LAPO MFB Special loan product was developed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.
The development of this product was necessitated by the fact that after funding regular loan clients for some time, their business activities expand to the point where they require higher loans to sustain their business. In the same vein these clients also require monthly loan repayment frequency as it is more convenient for them.
- Facility range: N50,000 (minimum) to N250,000 (maximum)
- Methodology: Group
- Duration: 6 months
- Grace period: 1 month
- No collateral
- Access to a higher loan to fund your business enterprises
- Training on basic financial management, business planning and customer relations
- Flexible repayment structure
- Low interest rate
- Expert financial advice available
- You must have had an excellent repayment performance while accessing Regular Loan
- Duly completed application form
- 2 guarantors
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver's license, voter's card or international passport)
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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. .
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