₦airaland Forum

FX:
It is a Limited liability Company registered since 2017

You can borrow money against the paid up capital but your best bet to get cheap funds and quick growth is to seek equity funding. If you take loans against turnover it will be high interest loans but to seek partners for a thriving business is straight forward. Even your bank manager will be begging you. If you first increase your paid up capital with equity funding then you can use your new paid up capital to negotiate for lower interest loans with your focus on listing your company on the NGX immediately it reaches the capitalization threshold. That is the realm of big money. You will be using capital at one percent per annum or even less than that if you are using public funding

Major7:
Rome was not built in a day. If you you're having such high turnover as you claim, why not patiently and prayerfully navigate your way instead of hurrying into loan support or better still look for an investors with a good offer you can meet up with for them,sign an agreement and grow with ease than putting yourself in easemoni wahala. No let your village people use you shine o cos there's a spirit that goes with taking loan from these organizations,it will seems as if everything is working against you once you obtain it. Dint say I didn't warn you 😁

There is no spirit that goes with taking loans from banks. Rather, it is the spirit in a typical Nigerian that wants free funds, loans that will not be repaid. Is it the same spirit that prevents people from paying back what they borrow from family and friends.

Expel yourself asap from this department of sentiments, university of Ignorance;online campus.

ppogba:
You don't sound like someone who has spoken with his account manager and the bank manager . Otherwise , I would have loved to hear what they told you when you approached them for a facility.

Have you been turned downed?

If you jump.ship today, no bank will give you a loan instantly because your account has high turnover.

Some of the best brain

And a first hand advice to give out is this

ppogba:
There is no spirit that goes with taking loans from banks. Rather, it is the spirit in a typical Nigerian that wants free funds, loans that will not be repaid. Is it the same spirit that prevents people from paying back what they borrow from family and friends.

Expel yourself asap from this department of sentiments, university of Ignorance;online campus.

Ok sir, give it a shot and see,shebi that's how his royal Excellency criticized GEJ until he got to the position and fumbled. Don't say I didn't warned you.

Wema Corporate current account. So it is a company account. I've done more than 100m Naira i n turnover this year alone. Last year, I did more than 200m Naira

inoki247:
I don't even know what type of Wema his using my Wema gave my ordinary savings account 2m plus Loan offer....

bewla:
Some of the best brain

And a first hand advice to give out is this

Thanks.

What's the difference between microfinance bank and commercial bank?

PersonalDiary:
Microfinance banks have good limits and good turnover depending on your type of business. Check out Nomba bank and Moniepoint. Commercial bank I can recommend is Providus bank.

finoki:
Turnover means nothing when it comes to loans. You need a Collateral if you want the attention of any commercial bank... because they need to hold unto something to protect them since you are looking for big bucks..
I'm guessing you want funds in the range of 7 digits..upward

Your best bet are the finttech crew, Opay n co. But their interests rates are high, it's not advisable. Debts should be a last resort..

You don't need a collateral to get a loan. Infact, most bank loans rely only on Personal Guarantees as collateral. Turnover means a lot when it comes to loans. For most businesses, it is the only evidence that shows that a business is a healthy, going concern.

Try Stanbic IBTC. Their rate, process and condition is usually friendly.

FX:
Good day guys.

Which banks gives good loans to company accounts that have good monthly and yearly turnover. I'm tired of Wema bank. I need to switch bank ASAP. I can't be doing more than 100m in yearly turnover without good SME and corporate loans support.

I would like to know:
1. Which banks are currently business-friendly for companies with steady turnover
2. Your experience with their loan products and processing time
3. Requirements for company accounts

Please share only from experience. I’m looking to make an informed decision before moving.
Thanks

1) FCMB, Stanbic, Access are banks you could look at.
2) It depends on the amount and type of loan you need. Processing time can range from 3 days to a month. You need to have a sit-down with your account officer on this.
4) Basic company documentation; CAC docs, Your ID Card (preferably id cards that come with your signature - like Driver's license and International Passport). The other documents requiring your review and signature will be provided by the bank.

nesgeeek:
Try Opay Micro Finance Bank and Thank me later. But u have to download Opay business App and upgrade it to at least the tier three before we can process your loan application.

OPAY is a good Fintech. But they won't give him instant loan. He has to run the account for a while b4 they will then start offering him loans based on his cash transactions (turnover).

FX:
Wema Corporate current account. So it is a company account. I've done more than 100m Naira i n turnover this year alone. Last year, I did more than 200m Naira

When you click Menu from ur Bank app and click on Loan are you seeing any offer or nothing is coming up?

PersonalDiary:
Microfinance banks have good limits and good turnover depending on your type of business. Check out Nomba bank and Moniepoint. Commercial bank I can recommend is Providus bank.

2nd year running Moniepoint and no loan still

PersonalDiary:
Microfinance banks have good limits and good turnover depending on your type of business. Check out Nomba bank and Moniepoint. Commercial bank I can recommend is Providus bank.

I will never recommend Providus bank as theirs is elitist. You need to have a C of O before you can access loans, so bad.

Union Bank

FX:
Good day guys.

Which banks gives good loans to company accounts that have good monthly and yearly turnover. I'm tired of Wema bank. I need to switch bank ASAP. I can't be doing more than 100m in yearly turnover without good SME and corporate loans support.

I would like to know:
1. Which banks are currently business-friendly for companies with steady turnover
2. Your experience with their loan products and processing time
3. Requirements for company accounts

Please share only from experience. I’m looking to make an informed decision before moving.
Thanks

Moniepoint

ozil123:
You don't need a collateral to get a loan. Infact, most bank loans rely only on Personal Guarantees as collateral. Turnover means a lot when it comes to loans. For most businesses, it is the only evidence that shows that a business is a healthy, going concern.

I just laughed.. . You think Banks are concerned about turnover when it comes to loans.. you think you have experience more than the Op.. Take this from me, unless you are borrowing to buy a traceable physical asset, that's when banks will lower their guards.
As long as you are borrowing cash, turnover means nothing. They will demand for a collateral.

ozil123:
You don't need a collateral to get a loan. Infact, most bank loans rely only on Personal Guarantees as collateral. Turnover means a lot when it comes to loans. For most businesses, it is the only evidence that shows that a business is a healthy, going concern.

You obviously don't understand the scope of the Op's discussion. If he does a turnover of 100m annually.
You think he's asking for a 500k loan.., he's looking for solid 7-8:digits, and there's no commercial bank that will grant a loan cos of turnover.., in their playbook,a Collateral must be produced, it's sacrosanct.

FX:
Good day guys.

Which banks gives good loans to company accounts that have good monthly and yearly turnover. I'm tired of Wema bank. I need to switch bank ASAP. I can't be doing more than 100m in yearly turnover without good SME and corporate loans support.

I would like to know:
1. Which banks are currently business-friendly for companies with steady turnover
2. Your experience with their loan products and processing time
3. Requirements for company accounts

Please share only from experience. I’m looking to make an informed decision before moving.
Thanks

Your post is not understood.
100M yearly?? So, as how?

First question to get understanding,
How much are you looking for that was denied or you are complaining.
Cos that amount yearly turnover is barely a Certain amount credit limit given

finoki:
You obviously don't understand the scope of the Op's discussion. If he does a turnover of 100m annually.
You think he's asking for a 500k loan.., he's looking for solid 7-8:digits, and there's no commercial bank that will grant a loan cos of turnover.., in their playbook,a Collateral must be produced, it's sacrosanct.

Someone turning over 100 million naira may not have up to 20 million naira in the business meaning the asset he owns in the business is worth 20 million naira or less. If it has title, he can borrow against it. If not, he can still borrow depending on relationship with the bank derived from the turnover but the interest rate will be high.

Nobody turning over 100 million naira will abscond because of say 2 million naira

inoki247:
For you to even qualify for those huge funds it means your business are surviving and not doing bad....


Because I didn't go to bank to fill any paperwork..

Nigeria is a gamble market if you like don't even take loan it still doesn't guarantee success...


Without risk I will be among the people crying on the Internet everyday about the government policy or how worse the government are.


The loan gave me leverage in my business doing...

You can't compare who bought a goods of 20k and a goods of 2m in China to have the same profit...


Having access to loan is a privilege if you know how to use it. even if u wan Japa at least you know the leverage is there you just not using it.....

So proud of ypu and I love your mind set you are indeed an entrepreneur.

I am also trying to setup a business and so far, i am bootstrapping so that's why i asked that question.

I'm a Merchant loan officer in Opay MFB. And the loan comes with very low interest rate. All he need to do is to download the Opay business App and log in with his former Opay or create a new account, then get bank statement of six months from any other Bank. U can contact me for further assistance

Basicend:
OPAY is a good Fintech. But they won't give him instant loan. He has to run the account for a while b4 they will then start offering him loans based on his cash transactions (turnover).

FX:
Good day guys.

Which banks gives good loans to company accounts that have good monthly and yearly turnover. I'm tired of Wema bank. I need to switch bank ASAP. I can't be doing more than 100m in yearly turnover without good SME and corporate loans support.

I would like to know:
1. Which banks are currently business-friendly for companies with steady turnover
2. Your experience with their loan products and processing time
3. Requirements for company accounts

Please share only from experience. I’m looking to make an informed decision before moving.
Thanks

While we are leaving zenith bank after 15 solid years with no loans to enjoy wema bank open arm policy in supporting corporate account business owners, oga talk to your manager you need to be well informed at your branch

finoki:
I just laughed.. . You think Banks are concerned about turnover when it comes to loans.. you think you have experience more than the Op.. Take this from me, unless you are borrowing to buy a traceable physical asset, that's when banks will lower their guards.
As long as you are borrowing cash, turnover means nothing. They will demand for a collateral.

I worked as a relationship officer in a Tier 1 commercial bank for 2 years before resigning. I have worked on facilities for a number of customers, and for the most part, the only collateral required is the business owner's Personal Guarantee. No one gives a damn about your collateral... well, except if you're providing cash collateral or shares, maybe. Recovering/Liquidating collateral is hard and strenuous work. A bank would prefer a customer who can pay his/her loans on time and as and when due. Their main focus is the customer's turnover, cash flow, and credit reports.

I have advised the op the best i can. I wish him all the best, and hope his business grows.

Cheers.