Dear Small Business Owner,
Do You Need A Quick Loan Of N4m?
Are you a small business owner? Do you need a quick loan to run your business?
Renmoney, a leading financial technology lending company, is willing, ready and able to advance N4,000,000 to your business at a single-digit rate of two (2) percent.
The Chief Executive Officer of Renmoney, Oluwatobi Boshoro, says: “We have tested and iterated this product extensively for almost six months, reviewed over thirty thousand applications and issued over six thousand loans. We are convinced that this product will go a long way in making financial inclusion meaningful for business owners.”
If your business needs N4,000,000, if your business has a good income history, if your business can part with a fraction of its earnings as monthly repayments, try Renmoney at www.renmoney.com.
Please feel free to let us know of your experience with Renmoney or need assistance as you try to access this facility. You can reach us at firstname.lastname@example.org.
How You Can Access Loans From Development Bank of Nigeria
The Development Bank of Nigeria (DBN) was licensed by the Central Bank of Nigeria (CBN) as a wholesale development finance institution, to lend wholesale to microfinance banks and deposit money banks, for on-lending of medium to long-term money to Micro, Small and Medium Enterprises (MSMEs).
With a capital base of N100 billion and $1.5 billion from development partners, DBN is uniquely positioned to make a significant contribution to the Nigerian funding ecosystem. Its loans are targeted at small business owners, farmers and traders, and has on-going lending activities in agriculture, trade and commerce, education and real estate.
However, not many Small Business Owners know the modalities for accessing credit from the bank. The bank’s Managing Director, Tony Okpanachi, is responding by counselling MSME owners on how to access funds from the bank.
Speaking at the SMEs Clinic in Lokoja, Kogi State, Okpanachi said that, being a development finance institution, its funds can only be accessed through commercial banks, microfinance banks and other licensed financial institutions.
Okpanachi says: “DBN will make facilities of up to 10 years tenor including a moratorium period of 18 months available to MSMEs and entrepreneurs for the first time on an interest rate that will be worked out based on prevailing market conditions at the time the loan was issued. However, the interest rates will still be much lower relative to the conventional lending rates at commercial banks and micro finance banks.”
The requirements and modalities for accessing DBN loans include the following:
- You must apply through your bank.
- The loan sought must be long term.
- You must have reasonable book keeping.
- Your bank (micro finance or commercial bank) must qualify you by running due diligence on you.
What to do: Are you a small business owner, farmer or trader, and you need to access loan from the Development Bank of Nigeria? Apply now, through your bank or your microfinance bank or any other financial institution approved by the Development Bank of Nigeria.
Feel free to contact us at https://smefinance.org/sme-clinic// if you need more information, advice or support in your application process.
Will National Collateral Registry Deliver Easy And Affordable Loans To Small Business?
In spite of the generally recognised and often touted role of Micro, Small and Medium Enterprises (MSMEs) as prime contributors to the development and growth of the economy, their inability to provide acceptable collateral for the loans they seek from banks remains a major constraint for the sub-sector. The commercial banks easily cite this challenge as a key reason why small businesses are practically denied access to credit and/or subjected to high interest charges.
This risk-driven apathy has created a financing gap of about $158 billion or N48.3 trillion in MSME lending. The need to address this issue motivated the Central Bank of Nigeria (CBN) to set up, in 2015, the National Collateral Registry (NCR), a secured transaction and movable assets registry. Registration of moveable assets at the NCR, with the Bank Verification Number (BVN) of the potential borrowers, is designed to provide comfort for banks to accept them as collaterals for loans to Small Business Owners.
As at January 31, 2019, according to reports, 21 deposit money banks, four merchant banks, one non-interest bank, four development finance institutions, 551 microfinance banks, 13 non-bank financial institutions and 34 finance companies have signed up to participate in the programme.
Furthermore, over 41,000 moveable assets with values of over N1.4 trillion have been registered, and lending banks have registered interest on movable assets worth N1.23 trillion, $1.14 billion and €6.08 million through 41,408 financing statements.
How can Small Business Owners leverage their moveable assets as collateral to assure their access to credit under the NCR plan? If you are a hairdresser or tailor, you can register your hair dressing equipment or your sewing machine at the NCR, which will qualify your business to offer it as collateral for your loan from your bank.
Now that the NCR allows you to present moveable assets as collateral for bank credit at reasonable rates, what are you waiting for?
Get cracking. Register your assets, and pledge it to apply for credit from your bank. Let’s test the system!
FCMB Rolls Out Zero-Interest Loan For Women in Business
First City Monument Bank Limited (FCMB) is set to roll out zero-interest rate loans to support Nigerian women entrepreneurs in need of affordable and convenient funding to boost their respective businesses.
The bank has also established a dedicated desk for women-owned businesses under its Business Banking Group, and equipped it with professional personnel to meet their needs.
The zero-interest initiative promises to prepare and equip the bank’s female-owned SME customers to take their business to greater heights. Over a three-month period, FCMB will mentor and train 80 women, out of which 40 will receive the loan. In one year, 320 women will undergo the programme while 160 of them will receive the loan. Beneficiaries will also receive financial advisory services.
The Executive Director, Business Development of FCMB, Mrs. Bukola Smith, says: “Our zero-interest loan product is tailored to offer sustainable benefits and increase the productivity and contributions of women-owned SMEs. …We will, hopefully, increase the number of beneficiaries on a yearly basis and keep enriching the other value-added advisory services to cater to the emerging and pressing challenges women face in their businesses.”
Questions: What’s in this programme for FCMB? How will the bank make money from zero-interest lending to these women entrepreneurs?
My best wishes for a thought-filled and profit-making week. Please send any comment or news, information and advice on small business finance to email@example.com.
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