How to Get a Business Loan in Nigeria (2025)

Determine Your Loan Type

Working capital (inventory, salaries): ₦100K-₦5M from fintechs. Equipment/expansion: ₦5M-₦50M+ from banks. Start-up capital: Harder to get—consider grants first.

• Working capital: Short-term, quick approval
• Asset financing: For equipment purchase
• Invoice financing: Against customer receivables
• Term loans: For expansion projects

Get Your Documents Ready

Business registration (CAC), Tax Identification Number (TIN), business bank statements (6-12 months), and personal ID (BVN, NIN).

• CAC registration certificate
• TIN (Tax Identification Number)
• 6-12 months business bank statements
• Business plan (for larger loans)
• Personal guarantee/BVN

Improve Your Eligibility

Run your business income through a bank account (not cash), keep good records, have consistent revenue, and build personal credit history.

• Use business bank account for all transactions
• At least 6 months of operations
• Consistent monthly revenue
• No bounced checks or fraud history

Apply to Multiple Lenders

Apply to 2-3 lenders simultaneously. Fintech approvals are fast (same day). Bank loans take 1-4 weeks. Compare terms before accepting.

Negotiate Terms

For larger loans, banks may negotiate on: interest rate, repayment schedule, collateral requirements, and processing fees. Don't accept the first offer.