Top 10 Small Business Loans Without Collateral in Nigeria

Small and Medium Scale Businesses, SMEs are a critical sector and the backbone of any nation’s economy, especially developing countries. SMEs are also important contributors to employment, economic and export growth. In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. Most SMEs cannot survive without loans and cannot afford the collaterals that traditional banking system requires. Hence it’s important that small business loans without collateral in Nigeria are available to these very important sect of businesses.

Despite the fluctuation and devaluation of the currency which has culminated in capital inadequacy for most SMEs in Nigeria, there are opportunities in the business environment that small businesses can explore to turn the tide.

Why Small Business Loans Without Collateral In Nigeria is Important

SMEs need loans to sustain their working capital, to invest and expand their productive capacity for better output and increased bottom line. Without the access to funds and funding which most times are through loans, small businesses run the risk of becoming stunted, unproductive and unsustainable.

Top SMEs Loans Without Collateral In Nigeria For 2022

In Nigeria, SMEs contribute 48% of national GDP, account for 96% of businesses and 84% of employment. According to the Nigeria Bureau of Statistics, (NBS), small and medium scale enterprises (SMEs) in Nigeria have contributed about 48% of the national GDP in the last five years.

According to the World Bank, SMEs account for the majority of businesses worldwide and are important contributors to job creation and global economic development. They represent about 90% of businesses and more than 50% of employment worldwide. Formal SMEs contribute up to 40% of national income (GDP) in emerging economies. Because of this major role, it’s important that each country provides special SMEs loans without collateral for the survival of their econmies.

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List Of 10 Best Small Business Loans Without Collateral In Nigeria

The following form our list of the top 10 best business loans without collateral in Nigeria in 2022. Apart from specially designed for small and medium scale businesses, their processes are quick, they provide instant cash, and they do not require collateral or any major documentation. Most of these small business loan are completed executed online without the need of physical submission of documents.

  1. Lendigo SME Loan
  2. Stanbic SME Loan
  3. Lidya SME Loan
  4. Zedvance SME Loan
  5. GroFin SME Loan
  6. CBN SME Loan For Graduates, Undergraduates
  7. SukFin SME Loan
  8. CBN Anchor Borrowers Programme
  9. Sterling Specta SME Loan
  10. Wema Bank Alat for Business

1. Lendigo SMEs Loan

With Lendigo, You can Secure up to N300,000 – N10m small business loan without collateral in Nigeria.

Lendigo is a financial technology firm (FINTEC) dedicated to small business loans through technology and innovative practices. The company prides itself as being Nigeria’s No 1 SME Loan Provider.

According to the digital lending platform, its small business loan are easy, fast, flexible. Lendigo says it provides reliable and timely access to working capital for SMEs in Nigeria according to their individual requirements and suited to their business and finance needs.

Do you provide Retail and Professional services? Are you a trader of merchandise such as Electronics, Computing, Phones, Fashion and Apparel, Household Goods among others? If you are in these categories and in need of SMEs Loans without collateral in Nigeria to increase your productive capacity and sustain your working capital, then Lendigo may be able to help you out.

This is because Lendigo offers business loans from N300,000 – N10,000,000 without collateral.

You can easily apply for a business loan on the Lendigo App at a very low interest rate, and get it credited straight into your account, even if your business is not yet registered.

To begin the application process, download the Lendigo App by CLICKING HERE.

To access their loan offers, you can also register on their platform and then fill out their form, CLICK HERE FOR MORE DETAILS.

2. Stanbic SME Loan

Stanbic SME Loan is a tailored made lending facility that is available to small businesses without collateral in Nigeria for expanding their productive capacity and meeting working capital in order to achieve business goals. The bank says the SME loan scheme takes 24-Hour process for eligible customers with little documentation.

About Stanbic IBTC Bank

Stanbic IBTC Bank is a member of the Standard Bank Group, an authorized financial services and registered credit provider in Nigeria.

If you need an SME loan without collateral and zero stress, then the Stanbic IBTC SME Loan is one of your best options. The bank says with the loan scheme, “you will never lose a deal, and you can get from N50,000 and above to meet financing needs.” However you may need to operate a Stanbic IBTC account to qualify.

Stanbic IBTC Bank adds that they are “committed to the continuous support and development of SMEs through targeted initiatives and products.” It further advises SMEs in Nigeria to take advantage of the loan to expand their operations and grow their businesses.

Stanbic SME Loan for Small Business: Application Process

The application procedures for getting the Stanbic IBTC SME loan is not complicated at all. All you need to do is to start by completing a simple application form online. The form can be obtained by clicking the blue link below. After you do, you get a message like below with a form to fill


Simply FILL the form in THIS LINK to apply for Stanbic IBTC SME Loan and the bank will contact you.

3. Lidya SME Loan

Lidya is a USA holding financial institution that provides instant small business loans without collateral in Nigeria and to some other frontier and emerging markets. The company is spread across 3 continents and 5 countries which are USA, Portugal, Nigeria, Poland and Czech Republic. Lidya says it can grant instant credit between N50,000 to N30m to small businesses  in 24 hours.

Lidya SMEs loan give you the opportunity to expand your business and generate more income. Lidya provides financing based on the cashflow in your bank account and without collateral. You can access this quick online instant loan by simply signing up for growing your business to the next level. With Lidya instant online loan, you don’t need to wait for your invoices to get paid in order to pay your expenses or grow your business. The online loan platform provides the option to turn every invoice into a revenue opportunity

Lidya says it has registered over 269,836 businesses, granted at least 44,245 quick loans. It also has 90 strategic corporate partners and has presence in 3countries.

Features of Lidya Small Business Loan Without Collateral In Nigeria

Businesses can obtain between N50,000 to N30,000,000 million in working capital.

All applications are online or via official mobile phone.

No colateral or physical documentation required

You can get decision in 24 hours.

How Lidya SME Loan Without Collateral works in Nigeria

To assess credit risk, Lidya SME loan uses close to 100 data points to evaluate businesses, build a credit score unique to each business, and disburse loans in 24 hours or less.

The following are the processes to access Lidya small business loans

Use your bank statements to get your loans

Upload your transaction history. Upload your data quickly and safely in our platform. Your data will be analyzed in 24 hours.

Understand your transaction data. Have a record of all your transactions that you can access online, anytime and anywhere.

Be qualified for a loan. If your business needs more working capital to grow, this is the premier option for you.

Get loans. Get access to funds immediately!

How To Apply For Lydia Small business Loan Without Collateral

1. Create Account
Create and complete your profile in 5 minutes

2. Select Loan Type
Choose the most relevant option to apply for a loan

3. Get a Loan
Get financing through Lidya within 24 hours

Lidya’s fintech platform, according to lets small and medium-sized businesses (SMEs) register online for loans from $500 and get that credit within 24 hours. This process helps SMEs build a credit history for the first time.

The Nigerian lender had dispersed more than 10,000 loans to 2,000 small businesses in its home market, as of July 2019. In its first year, Lidya issued $2 million of loans growing to $10 million in year two. It is on track to become the biggest digital lender in Nigeria by the end of the year, it says.

To read more about Lidya loans, CLICK HERE

To Apply for a Lidya Business Loan CLICK HERE

4. Zedvance SME Loan

Zedvance Finance: The small business loan company that claims to provide N5million Loan in 5 hours in Nigeria

Zedvance Finance Limited is a consumer finance company committed to providing consumer credit in the most efficient and convenient manner for small businesses in Nigeria. It offers loan packages that cater to all your financial needs regardless of what they may be. The company claims an eligible individual or small business can get up to N5million quick loan in 5 hours.

According to Zedvance, :”if you have a full-time job and wish to start a side business, with Zedvance you can borrow up to N5 million and repay it over a period of 18 months. No hidden charges.” With Zedvance Instant Loan, you have the choice to a flexible mode of payment almost at the point of need. Depending on who you bank with, you could have the funds in your account within the hour.

Individuals and small business owners in Nigeria can give them a try. Once you are eligible and qualify, you may receive instant cash disbursement after your loan is approved.

To apply for Zedvance SME loan, you have to, sign up first.

5. GroFin SME Loan

Grofin loan support of $100k to $1.5m for small businesses in Nigeria and more

GroFin is a specialist, impact-driven small and medium scale business loans without collateral in Nigeria financier. The organization helps entrepreneurs succeed by providing them with small business loans and business support to grow their businesses.

GroFin believes that a growing SME sector which creates sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives. Headquartered in Mauritius, GroFin offers financing and support to SMEs in 14 countries in Africa and the Middle East. It’s supported by 34 international finance institutions, development organisations, and private funders who have committed nearly $540 million in capital to the funds. Since its inception in 2004, GroFin has invested in 761 SMEs and sustained nearly 84,500 jobs.

Grofin offers small business loans without collateral in Nigeria
Grofin offers small business loans without collateral in Nigeria

Features of Grofin SME Loan

GroFin support entrepreneurs and their small buisnesses with instant loan to help them thrive. It focuses on small businesses operating in education, healthcare, agri-processing, manufacturing and key services (water, energy and sanitation). GroFin believes that SMEs need more than finance to succeed. And that growing small businesses to create sustainable jobs is the most powerful driver of social and economic development that truly improves people’s lives.

Categories of Small Businesses Covered by Grofin SMEs Loan Support And Eligibility

GroFin only supports and finances loan for small businesses with the following features:

  1. Your SME or growing business operates in a country where GroFin has an office: South Africa, Nigeria, Ghana, Ivory Coast, Senegal, Uganda, Tanzania, Kenya, Rwanda, Zambia, Egypt, Iraq, Jordan or Oman.
  2. Your business is in one of our preferred sectors: Education, Healthcare, Agri-Processing, Manufacturing, or Key Services (Energy/ Waste / Water / Recycling).
  3. Your business is making a positive social and economic impact: e.g. creating jobs, empowering women, benefiting the environment, Sustaining Livelihoods.
  4. You require medium-term loan capital for your business: between US$100k and US$1.5M for a loan duration of 3-8 years.
  5. You have an established business: operating for 2-3 years and has an annual turnover of 1.5 times the loan amount. We do consider startups on a case-by-case basis.

Grofin SME Loan: How It Works

Our investment team reviews your submitted online assessment form against our investment criteria and informs you if we are able to proceed with your application.

If you qualify, your Investment Manager contacts you and helps complete your application by conducting an assessment of your business, highlighting key risks and opportunities to make your business investment-ready.

Your application is submitted to a committee for review. Upon approval, your application will result in an offer that will be documented in a formal letter to you.

Upon your formal acceptance of our offer, we proceed with disbursing funds to your business.

We provide you with continuous value-adding business support focusing on your business’s needs. Our support is designed to enhance the success of your business while helping you implement your business plan.

On payment of your final installment, our formal involvement with your business ends. The final settlement is a good time to review your business plans and discuss any further finance and support needed in keeping with your future growth requirements.


The application for Grofin loan is done via the official website. It starts with the Pre-qualification Assessment
to make sure you’re qualified for the loan.

STEP 01 – Pre-qualification Assessment

STEP 02 – Application Form

STEP 03 – Documents Check-up

STEP 04 – Approval

STEP 05 – Disbursement

To apply, go to the Grofin loan application portal.

Fill the application form with valid and verifiable information about yourself and your business.

Submit the application and wait for approval.


For any in-person visits, please book an appointment by email:

43 Sobo Arobiodu Street, GRA Ikeja, Lagos, Nigeria

Monday-Friday: 8am to 5pm (Saturday & Sunday: Closed)

You can also send an email to the Lagos or Port Harcout GroFin customer service: or

One can also get to them via phone: +234 705 696 6666 or +234 909 000 1346 for Lagos office and

+234 705 295 1455 or +234 806 554 9089 for Port Harcourt office.

Send a message to GroFin Nigeria (Lagos).

6. CBN SME Loan For Graduates, Undergraduates

CBN unveils small business loans without collateral in Nigeria at 5% (N5m individuals, N25m corporate) for graduates, undergraduates  without Collateral

The Central Bank of Nigeria (CBN) as part of its policy measures to address rising youth unemployment and underemployment unveiled business loans for graduates and undergraduates of Nigerian polytechnics and universities at a single digit interest rate of 5%.

The business loans which comprises N5million for individual projects and N20million for partnership and company’s projects are designated the Tertiary Institutions Entrepreneurship Scheme (TIES), and executed in partnership with Nigerian polytechnics and universities to harness the potential of graduate entrepreneurs (gradpreneurs) in Nigeria.

According to a report the CBN released on Wednesday titled: “Guidelines for the Implementation of Tertiary Institutions Entrepreneurship Scheme’, (TIES), it says the broad objective of the Scheme is to enhance access to finance by undergraduates and graduates of polytechnics and universities in Nigeria with innovative entrepreneurial and technological ideas.

Eligibility Criteria for Participation

Applicants under the Scheme shall be graduates of Nigerian polytechnics and
universities with:
i. First degree certificate (BSc/HND/ or its equivalent);
ii. National Youth Service Certificate (NYSC) discharge or exemption
iii. Certificate of Participation issued by polytechnics and universities
evidencing entrepreneurship training; and
iv. Not more than 7 years post-NYSC.

How To Apply for the SMEs Loans 

The beneficiary must apply on the dedicated online portal and provide all requisite documentation to support the application, the CBN document says.

i. Apply on the dedicated online portal and provide all requisite documentation to support the application;

ii. Present for verification original copies of submitted certificates and documents;

iii. Submit business proposal and other documentation requirements

iv. Adhere strictly to the terms and conditions of the Scheme and avoid any forms of plagiarism in the project idea;

v. Utilize the funds for the purpose for which it was granted;

vi. Present the business and its location for mapping/tagging, as well as monitoring and evaluation;

vii. Maintain accurate and up-to-date records available for inspection/verification by the CBN and Monitoring Team; and

viii. Adhere strictly to the terms and conditions of the Scheme.

TO APPLY for the SMEs loan scheme N5m (individuals) and N25m (partnerships/company) at  5% interest rate for graduates and undergraduates, CLICK HERE.

TO READ CBN FULL REPORT on the Tertiary Institutions Entrepreneurship Scheme (TIES), CLICK HERE.

To learn more about the Tertiary Institutions Entrepreneurship Scheme, CLICK HERE.

7. SukFin SME Loan

SukFin provides a free and easy way for SMEs in Nigeria, to research and find finance for their businesses. The organization employs the use of tech and expertise to match SMEs with a variety of lenders — giving access to a number of funding products across Nigeria. It’s easy to apply and as long as you provide them with requested information — funds can be in your account quickly and instantly.

How SukFin Small Business Loans Without Collateral Works

1. Tell how much money you need and what it’s for

2. SulFin will match your requirements with their lenders

3. They will get your loan approved and your small business financed

SukFin SME Loan Scheme understand that getting finance for your business in Nigeria can be incredibly frustrating. It is upon this foundation that SukFin was founded — to make it easy for business owners to find the right finance products.

The company works with numerous lenders across the whole business funding market. They claim to have helped many of their customers find unsecured loans, invoice financing, equipment leases, startup loans and more.


How can I get a business loan with SukFin?
SukFin online application can be completed in less than 5 minutes. SukFin then matches your requirements with our panel of lenders — to provide you the most suitable funding options and competitive rates. There are no fees for applying and your data will be kept safe and secure.

How much can I borrow with SukFin?
A number of different factors affect how much you can get approved for — when applying for a business loan or other financing solution. Each lender has its own process for determining eligibility. Factors such as type of loan and annual company turnover are all considered.

How soon can I get funds with SukFin?
Lenders tend to reply quickly, and for those that don’t — we’ll work hard to keep things moving. As long as you provide us with all the relevant documentation — it’s often possible to get funds disbursed in days.

Are loans through SukFin expensive?
As there are several different lenders offering business loans — interest rates vary. Applicable interest rates also depend on the business you have — what industry it is in, how long you have been operating for, if you have collateral etc. Having said this, we work with lenders other than commercial banks — so we can often get finance at cheaper rates.

To apply for SukFin Small Business Loan, CLICK HERE.

8. CBN Anchor Borrowers Programme

The Central Bank of Nigeria (CBN) in line with its developmental function established the Anchor Borrowers Programme (ABP). The Programme which was launched by President Muhammadu Buhari (GCFR) on November 17, 2015 is intended to create a linkage between anchor companies involved in the processing and small holder farmers (SHFs) of the required key agricultural commodities.

The programme thrust of the ABP is provision of farm inputs in kind and cash (for farm labour) to small holder farmers to boost production of these commodities, stabilize inputs supply to agro processors and address the country’s negative balance of payments on food. At harvest, the SHF supplies his/her produce to the Agro-processor (Anchor) who pays the cash equivalent to the farmer’s account.

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Objectives of the CBN Anchor Borrowers Programme

The broad objective of the ABP is to create economic linkage between smallholder farmers and reputable large-scale processors with a view to increasing agricultural output and significantly improving capacity utilization of processors.

Targeted Beneficiaries of the CBN Anchor Borrowers Programme

The loan shall be targeted at smallholder farmers engaged in the production of identified commodities across the country. The Farmers should be in groups/cooperative(s) of between 5 and 20 for ease of administration.

Identified Agricultural Commodities of the CBN Anchor Borrowers Programme

The targeted commodities of comparative advantage to the State shall include but not limited to: 3  Cereals (Rice, Maize, wheat etc.) Cotton Roots and Tubers (Cassava, Potatoes, Yam, Ginger etc.)  Sugarcane Tree crops (Oil palm, Cocoa, Rubber etc.) Legumes (Soybean, Sesame seed, Cowpea etc.) Tomato  Livestock (Fish, Poultry, Ruminants etc.) Any other commodity that will be introduced by the CBN from time to time.

The Loan Amount

The Fund shall be provided from the N220 billion Micro, Small and Medium Enterprises Development Fund (MSMEDF). Loan amount for each SHF shall be arrived upon from the economics of production agreed with stakeholders.

Interest Rate

Interest rate under the ABP shall be guided by the rate on the N220 billion MSMEDF, which is currently at 9% p.a (all inclusive, pre and post disbursement). The PFIs shall access at 2% from the CBN and lend at a maximum of 9% p.a. 1.10. Tenor The tenor of loans under the ABP shall be the gestation period of the identified commodities.

To apply for the CBN Anchor Borrowers Programme, (ABP), CLICK HERE.

In Septrember 2021, the Anchor Borrowers Programme was revised. To read details of the updated copy and application procedures, CLICK HERE.

9. Sterling Specta

SMEs loans for small businesses take 5 minutes — Sterling Specta

Specta is an online lending platform that claims to give loans of up to 5 Million in one transaction all within 5 minutes! According to the organization, you don’t need any collateral, paperwork or guarantors and no visit to any office required. Digital lending from Specta are available to take care of small business loans without collateral in Nigeria arising from urgent business needs.

Specta claims that once application is complete, scoring is instant, and disbursement can be done in less than 5 Minutes. Specta is opened to everyone irrespective of occupation and bank.

Specta has different packages but the two relevant to this article are:

  1. Non-Salaried Individuals – You can access a loan if you are self-employed, a business owner, a professional, a trader etc., with accounts in any other bank or with Sterling Bank.
  2. Specta4Business – Boost sales with Specta by signing up to start receiving payments from customers with Specta spending limits. You can also get up to N2M to start or grow your business.

To get more information about Sterling Specta SME loan , CLICK HERE.


10. Wema Bank ALAT for Business Quick Loan

Wema Bank unveils Quick Loan of N100,000 to N10m for small and medium scale businesses Without Collateral

Wema Bank’s digital platform, Quick Loan is set up to assist entrepreneurs, startups and SMEs customers fund their businesses.

The digital lending product hosted on ALAT for Business, its corporate internet banking platform, will help small and medium-scale enterprises (SMEs) and corporate customers access quick loans between the range of N100,000 and N10 million.

Quick Loan, the bank claims, will be accessed virtually from any location without the need to locate a physical branch. And it will only be available for ALAT for Business customers. This implies that to access this SME Loan, you must be or ready to become a Wema Bank Customer.

The ALAT for Business Quick Loan is open to new and existing customers registered on the ALAT for Business platform and does not require cumbersome paperwork.

ALAT for Business is the internet banking platform designed to help corporate customers and entrepreneurs manage their business accounts optimally and stay on top of their finances from anywhere and anytime.

It’s a low-interest quick loan platform by the deposit money bank, for salary earners whether such person is an existing customer or not and has been in operation before this additional feature for businesses was launched.

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About the Author: Femi Adeoya

Mr Femi Adeoya is a Chartered Forensic Accountant and a Certified Fraud Examiner. He has over 20 years professional work experience in accounting, finance and business management processes. As an Accounting Software Expert, he has implemented and supervised accounting solution set up of over 50 small and medium businesses in Nigeria. As a passionate blogger, Mr Adeoya is an ardent writer and communicationist. He is the CEO of QUICK LOAN ARENA (, the number 1 loan apps review website in Nigeria. He is very passionate about the quick and instant loan industry in Nigeria and has written over 200 reviews on different loan apps and digital banks in Nigeria, USA, Canada and UK.


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