Small Business Loan (SBL)
Small Business Loan (SBL) is designed to meet the capital needs of small and medium scale entrepreneurs who require more funds for expansion.
- Facility range: N50,000 (minimum) to N500,000 (maximum)
- Methodology: Individual
- Duration: 1-12 months
- Grace period: 1 month
- No collateral
- Access to funds for business expansion
- Access to other loan products
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
- Loan application letter
- Duly completed application form
- 2 guarantors
- A valid means of ID (national ID, driver’s license, voter's card or international passport)
- Current utility bill
- 4 recent passport-size photographs
1. Q: Do I need collateral before I can access this loan?
A: No. You do not need collateral as a condition but two guarantors that can stand as your surety in case of default.
2. Q: Can I re-apply for a higher loan after the full repayment of the previous loan?
A: Yes. You can have access to a higher loan depending on the previous repayment performance.
3. Q: Can I reduce the repayment duration?
A: Yes. You can reduce the repayment duration to the number of months that suits you
4. Q: Is this loan insured?
A: The loan is insured against death, fire in the business place or disability