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List Of Microfinance Banks That Give Loans. - Business - Nairaland

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List Of Microfinance Banks That Give Loans. by babaearly(m): 2:55pm On Apr 06, 2010
Hello friends,
I'm starting this thread for all small business owners and starters who need soft loans to run their businesses.
Anyone with useful information on any Microfinance banks that give out loans should please freely give out the information like name of bank,address, website if any, contacts and loan conditions. Also included should be Finance Houses.

We will all be greatful.
Re: List Of Microfinance Banks That Give Loans. by DrKitaun(m): 5:16pm On Apr 06, 2010
I am sure of Union and 1st bank MFBs
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 1:09pm On Apr 07, 2010
Thanks Dr Kitaun.

But can you give more information on how to secure the microfinance loans from these banks?
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 1:20pm On Apr 07, 2010
Just got back from FirstGlobal and i got the following information from them.

Interested Small Business owners in Port Harcourt can visit First Global Microfinance Bank at Rumoukoro. First Global can give you a loan to push up your business provided you open and run an account with them for three months.
Open a savings account for N2,000, a Current account for N5,000 or a corporate for N20,000 thouhg you can open with more than those amount. You need a drivers licence or international passport or National i.d card to open a current account andin addition your Business documents including your CAC forms for a corporate account.

Note that you have to have an active account for 3 months to get a loan from this MFB.

There is LPO financing for corporate accounts.

The interest rate is 7.5% monthly.
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 1:25pm On Apr 07, 2010
Didnt get more information from Oceanic Bank Microfinance, but its almost the same pattern with first global though they give out Microfinance loans without much requirements. You just need to open a micro finance account with them and operate it for 3 months. You need an identification card and a passport, then head over to Oceanic bank branch to open an account.

I guess i saw some information somewhere about this Oceanic Bank MF loan, when i get my hands on it i'll share it here.

1 Like

Re: List Of Microfinance Banks That Give Loans. by dammight: 2:53pm On Apr 07, 2010
House Please i'm having interview tomorrow. i Apply as a supervisor. what are the expected question that might come-up. i need your help. i have know experience but is what i can do.
Re: List Of Microfinance Banks That Give Loans. by kufreabasi(m): 2:55pm On Apr 07, 2010
Please can i know if this micro finance loan is restricted or limited only inhabitants of PH only or is it nation wide as in union bank and first bank?
Re: List Of Microfinance Banks That Give Loans. by naijainfog(m): 3:01pm On Apr 07, 2010
Are Microfinace banks stil real in this country with the spate of scams they are perpetrating? I doubt. o not be deceived into making deposits of months before you can get a loan oh, looooook oh, looookoooo looooku
This is Lagos oh, open ya eyes. The truth is ur money isnt even safe with Commercial banks, y microfinance? Jst said my own oh!!!
Re: List Of Microfinance Banks That Give Loans. by mikedanza(m): 3:25pm On Apr 07, 2010
hi
Re: List Of Microfinance Banks That Give Loans. by kobikwelu(m): 4:31pm On Apr 07, 2010
nice topic i must say,

for those currently residing in abuja, i suggest you try E-BARCLAYS MFB.

some of the basic info about minimum period of maintaining an account is bassically/generally true for all MFBS

but here are some stuffs you would not know.


1)the 3months rule is really flexible, meaning that you can have access to funds as soon as a week (depending on what the money is being needed for -i.e LPOs and stuff like that), all you need is to provide us with your statement of account from your commercial bankers detailing your financial history preferrably for a period of 6months (so as to avoid circulation of funds).\

2)you can have up to 50% credit of your total turnover

3)maximum period of loans/overdraft is 90days, but extensions are given at the request of the obligor (will be granted, if there is adequate proof that the obligor is dediacated to his/her payment schedule and couldnt meet up due to FORCE MAJORE)

4)depending on the amount involved,certain soft collateral would be needed, shop papers (mostly for traders)

5)we do not give loans to persecute government contract due to the unpredictable/delay nature of government in meeting up with their obligations.

6)rates, 7% initially( first month i.e 5%interest, 1%management 1% processeing fees) the subsequent months are 5%, rates are subject to the money involved,

7)for term/fixed/call deposits, 1M and above----14% and above (will be on a negotiation basis).



and lots more

for more info,

contact ken 08035965073, kobikwelu@yahoo.com
Re: List Of Microfinance Banks That Give Loans. by Kennyblues(m): 4:45pm On Apr 07, 2010
Have you tried Blue Intercontinental MFB, its a MFB of Intercontinental Bank and has been consistent in givings loans for both business support and as well as salary earners who need money before their salary is paid. The bank has beb doin this over a year ago it came on board nad has even won several MFBs and financial award both home and abroad.

They have over 16 branches in Lagos and well over 20 branches in Ibadan and Ogbomoso but still looking forward to spreading into other parts of the country when granted assess. Its head office iat 188, Herbert Macauly Way, Adekunle - Ebute Metta Lagos just onthe ame axiswith FCID, Panti

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Re: List Of Microfinance Banks That Give Loans. by bjcisse: 4:49pm On Apr 07, 2010
BLUE INTERCONTINENTAL MICRO FINANCE BANK

Head Offices at
118 Herbert Macaulay way, Adekunle Yaba Lagos
Iwo road, Ibadan Oyo State In front of Tantalizer

LAGOS Branches
Intercontinental Bank Branch lekki One
Intercontinental Bank Branch Lekki two
Intercontinental Bank Branch
Intercontinental Bank Branch
Intercontinental Bank Branch
Intercontinental Bank Branch
Intercontinental Bank Branch Iju
Intercontinental Bank Branch Shomolu
Intercontinental Bank Branch Mushin
Intercontinental Bank Branch Ire Akari
Intercontinental Bank Branch Oshodi
Intercontinental Bank Branch Ojota
Intercontinental Bank Branch Bode Thomas
Intercontinental Bank Branch Alausa
Intercontinental Bank Branch Ikorodu
Intercontinental Bank Branch Broad 2
Intercontinental Bank Branch Marina 2
Intercontinental Bank Branch Dopemu
Intercontinental Bank Branch Agege

Oyo State branches
Intercontinental Bank Branch Ring Road
Intercontinental Bank Branch Oba Adebimpe
Intercontinental Bank Branch Saki
Intercontinental Bank Branch Iwo Road
Intercontinental Bank Branch Challenge
Intercontinental Bank Branch Ogbomosho
Intercontinental Bank Branch Ojoo
Intercontinental Bank Branch Oyo
Intercontinental Bank Branch UCH
Intercontinental Bank Branch New Gbagi
Intercontinental Bank Branch Eruwa
Intercontinental Bank Branch Apata
Intercontinental Bank Branch Bodija
Re: List Of Microfinance Banks That Give Loans. by Kennyblues(m): 5:10pm On Apr 07, 2010
Bjcisse, you must be a staff to have known all their branches,
Re: List Of Microfinance Banks That Give Loans. by octar6: 8:52pm On Apr 07, 2010
[color=#990000][/color][size=8pt][/size] interest rate off 7.5% monthly,isn't that crazy. All this micro finance banks sef,na Gog go deliver us from them.
Re: List Of Microfinance Banks That Give Loans. by eros(m): 10:37pm On Apr 07, 2010
. . . . . . lipsrsealed lipsrsealed
Re: List Of Microfinance Banks That Give Loans. by DDMoses(m): 8:56am On Apr 08, 2010
There is one i know, they are not MFB per se, but acted as one, they Coop & Credit Multipurpose, you save with them for three months and apply for loan, they charge 5% per month, however, there is another account of which i oen with them and i have enjoy it, you look for five people or more, save 1250 per week each for 6weeks, at the end of 6th each of you were entitled to 25k, to use for 6months and pay 5k interest making it 30k, but you will be paying it back weekly instead of paying 1250 before now 1500, 1250 will go into your return 250 into your saving withing 24week you are through with yur 30, and your money has increase to 13, of which you are entitle to another loan
the name of the Scheme is KLASSMATE IN OTa
Re: List Of Microfinance Banks That Give Loans. by stagger: 11:27am On Apr 08, 2010
I've collected a loan from Fortis Microfinance Bank. The main thing in it is to maintain a strong inflow and outflow process on your account for three months, PARLEY VERY WELL WITH YOUR ACCOUNT OFFICER (as he/she is the one who will push your loan application through) and then only borrow to finance a business that will bring the returns within the three months you are expected to repay.

NEVER BORROW TO FINANCE THINGS LIKE OCCASIONS, PARTIES OR THINGS THAT WILL BRING NO RETURNS!
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 1:08pm On Apr 08, 2010
stagger:

I've collected a loan from Fortis Microfinance Bank. The main thing in it is to maintain a strong inflow and outflow process on your account for three months, PARLEY VERY WELL WITH YOUR ACCOUNT OFFICER (as he/she is the one who will push your loan application through) and then only borrow to finance a business that will bring the returns within the three months you are expected to repay.

NEVER BORROW TO FINANCE THINGS LIKE OCCASIONS, PARTIES OR THINGS THAT WILL BRING NO RETURNS!


Thanks Stagger.True words there. And another word of advice is just get a business plan ready.

And Please can you supply us more information on the loan conditions and how much a small business owner can access. Also please provide the contact and location of Fortis Microfinance Bank. Thanks.

For those who want to access First Global at Rumuokoro, Check on Chidinma at the Desk and tell her you were referred by Jerry or www.smallbusiness.com.ng. Thanks.
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 1:09pm On Apr 08, 2010
DDMoses:

There is one i know, they are not MFB per se, but acted as one, they Coop & Credit Multipurpose, you save with them for three months and apply for loan, they charge 5% per month, however, there is another account of which i oen with them and i have enjoy it, you look for five people or more, save 1250 per week each for 6weeks, at the end of 6th each of you were entitled to 25k, to use for 6months and pay 5k interest making it 30k, but you will be paying it back weekly instead of paying 1250 before now 1500, 1250 will go into your return 250 into your saving withing 24week you are through with yur 30, and your money has increase to 13, of which you are entitle to another loan
the name of the Scheme is KLASSMATE IN OTa

You can do well to provide us any contact information on this Scheme. Everyone should ensure due diligence though.
Re: List Of Microfinance Banks That Give Loans. by DDMoses(m): 9:39am On Apr 09, 2010
you contact the Marketing manager on 08061694650 Sam by name, or come to Ota, anywhere drop at Toll gate take a bike to Oju ore drop at Iganmode Rd, before Oju ore you will see Arkland N/P school, enter through you wil find them they are real
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 10:24am On Apr 09, 2010
@DDmoses

Thanks for the info.
Re: List Of Microfinance Banks That Give Loans. by GOODYDAVE: 5:13pm On Apr 09, 2010
I doff my hats for E BARCLAYS Microfinance Bank. It is a leader among other microfinance banks at least in Abuja metropolis based on its unequaled perfomance including granting of loans. Loan processing is as easy as ABC and honestly the customer is better for it. (Please note that i speak as an insider) .As an addendum to Kobikwelu post let me just add that most of the rules are flexible depending on the customers feedback. Meanwhile, you can access E BARCLAYS MFBs in all nooks and crannies of Abuja especially Maitama, Utako, Wuse, Garki, Gwarinpa, Gudu, Apo, Kubwa, Dutse.

To process your loans ASAP contact me on 08066294397.
Re: List Of Microfinance Banks That Give Loans. by adros84(m): 9:45pm On Apr 09, 2010
CAVEAT EMPTOR
Beware of Intercontinental Micro-Finance Loans. I applied for a loan of N300k from these jesters and guess what, I was told the interest rate is 6 percent but when they finished their abracadabra calculations, I was told I have to repay 500k in a year. Thats 66 percent interest!
Re: List Of Microfinance Banks That Give Loans. by anonimi: 11:16pm On Apr 10, 2010
these rates are damn crazy. no wonder doing business in 9ja is so costly, add electricity, water etc costs. anyway na employees go suffer am with low wages while oga entrepreneur dey chop and quench.
let's hope with increased competition the rates will start going down, otherwise SME revival to dynamise the economy and create employment, reduce crime etc will be a pipe dream.
maybe sanusi's CBN can create such conducive environment for reduced rates from increased competition and serious monitoring to check underhand, undisclosed charges.
Re: List Of Microfinance Banks That Give Loans. by thelion1: 2:12pm On Apr 11, 2010
I need loan oooooo!!
Re: List Of Microfinance Banks That Give Loans. by Kennyblues(m): 11:12am On Apr 12, 2010
I believe this forum is not meant to debase any organisation or anybody in whatsoever, Intercontinental Bank does not charge any crazy charge rather they let you know that all charges inclusive of the 7% charge it has been place on your application.

and your installment would have calculated and shown to you before you even sign the loan offer and agreement letter. If you are satisfied with it you sign and if not you can opt out of it.
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 2:57pm On Apr 15, 2010
Does any body know about this EcoBank Naira Credit Card? It is a form of a loan without collateral. Walk into any EcoBank and find out or bookmark www.smallbusiness.com.ng for more updates soon.
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 7:59pm On May 08, 2010
INTEGRATED MICRO FINANCE BANK


This is another bank that gives loan without collateral to small scale business especially those involve in commercial activities.

How You can get the Loan

You will open this loan account with them
You will need just one surety (preferably a member of your immediate family)
They will do their sight inspection
And you will start a daily contribution of a fixed amount
At the end of the month the bank will give you 3 times whatever you have in your account as loan.

Repayment of Loan

You repay this loan by continuing the daily contribution but with an additional 2% for the next two months.
You can decide to pay it all before the two month
You get another loan as soon as you pay the existing loan.


If your daily contribution is N1000
In 30 days = N1000 x 30 = N30,000
You get a loan of N90,000
You will pay back N60,000

Your new daily contribution for the next two month is 2/100 x N1000 = N20

Total daily contribution = N1020

If your daily contribution is N10,000
In 30 days = N10,000 x 30 = N300,000
You get a loan of N900,000
Your new daily contribution = N10,200


Contact information:
Intergrated micro finance bank
64 Adeniyi jones Aenue, Ikeja, Lagos.
Tel: +23412716530-9,2717390.
Fax: +23412717392
Email: info@imfb-bank.com
Website: www.imfb-bank.com
Re: List Of Microfinance Banks That Give Loans. by DrKitaun(m): 11:41pm On May 08, 2010
Integrated MFB ?

Na O Y O u dey be dat o !!!
Re: List Of Microfinance Banks That Give Loans. by babaearly(m): 11:51am On Jun 02, 2010
Dr Kitaun:

Integrated MFB ?

Na O Y O u dey be dat o !!!

Please tell us why.
Re: List Of Microfinance Banks That Give Loans. by DrKitaun(m): 12:48pm On Jun 02, 2010
Google up dude wink
Re: List Of Microfinance Banks That Give Loans. by kabarka(m): 4:44pm On Aug 27, 2010
Dr kitaun,i have great respect for you because of your immense contribution on the topic which i host,but  pls if you know something that can help nigerians pls do say it here.

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