Banks don't just conduct name search. What they actually do is to validate/authenticate your CAC certificate. Apart from that, they could also be verifying the owners of the business based on what is submitted by customer and CAC's record. Lawyers are the ones engaged to conduct this task.

However, I am also leaning to the bias that the charge is unnecessary. Imagine having a business account in 2 or 3 banks and having to be charged seperately. And this is a common scenario. Banks also validate identity cards such as driver license, nimc, international passport and voters card without a charge. This is made possible by either the id card agency making available her platform for the banks or both establishing an handshake of their systems. This could also be done with CAC. Maybe it's high time this charge is abolished.

Hello all,

Can anyone help with an updated Sybex Certified information systems auditor (CISA) 2019 or 2020 or any other good up to date CISA material?

Thank you.

GoddyOra:

Try Morgan Capital group, their iTrade platform is very good and customer service is quite decent.

Thank you very much.

Hello house. Please which are the best online real time stock trading platforms for trading NSE stocks that you know?

Thank you.

There is room for additional freelance business/finance content curators to work on our news site.

Send in your resume to adtenng@yahoo.com. Chat 08038122464 on whatsapp for further details.

Thank you.

I need a top notch social media manager/handler for 2 projects. This candidate must be vast in LinkedIn & Instagram setup and management and of course Twitter & Facebook.

Candidate must also be adept in brand identity creation on social media.

Pls send your profile and completed/ongoing projects to adtenng@yahoo.com.

Thank you.

I need a top notch social media manager/handler for 2 projects. This candidate must be vast in LinkedIn & Instagram setup and management and of course Twitter & Facebook.

Candidate must also be adept in brand identity creation on social media.

Pls send your profile and completed/ongoing projects to adtenng@yahoo.com.

Thank you.

Great to be back.

In my first write up, I said I would be talking about some business loans that are relevant to the SME community here. I know we are engaged in various business activities. From agriculture, ICT, ecommerce to selling/supplies of various kinds of goods, engineering and technical services, education, etc.

It is unfortunate that the government pays lip service to SME development. They say SMEs are the bedrock of the nation’s economic development but they do very little. Unlike the SBA(small business administration) of the USA and similar government agencies in serious minded countries who are very supportive in the area of funding and other kind of support from startup to growth. During this Covid-19 period alone, the SBA has approved 1.6 million loans totaling $342.2 billion and more funds are still being made available by the government in the neibgourhood of $300 billion for the SBA. Back here in Nigeria, few people knows what is going on with the CBN’s N50 billion credit facility for SMEs affected by the coronavirus pandemic.

Ok, that’s a digression.

Various types of loans are available in various classes. From secured to unsecured and revolving or overdraft to term or tenured loans. But this is not an academic attempt but a practical one. So I’ll just try and do justice to the topic in a way that will address our immediate knowledge need.

Type of loans

Overdraft: is an extension of credit from a lending institution that is granted when an account reaches zero. Basically, you are allowed to draw below your available balance a set amount of money. Tenor is usually in 30days or more. This loan can be used to meet running costs, emergency working capital etc. I have seen overdrafts as low as N300k and as much as N2m to N5m. Larger amounts would need to be secured. Virtually any business can take this loan most especially if you can show the lender that your business cycle and financial dynamics can repay at the end of 30 days or as agreed by the lender.

Contract Finance: is a loan that is provided against a signed contract that your business has won, and the money must be used to complete the contract work. Some lenders have a list of principals already approved such that if you win a contract from a company already in the lenders approved list, securing the loan is easier provided you can fulfill other conditions. There could also be a special consideration if the principal is not in the approved list of the lender. Facilities above a particular amount say N50m will require an additional acceptable security.

Local Purchase Order: LPO Financing allows businesses that have obtained purchase orders/letter of Award to deliver goods and services or carry them out. Loan amount does not usually exceed 70% of cost of supply and like contract finance, principal must likely be in the approved list.

Secured term loans: there are various type of loans that falls under this type including asset financing e.g. operational vehicle, among others. Generally, the business pledges some form of security, asset or collateral against the loan and has a specified repayment schedule and a fixed or floating interest rate.

Invoice Discounting Facility: allows business owners to leverage the value of their sales ledger/invoice by using it as collateral for a loan therefore allowing you access to cash while awaiting payment from your clients.

Other types of loans come with different names depending on the sector of focus. For example there is a health sector loan for hospitals and pharmacies usually for the purchase of drugs and other medical supplies locally and internationally with tenor from 6 months without tangible collateral if not more than N5m. There are also loans focused on the private educational sectors that allow primary, secondary and tertiary institutions to get loans for renovation, purchase of educational materials, purchase of school bus or other operational assets etc. Collateral is usually against the receipt of school fees. Other sector focused loans include petroleum products marketing for filling stations with DPR license and oil and gas contract financing, FMCG loans/overdrafts covering non-perishable food products, home used products, textiles, etc, other types of SME product financing including import finance, cement distributorship. This is in-exhaustive.

My aim here is to increase our knowledge in terms of facilities offered by commercial banks, microfinance banks and marketplace lenders. In my next post, I’ll be talking about reasons why business loan applications are turned down and what you should do about it. It will also cover what lenders are looking for in your application and business. This is major and the whole essence of this lecture.
For questions and enquiries, you can reach me preferably via email – adtenng@yahoo.com

SUCCESS!!!

Getting a business loan continues to be a huge task for most business owners in Nigeria. The statistics are better in developed and serious emerging economies in the world. In Nigeria however and this due to a myriad of reasons (both external and internal to the business), a lot of businesses have failed while many continue to struggle day to day without any hope of scaling to the next level in their aspirations.

At this point, it is noteworthy to say that a lot of the reasons why businesses fail to raise capital from lenders (banks, etc) are due to their own failings themselves. In other words, business owners would be better positioned for a consideration of their loan applications if they are able to put in place lots of the things a typical lender is looking out for in an applicant.

By the way, it is needless to say that the money you are seeking from the bank is also being kept in custody of the bank (it does not belong to the bank but to individual and corporate depositors alike) and these funds are at a cost to the bank i.e. the bank will not only return the money to the depositor when demanded, it will also return it with interest. It is therefore important for banks to be entirely sure that you/your business is able to return the loan capital plus interest as at when due.
In this thread by the grace of God, I will be sharing to the SME community how you can structure yourself and your business for your loan approval across various lenders (commercial banks, microfinance banks, marketplace lenders). A lot of people will not even dare approach a commercial bank for a loan because of the belief that commercial banks don’t give loans to SMEs. Like I said, this is largely true because the business is not worthy (as currently structured) of a loan. Some are also suited for micro-lending but instead, they approach commercial banks and without even filling any form, they are turned down.

Why should you listen to me?

I need to state here that I am not here to sell any eBook. I spent over 12 years in the banking sector with various experience in branch management across, operations and business development/relationship management with lots of interface with business analysts, credit appraisal and risk managers. In less than 5 months after I exited the sector, I secured 50% funding for a multi-million naira project (after I decided to commence my entrepreneurial journey fully).

At a point in this lecture series, depending on responses, I would select 5 businesses that have had their loan applications rejected before by helping to repackage the business for a loan application/approval. Businesses who have not applied before too will be considered. I am not given any guarantees but be rest assured that you and your business will be the better for it. There are instances where a business that has received one or more loans in the past would have an application turned down may be due to economic events in the businesses’ sector etc. There are also instances where a bank turns down a loan application only for another bank to approve the same application.

I am doing this to freely share of the knowledge that I have as I see a lot of business owners struggle as a result of lack of knowledge. Like I said, I am not giving any guarantees. The best of business plans still fail in reality but every experience makes you a better entrepreneur in your journey to realizing your dreams.

In my next write up, I will be sharing various kinds of business loans available in commercial banks and alternative/marketplace lenders and which are relevant to most SMEs. A lot of us don’t even know that our business activities/operations can be easily funded by a bank.
Another section will include “reasons why business loan applications are turned down and what you should do about it.” It will also cover “what lenders are looking for in your application and business.” This is major and the whole essence of this lecture. I will also be covering loan applications to some of the development banks we have in Nigeria such as Bank of Industry, Bank of Agriculture etc

Success!!!

LorritaDede:


I would say Shea Butter, I personally trade in shea butter, cocoa butter and black soap so I know the benefits involved in it. I would like to share this entrepreneurs story with you. She is a Nigerian born entrepreneur who build a million dollar shea butter company. Hope it helps.
https://theearlyhour.com/2016/03/28/making-millions-on-shea-butter-shea-radiance/

Finally a response came. Great story. Thanks for sharing.

Nairaland Agropreneurs,

I want to invest in a agro-allied processing business with readily available raw-material and high market demand of product(s). I have zeroed in on 3 and i wish you advise me on which to choose with reasons.


1. Shea butter production
2. Full fat soya production
3. Palm kernel oil and cake production

Expecting your precious responses. Thank you.

It's no doubt that funding businesses is hard in Nigeria. All the same we have to keep keeping on. The requirements requested by wema esp on providing 2 guarantors seems absurd. Your kind of contracts are close to LPOs which is straight forward for most banks. Standard requirements are acct statement that will show your turnover & transaction Dynamics, proof of past jobs done, personal guarantee, domiciliation of business proceeds etc. If the principal company is in the list of the bank's approved companies, it makes approval a lot easier as the purchase order or contract docs will be easily verified(this is key for commercial banks). You need to explore other banks if wema is not helping. I'll suggest access, fidelity and firstbank.

Alternatively there are alternative lenders who can fund your contracts at a fee ranging from 20 to 50% of your margin or a determined interest rate on the loan.

If you wish you can reach out to me on 08038122464.

All the best.

We need a Photoshop background effect expert who can work on photoshoot sessions. Kindly drop your WhatsApp contact here.

Thank you.

Hello Everyone,

Do you need quality, free flowing palm oil for domestic, commercial or industrial use?
That is exactly what we offer. Quality, free flowing, non-congealing, odour free.
Perfect for domestic use in cooking.

We sell in 25L gallons and drums.

Call/Whatsapp chat via +234806627354. +2348038122464

Hello Everyone,

Do you need quality, free flowing palm oil for domestic, commercial or industrial use?
That is exactly what we offer. Quality, free flowing, non-congealing, odour free.
Perfect for domestic use in cooking.

We sell in 25L gallons and drums.

Call/Whatsapp chat via +234806627354. 08038122464

Hello Guys,

I developed a site whose aim is to be a hub for ecommerce and online business training and resources. Due to some other issues that cropped up, I won’t be able to go ahead with the business (at least for now).

If you are able and interested in taking this vision further please contact me for further details by email (adtenng@yahoo.com) or whatsapp(07057112280).

Thank you.

Myguds Trade Promotion Services, a subsidiary of ADTEN Multibiz Services Ltd is a start-up trade generation, marketing and trade promotion company in Nigeria focused on helping merchandise Merchants/Sellers, SMEs, Manufacturers, Exporters and Importers generate business/trade leads both online and offline, establish their credibility (third party business identity vetting) and use business information (business, trade and commodity news, finance and trade shows/exhibition) for their business promotion among others.

We are recruiting to fill the following position(s) below:

1. E-Commerce Website Administrator

Location: Lagos, Ibadan

Summary of Role:
• Generate and update website content (products/services, content, promotions)
• Work with partners to build traffic & sales via the website
• Plan, define and implement website changes and functional improvements
• Maintain and update the online marketing plan for the website
• Monitor key performance indicators on the website and develop plans to improve them

Key Experience
• Understanding of the disciplines required to drive traffic to retail websites (ppc, email marketing, link generation, online pr, SEO, offline marketing and pr, affiliate programmes, etc)
• Understanding of order management/customer fulfillment in an e-commerce context
• Experience using packages like Excel and Photoshop
• Computer literate and understanding of basic web technologies (FTP, browsers, basic HTML, data files)
• Familiar with data management
• Previous experience of website or e-commerce CMS
• Basic understanding of Google products such as Webmaster Tools & Analytics would be desirable

To apply, simply send an e-mail to info@myguds.com. Please note that CV must be in PDF format.

Hello everyone.

I am currently working on the design and development of a robust e-commerce site. My goal is to evolve a major e-commerce gateway in Nigeria that helps SMEs, merchants/traders, manufacturers and exporters to trade both locally and internationally by connecting buyers and sellers together. This will be achieved by offering products and services that enables them to generate business leads (online catalogs/storefronts), establish their credibility (third party business identity vetting) and use business information (trade and commodity news, finance and trade shows) for their business promotion among others.

I desire a partner who is
• passionate about business and trade development for SMEs, merchants and exporters
• has basic knowledge of e commerce or the export and import trade
• resides in Lagos.

Please note that this partnership is not primarily financial.

If you meet these requirements and desire to be a part of this startup, do send a mail to adtenng@yahoo.com

Thank you.

I need two logo designs for two different businesses. Do contact me on 08038122464 and adtenng@yahoo.com for further discussions. Thank you.

Kindly let me know your product range - lamps, power banks etc. You can send details to me via adtenng@yahoo.com. I want to buy in bulk.

Dear Nairalanders.

Are you a dealer in quality solar energy products such as light lamps, power banks etc. Kindly contact me on 07057112280 or drop your contact info here.

Thank you.

Dear Nairalanders.

Please I am in need of a bulk supplier of original (or follow come. Lol) phone and other communication/sound accessories in the SW.

Drop your contact info or call 07057122280.

Thank you.