- Mon - Fri: 8.00am -5:00pm
- Mercy Eye Hospital Complex, Plot 15, Umar Audi Road, Fate Roundabout, Ilorin
- 08131473756
Small Scale Business Loan
- Home
- Our Services
- Small Scale Business Loan
Small Scale Loan Application
Who can get a loan?
To get a loan you must:
- Be at least 18 years old
- Be a Nigerian resident, with proof of address
- Provide proof of your income
- Pass a lender’s credit check
Most providers have their own assessment criteria so a particular provider may give more weightage to certain criteria than another.
Small Scale Business Loan
A small scale business loan is a type of financing specifically designed to support the needs of small businesses. These loans provide the necessary capital for startups, expansions, working capital, equipment purchases, inventory management, and other business-related expenses.
Who It Is Meant For:
- Startups: Entrepreneurs looking to start a new business venture.
- Existing Small Businesses: Businesses needing funds to expand operations, purchase inventory, or upgrade equipment.
- Seasonal Businesses: Companies that require additional capital to manage cash flow during peak seasons.
- Business Owners with Specific Projects: Individuals who need funding for specific projects such as marketing campaigns, new product development, or entering new markets.
Types of Small Scale Business Loans:
- Term Loans: Lump sum loans with a fixed repayment schedule and interest rate.
- Working Capital Loans: Short-term loans to cover daily operating expenses.
- Equipment Financing: Loans specifically for purchasing business equipment.
- Invoice Financing: Advances on outstanding invoices to improve cash flow.
- Line of Credit: Flexible financing allowing businesses to draw funds as needed up to a predetermined limit.
- Microloans: Small loans typically offered by nonprofit organizations and geared towards startups and very small businesses.
How to Apply:
- Determine Your Needs: Identify the specific purpose for the loan and the amount of funding required.
- Prepare Documentation: Gather necessary documents such as a business plan, financial statements, tax returns, bank statements, and legal documents.
- Complete the Application: Fill out the loan application form with accurate and detailed information about your business and its financial health.
- Submit the Application: Provide the completed application and required documents to the lender for review.
- Review Loan Terms: If approved, review the loan agreement to understand the interest rate, repayment schedule, fees, and any other terms and conditions.
- Receive Funds: Upon agreeing to the terms, the loan amount will be disbursed to your business account.
- Repayment: Make regular payments as per the agreed schedule to repay the loan.
Key Considerations:
- Loan Terms: Understand the length of the loan and the repayment schedule.
- Collateral: Some loans may require collateral, such as business assets or personal guarantees.
- Credit Score: A good credit score can improve your chances of approval and result in better loan terms.
- Fees and Penalties: Be aware of any origination fees, prepayment penalties, or other charges associated with the loan.
“The only way to do great work is to love what you do .”
Steve Jobs