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One of the impediments to business financing in Nigeria is either bad policies from the government or stringent terms by the banking institutions or both.
It’s a hard time, most especially for the average people around the World. The trying moment has forced millions of people around the world to seek soft loans to augment the situation.
Nirsal Micro Finance Bank has launched non-interest banking window for Targeted Credit Facility and the Agric Small Medium Enterprise Scheme (AGSMEIS).
With $20 million financing from Islamic Corporation for the Development of the Private Sector (ICD) in 2018 and another $25million to support SMEs in September 2021, Jaiz Bank’s interest-free business loan products might be the choice of startups irrespective of religious sentiments in a few years.
The pioneer of non-interest credit facility in Nigeria Jaiz Bank says it has got $25million from Islamic Corporation for the Development of the Private Sector (ICD).
One of the ways for a business owner to quickly achieve their entrepreneurial goals is to get access to a soft or an interest-free loan, but most of the financial institutions around the world make a profit from interest on a credit facility.
To many Nigerians, the Government Enterprise & Empowerment Programme (GEEP) was active before the 2019 general elections, not knowing that a lot of credit facilities are still going on across the country. You just have to connect with the right information.
It is not a good time for some applicants of the CBN-backed covid-19 as they continue to receive unauthorised debit alerts from Nirsal Microfinance Bank (NMFB).
Nirsal Micro Finance Bank (NMFB), a CBN-dedicated bank for disbursement of government loans, has assured small business owners and individuals who accepted the loan offer of the government would receive a credit alert.
The recent N250,000,000,000 Gas Intervention Fund by the Central Bank of Nigeria is one of the several financing programmes for a quick economic recovery.
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) for the registration and supervision of Credit Guarantee Companies (CGCs) in Nigeria.
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
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.
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.
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.
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.
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.
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.
Over time, you would hear banking institutions and money lenders mention terminologies like tenor and maturity. Some people use the two words interchangeably.
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.