Follow Us on Google Discover
Businesses often fail because of insufficient capital to kickstart operations, sustain the business or scale. Despite the crucial role that MSMEs play in the economy, particularly in developing nations like Nigeria, they are usually disadvantaged when it comes to sourcing funds from big commercial banks.
Microfinance banks (MFBs), on the other hand, provide easier access to financial services including the grant of loans to a large segment of small businesses and enterprises who would otherwise have little or no access to these facilities. In this article, we explore three MFBs where you can source up to five million naira easily to fund your business or personal need.
READ: Microfinance Banks record 82% boom in lending in 2020
Ren Money
Renmoney is a fintech lending company operating with a Microfinance Banking license in Lagos. The company is passionate about leveraging technology to deepen financial inclusion. They offer personal and business loans from ₦6,000 to ₦6,000,000 to employees and entrepreneurs; as well as high interest savings and fixed deposits.
Other News
With Renmoney, you can apply for a loan of ₦6,000 – ₦6,000,000 without collateral and repay in 3 -24 months. Monthly interest rates range from 2.4% – 9.33% and the maximum Annual Percentage Rate (APR) is 35.76%. No other fees are charged.
READ: Nigerians will soon use their gold as collateral for loans – Minister
Features and benefits of Ren Money Microfinance bank loan
- Fast and convenient loans from ₦6,000 – ₦6,000,000
- Flexible repayments from 3 – 24 months
- Money in your bank account in minutes
- Lower rates and longer tenure on your next loan
- No paperwork
- No collateral or guarantor needed
- No hidden charges – you always see your loan terms before you commit
READ: CBN disburses N50 billion loans through MFBs’ IT platform
AB Microfinance Bank
AB Microfinance Bank offers business owners of Small and Medium Size Enterprises the opportunity to access loan products in a quick, transparent, and efficient way. Prospective borrowers do not need to have saved any money with AB Microfinance Bank before applying for a loan. All that is needed is an existing, viable business.
READ: NDIC set to liquidate 42 Microfinance Banks
Features and benefits of AB Microfinance Bank loan
- Loans from NGN3,000,000 to NGN20,000,000 for your existing business
- Competitive interest rate starting from 3.0% monthly on reducing balance
- Disbursement fee of 1.0% of the loan amount
- Maturity period from 6 to 24 months with equal monthly instalments
- Broad range of collateral items accepted
- Upon submission of all required documents, loan disbursement is guaranteed within 3 working days
READ: How to pre-qualify for your banks’ Retail/SME loans
LAPO Microfinance Bank
The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprise (SME) operators in Nigeria.
Licensed by CBN in 2010, LAPO Microfinance bank has focused on developing small businesses in Nigeria. With over 1 million entrepreneurs empowered, LAPO microfinance bank has provided entrepreneurs with reliable microfinance services.
Irrespective of the sector your enterprise is operating, LAPO MfB is willing to support you with credit facility up to N5,000,000 to expand the enterprise at reasonable interest rates.
READ: CBN moves against bad debtors to other financial institutions in new circular
Features and benefits of LAPO Microfinance Bank SME loan
- No collateral
- Access to funds for business expansion
- Flexible repayment structure
- Facility amounts up to N5,000,000
- Duration of 12 months
- Training on basic financial management, business planning and customer relations
- Expert financial advice available when you need it
Follow Us on Google Discover
How can I do to get the a loan from any of this 3 organizations, because my business is at the verge of collapsing please how do I go about it please.
How can I apply
You can check them via their website to know their branch coverage.
for AB Microfinance bank visit www. ab-mfbnigeria.com
for LAPO visit http://www.lapo-nigeria.org
for Ren Money visit http://www.renmoney.com
LAPO is a leech; a hydra-headed one at that. The demeanor of its management and staff in Ondo State especially shows they delight in insolvency of their customers and have developed a sadistic module of enforcement of repayment from their customers.
I won’t be surprised if you’re one of those who creates an opinion from hearsay. You’re probably not an account holder, or an account holder who took a business loan, but instead used the money for something else and starts to complain when the time for repayment comes.
The ability of the Organization to keep on supporting serious-minded business people is partly dependent on the loan recovery too.
By the way, the fact that you have a BVN and NIN means the Bank doesn’t have to verbally communicate with you at the time of repayment. The Credit Bureau of Nigeria via the IPPIS simply deducts the repayment automatically and also, I have it on concrete authority that all loans from LAPO MfB are insured.
How come you don’t have branches nationwide, am a resident of PORTHARCOURT but i have never heard or seen any brach of this microfinance banks here.
I would like to apply for a loan of N3000,000 with AB micro finance bank i lives in ibeju lekki Lagos State
Where is ten office in ABA.
Joseph Katsina
I would like to apply for a loan of N3000,000 with AB micro finance bank i lives in Makurdi in Benue state,i hope they won’t decline after submitting all my details?
I need laon
You can check them via their website to know their branch coverage.
for AB Microfinance bank visit www. ab-mfbnigeria.com
for LAPO visit http://www.lapo-nigeria.org
for Ren Money visit http://www.renmoney.com
I need Ren Money for small business (P.O.S)
I wish to apply for a loan of 3 million from lapo in uyo. How do I go about it
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134
Warning: Undefined variable $post_id in /var/www/nairametrics/wp-content/themes/nairametrics/comments.php on line 134