As a small business owner, growing your business and meeting your customers’ needs should be your top priorities.
If you just said, “But I need money to reach my goals,” you’re not alone. I hear you, and I’ve received mail from small business owners with the same needs.
Getting a loan is an option if you need money for your business, but the thought of collateral is a burden, right?
In no particular order, here is a list of five collateral-free sources of loans for small businesses.
1. Carbon’s SME loans
Carbon’s SME loans is a product that allows you to “grow your small business with affordable, collateral-free loans.” SMEs can access up to ₦1,000,000 without collateral, guarantors, or paperwork.
Claiming to be “the financial marketplace to access and lend out personal and business capital,” Kiakia might just be what you’ve been looking for to give your business a boost.
FastCredit offers business loans to micro, small, and medium enterprises to support business growth. The loans are backed by guarantors and are for a maximum tenor of six months for business owners that meet the criteria.
4. QuickCredit for Small Business
If your business is in the Education, Healthcare, Trade, or Service sectors, and you have a GTBank account, you probably want to check out QuickCredit for Small Business, a time loan product aimed at supporting the working capital needs of SMEs.
5. EZ cash for SMEs
Stanbic IBTC Bank’s EZ cash for SMEs is an instant loan that business owners who meet certain eligibility criteria can enjoy from the Bank. It allows customers to choose a repayment option between one to twelve months.