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6 easy & quick platforms to get a business loan in Nigeria

Business Loan in Nigeria

6 easy & quick platforms to get a business loan in Nigeria

This article will help you identify easy and quick platforms aside commercial banks where you can get access to business startup/expansion financing or a business loan in Nigeria.

As a business consultant and writer, I always encourage startup entrepreneurs to try source for business capital from “within“. By within I refer to from friends, families, loved ones and even possibly selling off unused properties to free up funds for startup. The last resort for any startup entrepreneur should be business loans because of the high risk involved. However, if you are looking towards expanding your business, you may want to consider a business loan and as a startup entrepreneur, you may consider applying for a business loan if you are unable to raise the capital from within.

See Also >> How to access & apply for a Bank of Industry (BOI) Loan in Nigeria

Most commercial banking institutions in Nigeria will not accept your loan application if you are a starter. I recall some years back when I was about launching my ICT/Software development firm; I approached a commercial bank in town for a business loan and sat for hours with the business development manager who took his time to make me understand that I was ineligible for a loan because I had no assets and credit history.

For this reason, I have taken my time to identify sure and reliable business loan providers in Nigeria that are noncommercial banking institutions where you can put forward your loan application and stand a good chance of getting accepted. Here they are:

  1. LAPO MICROFINANCE BANK: LAPO Microfinance Bank is a platform where entrepreneurs in Nigeria can get access to quick loans for startup or expansion. The loan requirements are flexible, and repayment plan is fair enough  LAPO was established as an NGO in response to the effects of the implementation of the Structural Adjustment Programme (SAP) back in 1986. Their loans as regards business covers SME loans, Small Business Loan, Agric Loan, Asset Loan. The Business loans require no collateral and are given at low interest rates. Visit the Lapo Official Website for more details.
  2. ONE FINANCE AND INVESTMENT LTD (ONEFi): One Finance and Investment Limited (OneFi), formerly known as One Credit was launched in 2012 to provide short-term consumer loans to credit-worthy individuals and entrepreneurs with limited access to finance.Loan amounts range from Forty thousand naira to two million naira (N40,000 to N2,000,000) and are to be re-payed between 3 to 12 months depending on what you are comfortable with. The loans are collateral free just some paper documentation. Visit the ONEFi official website for more information. One thing to note though is that the ONEfi loan is available only to employees who work and reside in Lagos. So if you are an employee who is also running a part time business or want to launch a business as an alternative source of income, you can take advantage of this. Read their FAQ for more on this.
  3. Small and Medium Enterprises Development Agency of Nigeria (SMEDAN): SMEDAN is an agency set up by the Nigerian government to support entrepreneurs with small scale business ideas. SMEDAN as an agency doesn’t give out loan, they only facilitate your access to loans from her partner financial institutions and from other specialized micro finance banks. You can find out more and how to apply from the SMEDAN portal here.
  4. Bank of Industry (BOI): The bank of industry give loans to businesses that are involved in manufacturing and processing activities. Target sub-sectors include Agro-processing, Solid Minerals, Information Technology, Oil and Gas and Creative Industry. I already made an article here about How To Access & Apply For A Bank Of Industry (BOI) Loan In Nigeria. You should check it out.
  5. Cooperative Societies: If you belong to a cooperative society in Nigeria, you can get easy access to their loans. You have the advantage of providing no collateral, enjoy low interest rates and pay back as and when due. There are a lot of cooperative societies in Nigeria. You can form one with a group of friends/colleagues or join an already established one close to you so as to access their loan schemes.
  6. is an online platform for raising funds for a cause whether business or personal. The cool stuff is that you won’t have to repay back. It’s a sort of crowdfunding finacing. Just start a Fund Raiser by clicking on the button, fill in details about what you need the fund for and how much you need and share the link with friends and family and investors who will go to the platform online to make donations. You can access the platform here.
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