Getting a bank loan in Nigeria most times could be as difficult as solving a further mathematics equation especially without a calculator; it is tough! But one thing you need to know is that you can actually get it.
My colleague one time shared his story with me on his first American Visa interview. Having gotten all the supposedly required documents, he set out that faithful morning believing that he had met all the requirements, but one thing was missing; “proper packaging’’. Believe me or not life is all about packaging. How best do you present yourself or your request?
The bank is out to make money (this fact must at all times be in your head) and as such, for you to get their money of them, you must make them see it as you creating opportunities to make money off you. Below are a few tips to use in guiding you next request for a bank loan;
1. No Nigeria bank is willing and ready to aid startup businesses; if at all they do, they must see that you have already done all that needs to be and just waiting to cash out. You must be ready to show that you have actually put in a lot of efforts, time and other finances and as such, the little money you need from the bank will help you cash out faster. You should be ready to make them see and understand that with or without their loan, you are at the tail end of rolling in funds. NEVER APPEAR DESPERATE.
2. In as much as life is all about packaging, dressing too heavy or expensive to a bank for a loan request is one of the fastest ways of declining your request by yourself. No bank, nothing a person will want to leave their funds in the hands of a perceived spend freak. It is good to look clean and serious but don’t waste so much efforts in trying to impress with expensive dressing.
3. Have an easily understandable business plan. Trust me on this, most bankers are not so patient. An average banker (especially marketer) has a minimum of ten (10) different targets to meet and most times will rather pay attention to the person that is about bringing in funds. In your quest for loan, have a detailed and yet concise plan for the different stages of your business. Make them develop so much interest even to want to become partners in your business.
4. Commit a contribution. This simply means that you have a need for N100 million, tell the bank you need N100 million for your project (showing them point 3) but then tell them you have N30 million to contribute and as such the bank should give you N70 million.
5. This point is sad but unfortunately, you need a collateral. Banking/bankers are one of the most contradicting people you can ever meet. They will tell you that they are not lending for collateral but cannot lend to you without a collateral. Whatever that means, be ready to pledge something. Depending on the type of loan and the amount involved, the bank is always happy when they see that you are willing to share the risk inherent with them. THEY ARE POOR RISK TAKERS.
6. If you have satisfactorily done all the above mentioned and still don’t get the loan, please feel free to report the case to ibank.