Obtaining loans in the last few years from traditional banks in Nigeria especially by Small and Medium Scale Businesses, SMEs, has become very difficult if not impossible. Many people with viable ideas to start a business have been unable to do so due to lack of working capital. And many small businesses have been unable to expand for lack of support from deposit money banks.
Some of the reasons adduced why SMEs are unable to access loans from traditional banks are due to high default rates, liquidity squeeze of banks by the Central bank of Nigeria, (CBN) and poor credit ratings. LAPO SME Loans without Collateral is one of the many micro-credit products that have emerged on the basis of this credit funding gap.
Why The Emergence of LAPO SME Loans Without Collateral?
Many other Microfinance banks have emerged in Nigeria and their major purpose is to support SMEs loan needs and provide working capital requirement which the traditional banks have failed to do. Irrespective of the sector your SME may be operating, LAPO Microfinance Bank says it’s willing to support you with a credit facility up to N5,000,000 to expand the enterprise..
Both big and small businesses require big loans. The LAPO SME Loans is a credit product designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria.
Irrespective of the sector your enterprise is operating, LAPO SME Loans without collateral is willing to support you with a credit facility up to N5,000,000 to expand the enterprise. At an affordable interest rate, Nigerian SMEs can now maximize their potentials with the SME Loan for the expansion of their businesses without collateral, without stress and minimal documentation.
LAPO SME Loans Basic Application Requirement
To access LAPO SME Loan, you must have an existing business:
LAPO goal is to support you grow your existing business. Hence, it is a primary requirement for a SME loan applicant to have an existing business with proof of ownership.
1, Have an active Account:
LAPO would require your commercial bank account details. When your loan is approved, this account will be credited with the requested loan amount.
2. Be of Age :
You should be 18 years and above to apply for this loan.
3, Have a valid ID :
We only need you to upload any ONE of the valid means of identification as listed below;
a. International Passport
b. National ID
c. Driver’s License
d. Voters Card.
Features of Lapo SME Loans Without Collateral
Facility amount up to N5,000,000
Duration: 12 months
No collateral
Access to funds for business expansion
Flexible repayment structure
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Training on basic financial management, business planning and customer relations
Expert financial advice available
Documentation Required for Lapo SME Loans Without Collateral
Loan application letter
Duly completed application form
2 guarantors
A valid means of ID (national ID, driver’s license, voter’s card or international passport)
Current utility bill
4 recent passport-size photographs
Categories of LAPO SME Loans Without Collateral
1. LAPO Regular Loan
This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses. .
2. LAPO Agricultural Loan
Agriculture is the mainstay of any economy and is fundamental to the socio-economic development of any nation.
3. LAPO Special Loan
LAPO MFB Special loan product was developed to meet the credit needs of existing regular loan clients who require bigger loan sizes to strengthen their businesses.
How To Apply For LAPO SME Loans Without Collateral
You can now apply for our SME loans online. You can access up to ₦ 10,000,000 credit facility with extendable duration of 12 months.
You can now apply for our SME loans online. You can access up to ₦ 10,000,000 credit facility with extendable duration of 12 months.
To apply for LAPO SME Loan without collateral, CLICK HERE. You can also call their customer service on 0813 984 0230 for more details on their loan aplication process.
Customers Feedback On LAPO SME Loans Without Collateral
It looks like there are no customers’ review about the LAPO app on Google Play Store. This is not quite common but QUICK LOAN ARENA understands that the SME Microfinance bank does not use its app for its loan request or processing. Customers and borrowers may have to use their direct website link for their request.
Can I get loan from Lapo online?
How much can Lapo borrow me?
NGN 500,000. You can get between N500,000 and N5,000,000 from LAPO SME loans.
Lapo offers unsecured loans of up to NGN 500,000 for small businesses and NGN5,000,000 for small and Medium-scale Enterprises. Microfinance lending is the provision of financial services for people who don’t have access to traditional financial services such as banks.
What is the interest rate of Lapo?
LAPO Microfinance offers a flexible interest rate to its SME loan customers. The monthly interest rate is between 0.75% to 6%.
Who owns LAPO microfinance bank?
Godwin Ehigiamusoe ( born August 21, 1958 ) is a Nigerian entrepreneur, microfinance practitioner, investor, and philanthropist. He is the founder of LAPO Microfinance Bank, a non-profit pro-poor financial institution headquartered in Benin, Edo
How many LAPO branches does Nigeria have?
LAPO MfB is the largest microfinance bank in Nigeria with 1.1 million clients and 327 branches currently operating in 26 out of 36 states in the country.
1 Comment
LAPO has been helping the SME for a very long time particularly the micro small businesses.