Small Business Loans in Nigeria – Top for SMEs

Access to the amount of loan you need plays a very important role in growing businesses. Hence this write up on small business loans in Nigeria right now.

small business loans in nigeria

Getting a start up capital for your business is the common and most challenge facing small and even medium scale business in Nigeria.

Already existing businesses also need loan and more money to refund and boost their businesses at times, usually when there is a rush for a particular product or at a particular time of the year.

Perhaps you might have been thinking on how to quickly get this loan for your business. Here in this article, I will be letting you know various platforms via which you will gain access to small business loans in Nigeria.

A lot of time, small and growing businesses may need some additional cash to expand their businesses or to keep the enterprise booming. The need for loan becomes the best resort when all other means of raising funds seem truncated.

Although, the small business owners view business loans processes as being complicated to access while others get scared because of the refund and interest attached.

This platform that provide loans to small businesses allow the borrower to pay back with a stipulated interest within the period of time or at the end of the whole period.

Small Business Loans in Nigeria

Here in this post, you will know some agencies that offer quick business loans either online and or offline.

1.) LAPO

This is a small business loan(SBL), microfinance bank set up to offer loan to small and medium scale businesses in Nigeria. Entrepreneurs who need more funds and wish to grow, expand and keep their business running can look towards this direction.

Materials needed to apply for the load through the agency include.

  • Application letter for loan
  • Two guarantors
  • Duly completed application form
  • Legal means of identification eg. National ID card.
  • Passport photographs
  • Light bill

You don’t need a collateral to apply for loan at lapo, since you already have guarantors. Loan is insured against fire and death of business owner. Loan offered to clients ranges from #50, 000 to #500, 000.

This loan is granted to single person only, and the duration for which this loan lasts before repayment is between 1 to 12 months, with grace of an extra month.

2.) C24

This is a quick money lending agency that provide financial support to entrepreneurs to boost and expand their business. C24 offers retail loans to borrowers at a minimum cash of #40, 000 and a maximum of #750, 000.

Existing customers stand the chance of getting access to a million naira, payable at the stipulated period of time.

This micro financial institution came to be in order to solve the problem of lack of capital for SME. They provide quick loan online and offline to interested borrowers and the process of loan acquisition is much faster.

3.) Ren money

This leading financial tech company grants loan to small and medium scale business owners to expand their business and to keep their business booming. Ren money offers loan to entrepreneurs of cash worth four million and charge interest rate of about 5%.

Requirements needed to access this loan at Ren money are;

  • Utility bill
  • Six months bank statement of account.
  • Passports

Applicants can access their different types of loan as well as their repayment categories online or offline.

Borrowers can access their loan within 24 hours when all requirements are met. When application is approved, you will receive your loan in your account or at hand. When loan is pay at the right time, borrower will be granted the chance to access more and higher loans.


This online platform provides access to entrepreneurs to acquire loan for their small or medium scale business. Lydia micro finance institution grants loans to businesses from the range of about #100, 000 to #5, 000,000.

This agency uses advanced technology and algorithm to check the risks involved before allowing costumers acquire loans. This technology helps to ascertain the level and income the borrower gets and decide on the rate of interest. Although they have a low interest charge.

5.) Quickteller Loan

This financial institution is an online agency that grants easy money assistance to borrowers, usually from an amount as low as #5, 000. This type of loan is accessible via the internet or using a short code to apply.

Applicants must have an account with the accepted banks in Nigeria where the money will be paid into. Once the loan is given, and the borrower pays back before or at the stipulated time, he opens a chance to apply for higher loans.

6.) Paylater

The name of this financial institution says it all. Paylater is quite an easy money lending online platform that grants loan to businesses and individuals in a short term. Loans granted are used to boost businesses.

It takes 3 working days to process loans at Paylater and once your application for loan is granted, you will be entitled to acquire an amount up to #500, 000 with out any collateral.
Loans repaid at the right time will attract the benefit of accessing higher amount.

7.) Trader Moni

Trader moni is a financial institution owned and managed by the federal republic of Nigeria. Founded by the vice president of the country, Prof. Yemi Osibanjo. Loan granted to Small businesses ranges from #3,000 to about #1,000,000. Borrowers are required to pay back with in a stipulated time. Early repayment attracts chances of applying for higher amount.


This is an online money lending agency in Nigeria that provides financial support to businesses in order to help grow the economy and the businesses of the borrowers. Kiakia is a quick and easy lending platform that uses psychometry, machine learning and digital forensics for their proprietary credit scoring and credit risk assessment algorithm to grant direct and peered personal and business loans to lots of individuals and small businesses with out credit information.

9.) Pennylender

This is an online money lending agency that offers loan to individuals. They provide single payment loan, installment loans and payroll loans to employees through their employer. Repayment is deducted monthly from the employees salary. This loan ranges from #10,000 to #500,000.

As soon as you make up your mind on the amount needed and have set up your repayment schedule, you will receive your money into your salary account.

Interest rate is charged based on the data provided by your employer. It could be half of your salary, till loan is fully repaid.


This money lending agency, GroFin grants Small and Medium Enterprises business loans across Africa & the Middle East. This agency will offer you loan if you have investible numbers and you are looking to expand your business.

Access to loan can get up to over half a billion naira provided you provide all the necessary requirements.


It appears that all these agencies that offer quick and fast loans to small and medium enterprise in Nigeria does not demand any collateral. However, it is important that you run a proper check to know their terms and conditions to avoid getting hooked up.

Ensure you know and understand properly how much is charged as interest.

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My name is Rasaq Olayemi, i like anything science, engineering and technology. I enjoy learning new things and sharing what i know.