Sunday, 13 May 2012


Welcome to mind to billion’s blog, I am Sunkanmi Afolabi the host of this blog. Today I will be sharing with you how to secure a business loan for your small and medium scale business here in Nigeria. Getting a loan can be very difficult this day, especially for individual business owners. No thought about this.
Lets take a little digest and see how we can finance our business or project with ease applying for loans with or without collateral.


Government loan should be the easiest to secure but not in this our Nigeria, you have to be a politician, have big connection with top officials before loan can be granted by the government. Thank for many state today, there agencies and ministry that now cater for micro credit loans, SME purpose, some would give out training ad seminar on your business before they start disbursing the loan. Major issue is that you cant get this done easily as an individual, the truth and Central truth is you must belong to your business related association , see government love to deal with group(s) of business owners , traders, and so on than any individual, when there is an association or group with leaders it gives more capital confidence and more trust about your business. Perhaps you are real member of the group, I promise you, getting your share from the Loan by the Government under the umbrella of your group or association is a good way to secure loan for your business. Example of such group is TRADE UNION CONGRESS.

As an individual please forget it if you are expecting banks like GTB, FIRSTBANK UBA, and so on to loan/borrow you some amount of money as an individual , they don’t care of your amount of money in your savings or current account. Why this?
  1. You may not be able to meet up with the requirements such as interest rate, collateral, refree, short term or long term loan requirement, payment period.
  2. Those days it was easy, but these days isn’t . the new banking policy as really change everything and making deals with bank as an individual more difficult everyday.
Except you belong to association just like as I said in government Loan. Here not ordinary association, but a recognized trade or labour body e.g NUT(Teacher’s car loan, house loan, business loan…..) it doesn’t matter the loan they called it, Just divert it to your business. That’s an example how to get a loan fro the bank as an individual, we MARKET WOMEN GROUP, TRADERS ASSOCIATION and so on so forth.

So what is the best and easiest way to secure business as an individual
*Deal with micro finance bank for 3-6months or more, Try to have a good patronage with the bank, A sound customer relationship with your bank official. Micro finance banks are loan givers when it comes to financing small and medium scale businesses, that’s their aim and objective, supporting and financing business and project of customer with good business potential.

Any Micro Finance Bank can work well, but make a good research on your own of those MFBs in your area.
Below is a good Micro Finance Bank’s example
As a business owner just walk in to the bank open an account, deal with the bank for 3 month, open up that you need a business loan, though you will be interrogated if you manage to proof yourself best as a smart business minded one and so far you meet up with requirement , I promise you , you will get the loan, and not only that , The bank will make a reasonable follow up to make sure you succeed in your business. Here is their contact address
BRANCHES Ikeja (Head Office)
9, Oba Akran Avenue, Ikeja, Lagos
Tel: 01-4482155-8
101 Oshodi-Apapa Expressway, by Oshodi Oke Bus Stop
Opposite Mecure Healthcare Limited, Oshodi, Lagos
Tel: 07098119475-8
319 Ipaja Road, Opposite Government College,
Iyana-Ipaja, Lagos
Tel: 07098124105-8
29B Itire Road, Surulere, Lagos
Tel: 07098120791-4
56 Ikosi Road, Ketu, Lagos
Tel: 07098731737-40
74 Mobil Road, Ajegunle, Apapa.
Tel: 07098731733-6 TELEPHONE:

1. company , association, organization. Just head straight with group or association officials to banks like GTB, UBA, FIRST BANK and others. Note each bank with different terms and conditions. Collateral, trustees, interest rate, payment period and so on and so forth.
Try to read this all on their websites or local interaction.

*other means to secure loan for business
1. Approach local micro finance group
2. Borrow fro individuals.
3. Start saving from the scratch
4. Joint venture with others

#central truth(The idea of turning your small business to bigger one is the key issue not really the capital. You can start any business with any little amount and later divert profit to finance your normal business, start something today, plan for it and success is yours)
If you have any question feel free to use the comment box or follow any of means listed below to contact me. Wishing you best of luck in your business. 
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  1. I am so glad I found this website because i really needed some information about scale business loan with ease in Nigeria. I was not at all aware of them. Everything is perfect.

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  2. i am glad that you appreciate, hope to hear from you if there is any other way we can help you, God bless

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