How To Get Loan From Micro Finance Without Collateral

Raising startup capital to finance a business idea is not easy and that is why the question “How do I get loan to finance my idea?” is mostly asked by people from all walks of life.

Go to any forum where entrepreneurs are meeting, you will discover that discussions center mainly on how to raise fund for their businesses either in the form of loan or investment.

There is no doubt to the fact that it is sometime hard to come by money to launch a new businesses. In fact, one great hurdle you will have to cross if you are to be in business is raising start- up capital.

There are many problems confronting entrepreneurs, but the major one is how to raise capital.If you have a good and and tested idea, the only thing that can stop you is how to finance such idea and kick it it off ground.

SEE ALSO: How To Get Loan From Microfinance Banks In Nigeria

Nearly everyone in business today has one story or the other to tell about how difficult it was for him or her to get capital to fund their businesses. Nevertheless, one way or the other, some people are getting over the hurdle.Several doors may have been knocked, but the fact is that there are tested and easy to follow steps on what to do to get start-up capital to finance fresh idea or expand an existing business.

Why People Finds It Difficult To Get Loan

Inadequate preparation – many of us find it difficult to raise money to kick start our business because we do not plan ahead. A jouney of a thousand miles begins with a simple step taken forward. It is much easier to accomplish the things you want when you have a well thought out, and executed action plan. Be prudent in your spending and start saving a fractional part of your income now.

Be involve in various saving option available. You need not be a victim of the adage that says a starter expends his first earnings on bread and cake. You  need to be a prudent spender knowing well that the may not last forever.

SEE ALSO: Easy Ways To Collect Service Loan From Microfinance Banks

Infeasible and non-tested idea- having an idea is not enough, testing the idea’s viability to know if the idea will work is the most important thing. Many have lost large sum of money by putting their life  saving on a business idea  that careful evaluation would have shown had no prospect.

Testing the ideas to find out their workability and profitability is necessary so as not to pour your hard-earned money into a project or business before you regrettably discover that the idea is a lame duck. You must obtain the right information before  you venture  into any business.

No wise lender will like to throw his money into Lagoon. Investing in a business that will not yield returns for the investors and the lenders is like throwing many into lagoon.Inability to convince would- be lenders –  another pivot reason why many people find it difficult to get start-up capital is their inability to convince would be lenders of their project viability.

Even if you were surrounded by well to do men with financial muscles, none of them would like to commit a kobo into your idea if the idea is not convincing enough. To convince your would be lenders of your idea  viability, you need to know what lenders want to see and hear. This will later be discussed.

AB Micro Finance

To most people they believe, getting a loan in Nigeria without presenting a collateral or guarantor is not possible. But I want to say congratulations to every one in need of such offer or someone that has been suffering to get started in any business, but due to lack of fund, he or she has been stranded.

The Process of Application For Loan

The process of getting a loan in AB Micro finance is so simple, because the bank is owned by a group of Germans, that does not believe in protocols.

All that you need is to walk into their office situated in 9, Oba Akran Avenue, Ikeja, Lagos and request for the details of how you can get a loan for your business.

The workers will simply bring out the form for the acquisition of the loan and you will fill it under the assistance of the micro finance worker in charge.

Within the next 24 hours, a loan officer will be assigned to you that will come to your shop or office and information like the type of business you do, your weekly or monthly income and some little questions.

Though the banking network covers mainly the Mainland of Lagos State as regards your line of business. So one has to be smart to get a place around Mainland as a contact place for your business.

And within a week after all the normal processes, your loan will be approved.

Features of The Bank

1. Fast and transparent

2. No hidden costs

3. No previous savings required

4. All you need is a running business

Types of Loan

1.       AB Business Flexi

2.       AB Business Plus

3.       AB Business Max

AB micro finance is part and parcel of international micro finance network with other shareholders as

(1)     Access holding (Germany)

(2)     African Development Bank

(3)     KFW (Germany)

(4)     IFC (World bank)

(5)     Impulse (Belgium)

This article was made available by Anonymous