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Top Five Banks That Will Give You Business Loan Without Collateral In Nigera

Are you searching for how to get business loan without Collateral? If yes, then you are lucky to get this article online, because I will outline and explain the best bank that you that you can get business loan without Collateral in Nigeria.

It no longer a news that lack of funding has kill thousands of Small and Medium sized Entreprise (SMEs) business in Nigeria. So many Nigerians Small and Medium sized Enterprise (SMEs) business are having difficult time and starting their businesses due lack of proper funding, this has kill so many business ideas of Nigerians.



Lack of funding is the major problem of both SMEs and big companies in Nigeria, although there are so many other ways to fund or grow your business in Nigeria.

You can fund your business through.

• Government Grants

• Personal Saving

• Using Crowdfunding Websites

• Contribution from Family and Friends.

• Bank Loan

Now let talk about getting bank loan,

You can get loan from different bank in Nigeria, either

Commercial Bank

Development, Bank

Microfinance Bank

Online Bank

Industrial Bank.



Normal business loan is between the range of N50,000 to N50,000,000. And the interest rate is between 5% to 30%, the duration of the loan is between 1 to 5 years, all these figures depends on how much you want to borrow.

So if you are interested in funding your business through bank loan but you don’t have the property or other valuable items as collateral, then the next paragraph is for you because I will be going straight to the list of the Banks that are ready to give you business loan without collateral.

Now let go straight to the point.

Top Five Banks That Are Ready To Give You Business Loan Without No Collateral In Nigeria

1. Guarantee Trust Bank

Guarantee Trust Bank popular know as GTBank, is one of the bank that can give you business loan without no collateral in Nigeria, GTBank is one of the leading commercial bank in Nigeria due to many customers they have, these customers also going to them because of the opportunities they are getting from this bank.

One of the opportunities are non collateral loan they provide for Small and Medium Enterprise (SMEs), also micro businesses.

GTBank’s SME loan can be in form of Revolving Credit, Finance and Contract Finance.


They gave good plan for your business, these will make you to start or grow your business to any level of your choice, they are ready to give you the certain amount you needed.

So if you want to start or grow your business then GTBank SME loan package is for you, choose the one best for your business.

So if you are thinking of get loan without Collateral then you need to then of GTBank.

2. First Bank Nigeria

First Bank of Nigeria, is one of those bank that offer no collateral business loan in Nigeria for youth entrepreneurs who have (SMEs) in Nigeria.

The main purpose of giving out this opportunity is to help young entrepreneur in Nigeria, by funding their businesses,

If you are thinking of get business loan without collateral from First Bank, then you need to provide and present your business plan, they will go through your plan and they will give loan.

3. Stanbic IBTC Bank

Stanbic IBTC is also one of the Banks that offer business loan without collateral in Nigeria. The process of getting business loan without collateral in stanbic IBTC Bank more different from others because they have different policy.

The main purpose of this loan is to help young business owners in Nigeria to fund or grow their businesses.

Now here is their requirements for no collateral business loan

The full names and capacities of those who will sign;
• CVs of each members of the management team;
• The reason why you need the business finance;
• Your business’ financial statements, including an income statement, balance sheet and cash flow statements;
• Personal statements of assets and liabilities of all the partners, members or directors;
• A 12-month cash flow forecast or financial projections;
• The amount of your own equity contribution and the source of the funds.

4. Heritage Bank

Heritage Bank is also one the list of commercial bank that are ready to give you business loan without collateral in Nigeria.


This bank provide business loan without collateral for Small and Medium Enterprise (SMEs) business in Nigeria.

They have special program for youth empowerment and development called, Youth Innovative Entrepreneurship Program, (YIEDP) ths program was supported by Central Bank Of Nigeria (CBN). The program is created to provide timely and affordable loan to help young entrepreneur in Nigeria.

They support youth, market women and whoever disires to get business loan from them.

5. Wema Bank

Wema Bank is also one the list of those Banks that give no collateral business loan for young and old Nigerians.

Wema Gives from N100,000 to N1,000,000. Business loan Without Collateral.

Wema bank is one of the bank that help SMEs business and retailers business in Nigeria, they provide long and short loan for business owners in Nigeria without collateral.

So if you are thinking of get business loan in Nigeria without collateral then think of wema bank, because they give the loan to your quickly without wasting of time.

IN CONCLUSION

The best way to fund business is bank loan because it is dependable then those websites online that promise you quick mortgage, rent, personal loan with 24 hours.

It is good to start or grow your business with bank loan, but getting business loan from Banks in Nigeria, have some disadvantages like high interest rate, and others. Because you request for bank loan for your business make sure you have good business plan, so that you will not waste the money. Also getting loan from bank is very risky, because if your fail then you are in hot soup,

The best way of funding small scale business in Nigeria, is to take your personal saving or contribution from family and friends. You can also make use of Crowdfunding Websites it is very helpful because people will raise money for you and you will get how much you need for your business within short period of time.



Now you have know the list of Top Five Banks That Will Give You Business Loan Without Collateral In Nigeria

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