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The Ultimate Guide On How To Get A Business Loan In Nigeria

Getting a  business loan without collateral is now made easy in Nigeria today. Some banks in Nigeria that wish to support the growth of the nation’s economic have made it possible to grant loans to the entrepreneurs to enable them fund their businesses.

There are many people with different business ideas to set up while some would like to expand their already existing businesses but could not make it due to lack of finance or capital.

Since start-up capital have always be the problems of many entrepreneurs, most of them have lost their interest in doing their dream businesses and have no choice order than to go for white kola jobs that pays them nothing or busy serving an individual.

Having seen how unstable Nigeria’s economic is, thousands of youths who have concluded their tertiary education and wanted to be self-employed are finding it difficult to set up themselves due to lack of support from their friends and family members.

If we are to talk about business opportunities in Nigeria, there are varieties of them which cannot be mentioned. But the major problem that hinders people from doing their dream businesses is the lack of start-up capital or collateral to get loans from the bank.

With the introduction of Small and Medium Enterprises (SME), most Nigeria banks can now grant unsecured loans to entrepreneurs who are willing to start something great.

This loan given to entrepreneurs are meant for them to support their businesses and not for solving personal problems so that they can easily recover their money back with the agreed percentage that will be paid as interest.

Before any bank will give you a loan without collateral, they will set a certain need for the person who want the loan to meet up with so that they won’t waste their money for people who are not serious in doing business but just want to get the loan for something else.

The Ultimate Guide On How To Get A Business Loan In Nigeria


From my findings so far, among all the banks in Nigeria, it’s only few that gives loans without collateral and not all. Because of the problems with start-up capital, I took my time to find out some things you are required to have before you will be granted a loan without collateral.

Also Read: Top 10 Business Ideas And Opportunities In Nigeria

Requirement to needed get a business loan without collateral in Nigeria banks

1. You should have a registered company name: When you get a registered company name, this will tell the bank that you are ready for serious business.

2. Open a business account with the bank you want to get the loan from: Some banks will like you to have a business or corporate account with them. You must have spent at least 6 months and above with them before you can apply for the loan. They do request for the account statement before the approval of your loan.

3. Your personal statement of your assets: You should have a personal statement of your assets and the liabilities of any partner you wish to involve.

4. Your business plan: You should have a concrete business plan that can easily be read and understood by anyone handling it. They do access this to know if the business worth investing on.

5. Statement of the amount you are able to contribute: Most banks will like you to have the statement of your monthly or quarterly contribution.

6. Source of income: They will like to know the source of the income you have in your account.

7. CV or certificate of the beneficiary: Some banks will ask for the cv or certificate of the beneficiary.

What you need to know before applying for loans without collateral

==> You should have a genuine reason why you want to collect the loan.

==> You should have a good business financial records with the bank.

==> The bank must have SME segment for their customers.

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List Of Banks That Grants Business Loan In Nigeria

  1. Diamond bank

  2. First bank Nigeria

  3. Stanbic IBTC bank

  4. Fidelity bank

Note: You should have it in mind that the requirements listed above depends on the bank you want to get the loan from. But the above mentioned once are common and can easily be provided by the entrepreneur.

To know more about any bank you wish to get unsecured business loan from, please go to the bank and meet the customer care for more information.

If you have any addition or question about to this topic, please share with us using the comment box below…

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About Marshal Nosa

Marshal Nosa
I'm Marshal Nosa, a passionate blogger, digital marketer, web designer & developer who always crave for more knowledge and passionate about writing tutorials on Blogging tips, SEO, Make Money Online, Tech, Business ideas and more... Visit Marshal Digital to get a professional website for your business.

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  1. Oloyede bamidele

    Good morn and happy monday morn
    Please I have interest on this bank loan for my store
    Electrical matrials store am also an electrican in all house wiring systems
    This is a very good idear thank u so sorry
    Like me it very difficult for me to opened a store
    Even to register the company ,sir I think you can understand me sir
    Can you please advise me . Thank you God bless you

    • Marshal Nosa

      Just like I said earlier, you can write a business plan and open an account with the above mentioned bank before you apply. That will speed up the approval of the loan.

    • Oloyede bamidele

      Thank you so mr Nosa , if I can understand u sir , u said I should firstly write a letter to the bank
      Like nw I wish to get this loan from gtbank and I have my saving acct with them before , so now sir should i write a letter to them , now sir what am trying to say now is that have not registered my store or my company before bcosz on getting there, I know they will ask for it , if at all they need something to stand for me am ready I can use a land for it. Please my broda I wish to av ur numbar jst to explain my self better help me almightyGod will continue helping u its wel

  2. Marshal Nosa

    If you already have a land, that means you are collecting the loan with collateral. You can get a loan from any bank that grants loan to their customers since you have a land as collateral. Just go to the bank and make inquiry and also take note of their interest.
    But if you don’t have anything to use as a collateral, just do as I said in the post and it will be granted as far as you have a good business plan to present to them.

    • Oloyede bamidele

      Good afternoon sir ow was ur day sir , am so proud of you in everywia thank you so much sir
      As for me sir I even like ur own but it about the registered suff ,trutly I have a land if they can give me am ready to do well with them ,and I promise to be truth all the time.
      Thank you my broda
      May the lord continue backing you all the. Time thank u sir

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