Hello readers,

I'm in the nascent stage of launching a business - expecting CAC registration any time now. The business will involving importing and selling a niche product to targeted clientele. I intend starting on a small scale and using my savings to fund the business at the early stage. This would enable me test my idea without risking other people's money.

I also intend to operate an account with one bank (or two). A bank I will use for all my transactions until my idea is validated, probably after a year or two. At which time I will approach the bank for a workable loan to expand the business. I am thinking it may be better to work with one bank so that transactions over the period can be used to verify income statements, cash flow etc and support loan application.

Is there any bank favorably disposed to helping small businesses with established track records without collateral (I don't have landed property to use as collateral)?

I'd like entrepreneurs and small business owners to lend their experiences with the various banks in the country and proffer other useful advice.

Any advice would be appreciated.

I have limited knowledge in this aspect, but I have observed that a lot of people use Stanbic. I don't know the reasons why, but I do know that they sell forex at a much lower rate than most banks do.

yesman:
Any advice would be appreciated.

Sterling. Check my signature and lets chat.

Thanks for the feedback @Pyerii

I stumbled upon a similar thread https://www.nairaland.com/3026693/best-nigerian-bank-business-account/4#45697872 but it focuses more on banks with reduced monthly charges. I'm interested in a bank that provides a more comprehensive package suitable for small business growth.

Nearly every bank out there promises to help business in one way or the other (not necessarily loans) but not all follow through with their promises. People with real life experiences can share with others so we know what to expect.

yesman:
Any advice would be appreciated.

HAVE YOU GOT THE ANSWERS? CAN YOU SHARE?