau
  5. Resort savings and loans
  6. Accord savings and loans
  7. Adims credit and investment limited
  8. Centage savings and loans
  9. City-Code savings and loans
  10. Eurobank savings and loans

 

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