Micro, Small, and Medium Enterprises (MSMEs) can never forget the economic effect of the covid-19 pandemic on their businesses. But the business policies of Nigeria’s apex bank are most likely to put smiles on the faces of such business owners going by the latest 27-page guidelines handed down by the Central Bank of Nigeria (CBN) … Read more
It’s exciting to know that financial institutions in Nigeria are deepening their interest in supporting micro-traders through soft loans. The latest on the list credit facility available for small business owners is ‘I Go Trade’ which was launched by Sterling Bank, where SMEs and artisans can access up to N300, 000 It is a new … Read more
Who received the N75Bn CBN loan? That is one of the questions on the lips of millions of Small and Medium Enterprises (SMEs) who applied but were not selected for the National Youth Investment Fund (NYIF) loan. The NYIF loan is an initiative of the Federal Ministry of Youth and Sports in collaboration with the Central … Read more
One of the cardinal motivating factors that can make an investor deposit a certain amount in his savings account and leave it there for a year or more is the interest rate his bank is ready to turn in. In the past, the highest interest rate you could get on your savings from any Nigerian … Read more
Loan applicants under the Agri-Business Small Medium Enterprises Investment Scheme (AGSMEIS) since the beginning of August 2021, started receiving messages from the Nirsal NIRSAL microfinance bank about the status of the fund applications. What is Loan Decline? Loan decline is a situation whereby a lender feels your application for a credit facility doesn’t meet the required … Read more
Ever wondered why wealthy businessmen have easy access to loans? It’s because money lenders have brighter chances of recouping their money through the visible or invisible collateral they can provide. The reverse is the case for an upcoming business owner, who struggles with office space, funds, and human capital. Banks hardly grant their loan request, … Read more
One of the hardest challenges small business owners face around the world is getting bank loans to support their startups. It’s even more difficult in Nigeria where the rate of defaulters is high. So, financial institutions are extremely cautious before granting loan requests. No one wants to go out of business. Note that there are … Read more
Since the application for COVID-19 Targeted Credit Facility began, a lot of applicants who got loan offers have had to face the challenge of receiving their funds in their designated bank account. if you operate a tier 1 account, you won’t be able to receive funds beyond that limit. If your bank account can only … Read more
What is Tenor? Tenor means the length of time remaining before a financial contract expires. It is usually used in relation to bank loans, insurance contracts, and derivative products. Some use it interchangeably with the term maturity, but they have a clear distinction. For example, a loan is taken out with a three-year tenor. After two-year passes, … Read more
Lagos State Government recently said it had dolled out over N100 billion to Micro, Small, and Medium Enterprises. Research conducted by our team shows that the state government is massively granting loans to small business owners in the commercial city. If you’re not a Lagos resident, you can the list of other finding platforms that … Read more
Most times, people apply for a loan and ask for the date of repayment without understudying the interest rate. It’s pertinent to note that a loan should be the last resort for your business It is very very important to know how to calculate loan interest: 1) to know if it is worth it, 2) … Read more
The management of Fidelity Bank through its SME Radio Forum has announced the launching of four new funding schemes to support Small Scale Enterprise (SME) and Medium and Small Scale Enterprise (MSME) in Nigeria. Making the announcement, the managing director of the bank, Nneka Onyeali-Ikpe, said the loan scheme was part of Fidelity’s mission to help small businesses … Read more
Hundreds of Nigerians who applied for funding for their businesses during and post COVID-19 are worried that their application was rejected. Some of those whose applications were rejected concluded that the funds were only given to those who are “connected” to political heavyweights. But the fact is we’ve received lots of testimonies from those who … Read more
Every loan initiated by the Federal Government has a purpose and mostly the funds are managed by the Bank of Industry (BoI). One of them is the National Automotive loan. Is there a brand of vehicle that isn’t on Nigeria’s roads? Nigeria is a huge market for all kinds of vehicles. Many Nigerian banks that have … Read more
A few months ago, we informed you that you can own an apartment in Nigeria with as low as N2, 000, 000 under the National Social Housing Programme. Today, the Federal Mortgage Bank of Nigeria reveals that it has disbursed close to N300 billion under the housing scheme. We extensively analyzed how you can apply … Read more