Business

Microcredit Loans: Get Quick Cash For Business, School Fees, Family Socials

Published

10 months ago

January 15, 2024

File photo: It was excitement all over when the Federal Government launched Trader Moni

As a business desiring to grow or expand, you need microcredit loans. These are sources of financing supports that can be accessed easily with friendly interest rates.

In fact, microfinance loans are the live wire of many businesses because of ease of access and friendly repayment terms.

Here are some microfinance banks with attractive microcredit loans packages for traders and enterprises

The LAPO Microfinance Bank

LAPO Microfinance Bank is a reputable microfinance bank that offers microcredit facilities to deserving firms with less hassles.

LAPO MFB is willing to approve a credit facility up to N5,000,000 to expand SME enterprise in Nigeria.

The financial support comes with friendly terms and Nigerian SMEs can use it to trade or expand their businesses.

Benefits

LAPO microcredit loans come with no collateral

-it provides east access to funds for business expansion

-there is a flexible repayment structure

-Training on basic financial management, business planning and customer relations are part of the package

-Expert financial advice available.

To contact LAPO, Call: 08139840230

BOI Microfinance Bank

Owned by Bank of Industry, the BOI Microfinance Bank is a clear leader in microfinance lending to SMEs, leveraging on the huge pedigree of its parent company, Bank of Industry (BOI).

Through its Micro Enterprise Directorate, it provides low-interest lending solutions to micro-enterprises in the informal, semi-formal and formal sectors.

The BOI itself has been involved in a lot of microfinance mobilization or sensitization programmes and has become a reference point in the sector.

*Lagos governor, Mr Babajide Sanwo-olu interacting with traders in the market*

The Fintech/Digital Lending Product is one of its popular products which aims to alleviate the challenges experienced by Micro, Small & Medium Enterprises (MSMEs) regarding access to microcredit nationwide.

Features of the soft loan window include:

-Loan Amount: Up to ₦500 million

Tenor: 12 Months

Moratorium: 3 Months

Pricing/Charges: Interest Rate: 9% p.a., Processing Fee: 1% on loan amount

Security: Cash collateral of a minimum of 30% of the total facility AND Corporate Guarantee from the obligor

This bulk resource is broken down as microfinance loans for onlending to many smaller enterprises.

The most widely spread, BOI MFB could be contacted via:

Plot 256, Zone A O, Off Herbert Macaulay Way, Behind Unity Bank, Central Business District, FCT – Abuja

oakabogu@boi.ng.

09093477797, 08033140802

AB Microfinance Bank Nigeria

AB Microfinance Bank Nigeria is an active player in the microcredit loans business of the Nigerian banking industry.

It offers entrepreneurs the opportunity to easily access loans in a quick, transparent and efficient manner.

According to the bank:”Our expertise and international standards assure our clients of quality service and delivery. Loans currently range from N15,000 to N5,000,000; maximum maturity is 18 months”.

There are also opportunities for larger loan sizes, for clients which have earned the trust, up to N5,000,000.

Other low cadre microfinance loans available include:

FlexiN15,000 –N100,0006.6%

PlusN100,001 -N500,0006.1%

MaxN500,001 – N1,000,0005.7%

Max Plus IN1,000,001 – N2,000,000

AB MFB Nigeria contact details are as follows;

28, Akintoye Shogunle Street, Ikeja, Lagos

customercare@ab-mfbnigeria.com

(+234)902 496 9999

(+234)902 496 9778

Finca Microfinance Bank limited

At FINCA Microfinance Bank Limited, there is a heritage of global presence, with the MFB actively engaged in support clients with microcredit loans easily. Its activities are not limited to Nigeria, but covers a number of European, Asian and other African countries.

It is able therefore to develop micro business support packages that kelp client companies to progress

Microcredit loans are available for both startup, and for expansion.

What clients stand to gain:

-Fast and efficient loan processing.

-The right loan size and terms for business.

-Professional financial advisory services.

-Insurance cover for the loan amount.

-Flexible loan amount.

-No hidden charges, all our fees are transparent.

-No Monitoring fees.

-Personal loan, commercial term loan as well as school loan.

-The commercial term loan is a product that offers short term advances (Term Loans) to customers of RMFB such as traders/retailers of fast-moving consumer goods (FMCG) and artisans.

The bank is located at 13 Awe Crescent, off Ikorodu Road, Onipanu Lagos.

Grooming Microfinance Bank

Registered with Corporate Affairs Commission (CAC), with RC No: 1433763, and licensed by the Central Bank of Nigeria (CBN) Grooming operates as a State Microfinance Bank in Oyo State. The MFB is also registered with the National Association of Microfinance Banks (NAMB) in Nigeria.

It prides itself as a leading microfinance bank, providing inclusive financial services with a global perspective

Microcredit loans are available here for customers who are involved in petty trading.

Requirements

-Application Letter

-Duly Completed Loan Application Form.

-Any other documents as might be required by the bank.

Features & Benefits

-Duration: 23 weeks (6 months)

-Maximum Loan Amount, not exceeding N360,000.

-Rate: 15% flat (2.5% monthly)

-Credit life Insurance 2% flat

-No collateral

Customers must be engaged in income generating activities.

SME Loan

-Targeted at Small and Medium Entrepreneurs to boost their businesses.

Requirements

-Application Letter which must on company letter head.

-Duly Completed loan Application Form.

-6 months Bank Statement from any bank if relationship with the is not up to 3months.

-Board resolution if applicable.

-Any other documents that maybe required by the bank.

Head Office

9b, Onile Aro Bus Stop, Ojoo, Ibadan Oyo State, Nigeria

General Enquires

Phone: (+234) 908 736 6621 Email: enquiries@groomingmfb.com

Assets Microfinance Bank

Assets Microfinance Bank is a tier-1 deposit mobilisation bank providing accessible, reliable and convenient financial services to individuals and businesses across Nigeria.

Values That Drive it are:

-Customer Obsession

-Mutual Respect

-Innovation

-Transparency

-Community

-Instant Cash

Its microcredit loans products are specially tailored for clients who need urgent cash between ₦400 – ₦25,000? It can be ready in 30 seconds on Instant Cash!

-Zero collateral or guarantor required.

Open to anyone who is a Quickteller customer

-Minimum of ₦400 and Maximum of ₦25,000

-Tenor is 14 days maximum

-Competitive rates

-Loans are disbursed within 2 minutes or less

Contact: Email

hello@assetsmfb.com

Phone / Fax

02016329482 08145515280

Bowen Microfinance Bank

You will think Bowen if you need loans fast.

Traders’ group loan, entrepreneurship loan, writer’s loan and micro lease are all part of the bargain.

A faith-based Microfinance bank owned by the Nigerian Baptist Convention, it aspires to help fulfill the mandate of God by offering a helping hand to people. The Board of Directors is made up of credible and respectable citizens with expertise in diverse fields of knowledge. The Management is made up of tested hands in banking and finance. Both bodies have an abiding commitment to use their God given abilities to raise the standard of living of our customers through their financial intervention.

Head Office

Baptist Academy Compound,

Obanikoro, Ikorodu Road, Lagos State.

Phone Numbers

(+234) 9090430225

(+234) 8023672806

(+234) 8033359458

(+234) 8062435570

(+234) 8027510365

Daylight microfinance bank

Its commitment is to build a reputable brand that becomes the hallmark of Microfinance banking and provides the best financial solutions towards customers fulfilling their potentials using skilled staff and technology.

In partnership with First Bank, GT Bank and NNPC, Stanbic and Zenith bank amongst others, it has loan products that approve as much as N500,000

Requirements

2 guarantors

Stock freeze down

Tenor 3-6 months

There is also a group loan but that requires a Security deposit of 15%

Group Guaranty as the Security

Weekly Repayment

Tenor is maximum of 6months.

On the other hand, its SME loan Amount is up to N500,000) and above.

SHALOM Microfinance Bank

Established in 2016, SHALOM Microfinance Bank is an indigenous financial institution set up to provide financial services to individuals, bntrepreneurs and Businesses in the Micro, Small and Medium Enterprises (MSMEs) category.

It has a team of seasoned professionals with 10-15 years’ experience in Banking, Strategy, Customer experience, risk management relevant to the business environment.

It also has tailored products aimed at meeting specific microfinance needs of clients in line with the philosophy of the bank.

The bank can be reached at

2348159491831, or physically:

37A, Adebayo Doherty Road,

Lekki Phase 1,

Lagos, Nigeria.

info@shalommfb.com

Reliance Microfinance Bank

With its promise of flexible loans to meet different microcredit loans, the bans supports clients to meet financial obligations & business needs, Reliance Microfinance Bank is among key players in microcredit advancing and its products come with:

-Low Transaction Fees

-Flexible Repayment Plan

-Competitive Interest Rates

-Concession on early repayment

Incorporated in October 20, 2015, as a private limited company, it obtained license from the Central Bank of Nigeria in February 3, 2016,

Prior to obtaining license, the Group has been involved in Microcredit and Investment activities for her various customers since April 2010.

Activities cover digital banking, accepting deposits, savings, investments, granting of loans as well as business advisory services.