Institutions And NGOs In Nigeria That Can Give Out Loans Without Collateral

NGOs In Nigeria: The biggest hurdle faced by anyone that wants to start a business from scratch is funding. Investors prefer to put their funds into businesses that have existed for many years with high-profit index.

Investing in a startup is too risky but every business starts from somewhere. If you’re having difficulties with funds, there are institutions that are non-governmental that can give you a loan without collateral. However, they have some conditions you must meet.

The first condition which is the most important is that you must set up your business in Nigeria. In other words, your business must be located in Nigeria. You also need to provide a concrete business plan and loan proposal. Remember, this is a loan and not a grant, so you must describe how you’re going to pay back. You will also need to provide detailed information about yourself. Impersonation and any false information can disqualify you. Some of these institutions include:

Institutions And NGOs In Nigeria

• Microfinance Banks

Microfinance banks target low-income earners as well as small to medium scale businesses. They provide loans for business development with Low-interest rates and without collateral. Each Microfinance bank has a peculiar list of businesses that are eligible to receive support from them. Some of them focus on agricultural ventures while some does not support agricultural activities. You can approach and genuine Microfinance Bank to find out their terms and conditions.

• Business Angels

This is a group of private individuals who are financially buoyant. They have the keen interest in helping small businesses in the country. The great challenge is how to identify them and their needs. It’s quite difficult to obtain the loan from them. The business idea and plan has to be really outstanding.

The best way to get a loan from this organization is to get someone to vouch for you. The very basis of this type of loan is trust. You need a build a certain level of trust with them before they can release their funds. It’s important to go through their terms and conditions properly before signing any agreement.

• African Hope Organization

African Hope Organization functions with the aim of saving the nature of Africa and, of course, the people of Africa. It is more of a charity organization. They fund only projects that sync with their aim and objectives.

So, if you have a social project in Africa which needs funding, then you can cooperate with this organization. They will help you to create not only a valuable business plan but develop the project of your dreams.

• Business and professional women club

This club is situated in Club Arcade Annex 7. This programme is created specifically for women in need. The whole organization is supported by the Federal Ministry of Women Affairs. There are lots of women societies which also take part in the development of the organization, like:

• TY Danjuma Foundation
• Stanbic IBTC
• Abuja Enterprise Agency
• Abuja Municipal Area Council
• The Agency for Mass Education
• Aso Saving and Loans
• Central Bank of Nigeria
• The National Council of Women Societies

Women can rely on this society for getting loans for their businesses.

• Growing Business Foundation

This is another organization in Nigeria that has a goal to provide various funds for business owners. They help citizens to grow their own businesses. Therefore, if you have a good plan for creating something new for Nigerians, then you have to get support from the Growing Business Foundation. One of the main goals of this organization is to create a society of entrepreneurs, who would contribute to their goals of serving people and creating more jobs in Nigeria.

The good basis for business will always lead to the good economic situation in the country. That’s the very reason why the fund supports various businessmen in Nigeria.

They believe that the sustainable economics is impossible to build without responsible entrepreneurs. The organization also has the goal to fight against poverty in Nigeria. It’s one of the reasons why they want Nigerians to embrace the idea of entrepreneurship. More entrepreneurs in the country will inevitably lead to the strong development of the economy.