In recent years, the Nigerian economy has experienced tremendous growth and increase, owed in no small part to the multiple SMEs (small and medium scale enterprises) all over the country. However, not everybody has the capital needed to start up the business of their dreams. That’s why loans are an indispensable tool to any entrepreneur. But navigating the paperwork and requirements needed for loans in commercial banks is not an easy experience. That’s why we’re bringing to you companies that can help you out with loans if you need one without the burdens that usually follows:
SMEDAN
A government supported initiative, SMEDAN is an organization with a core mission of providing loans in Nigeria to businesses and enterprises. This program, carefully designed, seeks to empower businesses and help them expand by providing the funding they need despite the scarcity of finance.
Having penned a partnership contract with Sterling Bank, SMEDAN is providing opportunities to businesses of all shapes and sizes from as low as NGN250,000 to upper limits of NGN2,500,000.
Besides providing low interest loans, SMEDAN also offers development programs and support services for the growth and modernization of their customers’ businesses.
ZEDVANCE
An outfit stated to be “a consumer finance company committed to providing credit to individuals”, this company should definitely be top of your list if you are looking for a loan to startup or expand your business. They also provide salary loans, so you can get that building project done (so long as you complete the application process).
Loans up to NGN3,000,000 can be approved and disbursed within 24 hours of application.
GroFin
A private equity fund company built to finance SMEs in Africa by giving business loans and technical support to entrepreneurs for them to grow their businesses. With a reach of over 14 countries across Africa (Nigeria included) and the Middle East, this company has supported and financed over 60,000 jobs with an SME viability rate of 80%.
They provide support to economic sectors such as Agribusiness, Construction, Healthcare and Healthtech, Education, Utilities and Logistics, Import and Export, Manufacturing, etc so there’s always something for everyone.
With GroFin, you can access loans ranging from USD100,000 to USD1,500,000.
So long as you tick the boxes and complete the application procedure, then GroFin is your best shot at taking your business to even greater heights.
Kia-Kia
Utilizing psychometry, big data, machine learning and digital forensics, Kia-Kia is able to assess both credit score and risk assessment enabling them to provide millions of individuals and businesses with loans and financial assistance.
Coined from a Nigerian language meaning “fast fast”, Kia-Kia is just that – fast and efficient in providing individuals who need loans in Nigeria that sweet aid they need.
LYDIA
Experts in digital lending, LYDIA specialty is utilizing technology and algorithms to “assess the risk before granting loans” to those who need it. A platform like this that provides financial access to SMEs with amounts ranging from $500 to $15000, it’s no surprise LYDIA is fast becoming a favorite of businesses looking for loan in Nigeria.
It definitely doesn’t hurt that their interest rates are very low with as little as 2.4% and the process is hassle free too.
No matter the financial situation, loans can be huge reliefs and assistance. All you need is some research and information to determine the right one for you. With the information we’ve provided, we believe you will make the right decision on your journey to financial freedom!
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