Access Bank Offers Collateral-Free Loans To SMEs

“There are funds available for businesses, even those with a concessionary rate as low as Nine or 15 percent ……. All that the customer needs (to access the loan) is to keep good credit and sales records.’’

Those were the words of Ayodele Olojede, Head of Emerging Business at Access Bank. Olojede was briefing the financial media in Lagos last week.

Olojede disclosed that Access Bank loaned N37 billion to its SME customers in 2018, and plans to give loans to no fewer than 30,000 small businesses in 2019.

Hear Olojede: “We were able to achieve this feat because we introduced an innovative approach to lending. With this innovative approach to lending, all that the customer needs to access loans is just to keep good credit and sales records.”

In its bid to increase access to funding by Small and Medium Enterprises (SME), Olojede said Access Bank grants collateral-free loans at flexible interest rates to small businesses.

Olojede adds: “We can give you a loan, even when you are not our customer. What we require is that you keep the money in a bank as we are trying to ensure your participation in the formalised sector.”

The Diamond Business Advantage, Access Bank’s flagship product for Small and Medium Enterprises, promises to add value to small and medium enterprises, by enabling Small Business Owners to grow their businesses with smart banking. The Diamond Business Advantage also supports Small Business Owners with networking opportunities, membership of Diamond Business Club and Business Clinics that offer advisory services that aim to strengthen the managerial capacities of small businesses.

The Diamond Business Advantage grants loans of up to N10 million for working capital purposes, to small and medium businesses, and currently focuses on enterprises in the education, health, technology and creative arts sectors.

Do you have a loan application with Access Bank and are having difficulty receiving approval and/or disbursement? Or, you are thinking of applying for a business loan from Access Bank and need help in preparing and submitting your application? If you do, Contact Us Now.