This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses. .
- Facility range: N30,000 (minimum) to N150,000 (maximum)
- Methodology: Individual lending but group liability
- Duration: 8 months
- Charitable Trusts
- Grace period: 2 weeks
- Repayment frequency: Weekly
- Clients must belong to a union
- No collateral
- Access to funds for business expansion
- Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
- Flexible repayment structure
- Training on basic financial management, business planning and customer relations
- Low interest rate
- Expert financial advice available
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- Current electricity bill
- A valid means of ID (national ID, driver's license, voter's card or international passport)
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Big businesses require big loans. The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.
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Premium customer support
Enjoy the personalized service you need at LAPO Microfinance Bank, including long-term business financial planning and extended-hours access to our specialized business service team.
- One combined monthly statement for all of your business accounts
- Extended-hours access to our specialized business service team