How To Finance A Small Business Idea In Nigeria

When we use the phrase "small business" it doesn't mean the capital is going to come that easy. For many business owners, finding the capital to or raising capital for establishing a business is the hardest part of it all. Don't think it's a normal thing. Nope. Financing a business no matter how small the business is, is very important and vital as far as other aspect of the business is. One of the reasons why so many business starters find it so difficult to get is because they don't know the various options to explore in other to financially established their dream businesses.

There is this generic inbuilt knowledge about business financing. When we hear about business financing, we jump into thinking of getting loans for it whereas there numerous options that are far safer to explore. This is what this publication is all about. We have decided to bring to you options on How To Finance A Small Business Idea In Nigeria. Believe me, you will be thrilled at what you will be reading. Do all you can to take note and take actions. And please don't forget to contribute to it should in case you have other options not listed here. You can do that via the comment box or email us at tradewithchapatti@gmail.com.

1. Small Business Loan

Many people are not aware of this scheme and that's the reason they haven't taken adequate advantage of it. Whereas for those who knows about it, they still can't get it because of some reasons that have to do with knowledge and proper credit facilities etc. In Nigeria, there are allot of government assisted loans that are available for small business starters, we have banks loans, FINTECH company loans and some new generational loan houses like Palm credit, Soko loans, Etc. These loans houses do offer small soft loans for those who wants to start a small business. Let's take a good look at an example of this government loan scheme. We have Bank of Industry (BOI). I believe most of us have heard of it. Yeah. They are responsible for giving out soft loans to starting ups. You can decide to make out time and go see them and I tell you, it will worth your time. To be able to obtain a loan from the banks or any other financial institutions as the case may be, then you have to understand all what it takes. For example, it takes a setting up of a meeting with the local banks official. It will be wise to do this with a bank you are already familiar with. My advise? Do it with the bank you are already doing business with. This will first create a nerve environment, and a trust environment. Then speak to them about your intentions regarding your loan for your small business. Remember not all banks offer loan services to their customers. Some do but they have a variety qualifications to make that happen. So when you are with them, they will tell all their requirements and procedures to obtain the loan.
So that's basically it. When the loan is obtained, there is usually a timeframe duration for payment and you must not exceed it else you will be paying more and more interest. The time duration to pay back varies from bank to bank and it could be weeks, months or years as the case may be. You don't walk up to a bank and immediately you get the loan. It doesn't work that way. It's gonna take some procedures and some time for it to be released.
But you can also take advantage of the online loan houses i mentioned earlier on like solo loan, opay, palm credit etc.
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