13 Businesses You Can Start With N50K Or Less
Over the years, I’ve read different articles that claimed that you could start a business without money. I find that hard to believe in the present economic reality.
FG Releases NSIP Independent Monitors Training Centres in Nigeria
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Sadiya Umar Farouq, has released the venue of training centres for the National Social Investment Programme (NSIP) programme.
Difference Between BN and RC In Business (Business Name VS Registration Number)
In the course of registering your business at the Corporate Affairs Commission (CAC) you might come across jargons like BN and RC.
To get confused when you BN and RC, both are related to your business but each stands for different things.
Summary of Funding Opportunities in Nigeria from February 8 to February 14, 2021
From Monday, February 8 to Sunday, February 14, 2021, we’ve published some of the best loans and funding opportunities on infomedian.com, if you missed any of them, we’ve got you covered by this recap.
Survival Fund Issue: User Doesn’t Have An Organisation, Here Is The Solution
Are you trying to apply for Survival Fund MSME Guaranteed Offtake Scheme? One of the issues you are likely to encounter is, “user does not have an organisation”
Eligibility Requirements For Access Bank Loans
There are more than 10 types of loans offered by Access Bank, but meeting the requirements is one of the major roadblocks to millions of business owners in Nigeria.
What To Do If You’ve Been Pre-Qualified For NYIF Loan Programme
Did you receive a message from the Nigeria Youth Investment Fund for a pre-qualification for a loan?
If you received an SMS from Nirsal Micro Finance Bank (NMFB), here is how to complete your NYIF loan application process.
14 Cryptocurrency Peer-To-Peer Platforms To Buy And Sell Bitcoin in Nigeria After CBN Restrictions
The latest restrictions on the trading of cryptocurrency in Nigeria isn’t over and should never allow that to discourage you from making some monies from buying and selling cryptos.
How Bank Will Detect If You Trade In Cryptocurrency
The furore over the ban on the use of bank account to fund cryptocurrency trading activities isn’t over.
As we write some bank accounts have been banned for using their accounts to fund or receive bitcoin payment.
BuyCoins Africa To Introduce New Deposit Option After CBN Ban
One of the major cryptocurrency platforms operating in Nigeria BuyCoins Africa has disclosed that it’s working on how to introduce a new deposit option in BuyCoins wallet.
Nigeria’s Crypto Ban: Binance, Luno, Quidax, Others Suspend Naira Deposits
Major cryptocurrency trading platforms like Binance, Luno, BuyCoins Africa, YellowCard, Quidax, and others have suspended naira deposits.
This followed the directive of the Central Bank of Nigeria that financial institutions should not provide crypto companies or users with the services any longer.
How To Solve CAC Queried Registration Issue
Ever since the Federal Government rolled out some of its loans, the excitement among small business owners to register their businesses with the Corporate Affairs Commission has risen significantly.
How To Get GTBank QuickCredit Loan Within 60 Seconds
How would you feel if you are able to apply and get a loan within 60 seconds or 24 hours at the comfort of home without paperwork?
In this post, we’ll share with you what you need to do so as to get GTBank QuickCredit loan for your business.
Ministry Of Youth Launches i-Novate Application Portal, Here Is How To Register
By February 14, innovative young Nigerians will be able to submit an application for the I-Novate and stand a chance to win N2,000,000
The ministry of youth and sports made this known in a tweet that applicants with the best innovative business ideas will be receiving a whopping N2 million in cash to start up and continue in current business operations.
How To Apply For Guaranteed Offtake Stimulus Scheme As Application Link Goes Live February 9
Application link for the Guaranteed Offtake Stimulus Scheme will be activated on February 9, 2021, for business owners in certain categories to submit their application.
NIRSAL AGC Loan Repayment Commences in Nasarawa
The Nigeria Farmers Agro Geo-Cooperative (AGC) beneficiaries are to commence loan repayment in Nasarawa State.
FG Disburses Over N165 Million To 239 NYIF Beneficiaries, Here Is How You Can Make The Next Batch
Since the commencement of the Nigeria Youth Investment Fund, the Federal Government has disbursed N165,700,000 loans to 239 NYIF beneficiaries.
In a tweet, it said, “The Nigeria Youth Investment Fund (NYIF), being implemented by Ministry of Youth and Sport, has successfully completed its pilot disbursement of loans totalling N165,700,000 to 239 beneficiaries ahead of the processing of the over three million applications so far received.”
If you applied for the NYIF, but yet to get feedback on your loan application? Don’t worry you can make the list of the second batch as we’ll be telling you what you need to do right.
Partners:
The idea was developed by the minister Sunday Dare and his team. The template was presented before the Federal Executive Council (FEC) in July 2020 in Abuja.
READ ALSO:
What To Do If Your Loan Application Was Not Successful
WHY Farmers Should Register For NIRSAL Agro Geo-Cooperatives
If you have access to your community and farmers in your locality, here is an untapped income-generating opportunity through the NIRSAL Agro Geo- Cooperatives Formation.
And for the farmers, it’s an opportunity to get access to the Anchor Borrowers Programme or ABP loan.
In one of our publications, we told you how farmers could form a cooperative society to access some certain agric loans from the government usually sponsored by the Central Bank of Nigeria (CBN).
READ ALSO: NIRSAL AGC Loan Repayment Commences in Nasarawa
Here is a great opportunity you don’t want to miss and we will tell you more how to get involved in this noble programme by the NIRSAL.
NIRSAL means Nigeria Incentive-based Risk Sharing System for Agricultural Lending (NIRSAL Plc), a Non-Bank Financial Institution managed by the CBN.
In this post, we’ll also give you the phone numbers of Project Monitoring Reporting and Remediation Officers across Nigeria. They are simply known as PMROs
But before that, you may want to ask…
What’s the NIRSAL Agro Geo-Cooperatives all about?
It is a programme designed to structure smallholder farmers, farmer leaders and aggregators for them to gain access to finance, training, markets and lots of other financing opportunities to boost their production and income.
Who Can Register for NIRSAL’S Agro Geo Cooperative
The programme is another means of employment and a source of income generation by supporting the productive activities of their self-organized Agro Geo-Cooperatives.
The following people can enrol for the NIRSAL Agro Geo Cooperative for the dry season ABP loan application:
- Corporate body
- Youth
- Existing enterprise
- Community leader
- NPower beneficiary
- Unemployed graduate
- An active leader in the ADP programme
- Retired leader and farmer in the ADP programme
- Active and retired leader and farmer in the USAID markets programme
- A farmer in the World Bank FADAMA programme
- An active leader in the farmer in the DFID’s propcom maikarfi programme
- A farmer in the SASSAKAWA global 2000 programme
- A farmer in the IFAD value chain development programme
- Farmer and leader in the World Bank Climate Adaptation and Business Support Programme
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10 Things To Do Before Applying for BOI Loans
Irrespective of your political affiliation, the Bank of Industry loan is opened for everyone. No discrimination. Provided you fulfilled the eligibility requirements.
We’ll share with you some of the things you need to put in place before applying for BOI loan.
Ownership:
Bank of Industry is the oldest and largest Development Financial Institution owned by the Central Bank of Nigeria and the Ministry of Finance.
Below are the key things you need to know before submitting your loan application on BOI portal
- Who can apply
- What can be financed
- Mode of disbursement
- The amount that can be financed
- Collateral
- Bank Guarantee
- Track record
- Required documents
- Evidence of business registration
- Products
Who can apply
It is very important to know that BOI doesn’t finance individual loan application, that isn’t its mandate.
The mandate of the bank is to finance enterprises or companies that duly registered and have a physical address.
The bank has a way of verifying the authenticity of your business registration, as such you are required to provide the registration number for a Limited Liability Company or business name for an enterprise before you can proceed with your application.
Collateral requirements
The fact that you can submit an online application doesn’t mean your application won’t be scrutinized.
You WILL have to pledge some assets to secure BOI loan or other forms of security subject to adequate coverage of the loan being provided to you.
The following are also accepted as collateral to access the bank’s loan:
- Legal mortgage on a landed property which must be duly registered with a Certificate of Occupancy
- Debenture on assets of the company
- Bank Guarantee
- External Guarantors with Notarized statement of Networth for loans below N10 million.
What can be financed
You have a nice business idea or your business is already established and making significant progress in profit?
While you might be excited about the progress you’ve made so fat, you must also know that the bank is principally set up to finance industrial equipment used in manufacturing.
BOI loan isn’t meant to finance land and building
Mode of disbursement
The bank doesn’t directly fund your account number. It funds the account of your vendors and suppliers of the equipment that the loan application is for.
This is because the loan is designed to help grow the industry in Nigeria so as to create employment opportunities.
The amount that can be financed
BOI’s loan funding to the SME starts from N5 million. Anything below N5 million is provided on the matching fund platform.
The matching fund is operated in collaboration with various state governments and on BOI Bottom of the Pyramid (BOP) scheme which is operated through MicroFinance Banks.
Track record
BOI doesn’t provide a loan to a business that just started operation UNLESS you can convince the bank that you have the required experience with a board that is successful in their chosen field.
Your company must be able to provide evidence of at least three years of successful operation.
Required documents
To access BOI loan, you need to support your application with some documents which will be uploaded on the application portal.
These include:
- Means of identity
- CAC registration number
- Evidence of tax remittance
- Bank statements etc
Evidence of business registration
How To Calculate Loan Interest (E.G 9% Interest Rate), We Just Made It Simple With These 2 Samples!
Most times, people apply for a loan and ask for the date of repayment without understudying the interest rate.
It is very very important to know how to calculate loan interest: 1) to know if it worth it, 2) if the loan would return more profit on investment to cater for the interest rate.
In this post, we’ll show to calculate how much you’d be paying “on top” of your loan whether it’s personal or to boost your business.
Concept of loan:
A loan is the amount of money taken by an individual or organisation to support a business or for personal use on the condition that it will be repaid on a specific date with or without interest.
Types:
- Interest loan
- Interest-free loan (non-interest)
Interest loan
You agree to pay a certain charge rate. This is common to financial institutions and money lenders.
They make a profit from the interest rate charged on the loan you take. This could come as either secured or unsecured loan. You are the debtor.
Interest-free loan
Interest-free loans are hard to come by. Governments that want to support SME usually make provision for interest-free to boost small businesses.
When it’s interest-free, it means you only pay the principal (that is the amount borrowed) without additional charges.
This kind of loan isn’t to make a profit-making venture for the lender, but to support the borrower.
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