Microfinance banks are not just there for you to save money and get awesome returns and rates on them but they can also be a very good source of raising your start-up capital. They make sure that the small and medium scale businesses get the attention that they so desire from the bigger banks.
Most of these banks have plans that would suit your every need and their repayment plans (the month, the installments and the interest rates) would always be considerate and put your kind of business in mind first. With the microfinance banks, you need not worry about start-up capital again. Below is a rundown of the ten top micro-finance banks that you can take your money worries to and walk out with a smile… and a bag of money too.
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1. Accion Microfinance Bank
Walk into this bank and speak to any of their representatives about a loan and before you leave that desk to go apply, you would have already had a smile plastered all over your face. Not only can you get your loan within the first 3 days of application, but they also don’t need you to bring forth any collateral and they don’t charge much per interest too.
2. AB Microfinance Bank Limited
These ones are a bigger establishment and they would also be willing to start you up but in most cases, would need you to have held an account with them for about 3 months to know better about you.
3. Olive Microfinance Bank Ltd
These ones have been around for a long time so if you need a bigger loan, just walk into any of their offices. They would need to see how you want to spend the money and what kind of business you are doing so it is important to draw up a business plan first.
4. FirstBank Microfinance Banks
To better cater to the SMEs, the first bank has launched this line of financial institutions. They are the biggest in the microfinance industry and according to users, the most reliable. They are available at all first bank branches.
5. Eagle Microfinance Bank Limited
Although these people are also willing to borrow you a lot, they are not readily available in a lot of areas. If you happen to stumble upon them though, you are surely getting that capital.
6. Jesse Field Microfinance Bank
What these people pride themselves in the most is the speed at which they give out business loans, which can be as fast as within 24 hours of requesting. You have to meet some basic requirements such as having a business that is enjoying patronage on the ground though.
7. E-Barclays Microfinance Bank
They are a subsidiary of the globally known financial institution – Barclays. They would give you the money you need if you meet their asking. For Abuja residents, they can be reached at 36, Okotie Eboh Street, Utako, Abuja.
8. Providence Microfinance Bank
This is probably the most rigid of the banks we have been talking about but they have to make sure their money is going into a great business. The speed at which you get your loan from them is the speed with which you can meet their requirements.
9. Ren Money MFB Limited
They are one of the most advanced in the country and even though they have a lot of money to borrow you, they can be very rigid with their requirements, one of which is having three sureties who are working in the banking sector too.
10. Broadview Microfinance Bank
This bank also prides itself on speed and doesn’t have those rigid rules as above. With a friendly approach to rates, loans and repayment plan, Lagos residents can reach them at 52, Odunlami Street, Lagos.