Getting a loan for small businesses in Nigeria is not an easy task to accomplish especially at the earliest stage of their business, most financial institution believe that business owners should build their business to a particular stage that gives them a better idea of how much more they need as Loan to increase their working capital.
As a result,more than 70% of bank loan applications from small businesses in Africa are not approved, and many small business owners give up after two or three unsuccessful applications, which push them to seek for loan from friends and family believing that they can seek help from them.
Many small businesses choose to apply for loan to create enough working capital to enable them to fulfil their growth ambitions.Sufficient working capital is a key aspect of any company’s financial health, and not having enough working capital can have a serious impact on the future of your business
When obstacles stand in the way of meeting your business goals, you’ll need business loan options to keep the money flowing which will allow you to continue marketing, increasing conversion and seeking new customers to drive revenue.
Before you approach Gtbank Banks for QuickCredit for Small Business, you should have this at the back of your might that banks are interested in investing in businesses with good credit history; they want to see your money management skills. If you don’t have any in your records or a shabbily done account records, you might get unsuccessful applications.
You can also read: How to Apply for GTbank Salary in Advance Loan
Small business owners that want to approach Gtbank for loan should understand their unique selling points and marketing plans, background and experience that can make the business work, also they should known What will the loan be used for if approve.
Gtbank QuickCredit loan for Small Business
This is funds needed for day to day needs) of SMEs in the Education (creche, primary & secondary schools) and Healthcare (Hospitals, Retail Pharmacies and Diagnostic Centres) Trade and Service.
Gtbank quickcredit loan for small business is beteen N250,000.00-N10,000,000.00
The maximum Tenor are:
6 months (Trade, Services and Food sectors)
12 months (Healthcare, Fashion and Education Sectors)
The interest rate across board is 1.33% per month (16% p.a.) to determine how much loan application that will be approved by gtbank, customers can get Maximum of 50% of their 12 months average turnover.
minimum account age for eligibility?
Account holder must have been in operation for at least 6 months. Also you must not have existing loan facility with other banks to apply for gtbank QuickCredit for Small Business? if not you will be disqualify for the application.
Other requirement for Gtbank QuickCredit loan are:
1.Customer must have actively operated a Corporate or Business name account with the Bank for at least 6 months.
2. Age of business must be 3 years and above (at least 1year of which must be evidenced by a bank statement)
3. Qualified customers can access 50% of their annual turnover calculated over the last 12 months (subject to maximum loan amount and other eligibility criteria)
4.Lodgement and turnover analysis will be done on customer’s account to ascertain level of business in the last 12 months
4.Domiciliation of Business account (execution of domiciliation agreement)
5.Customer must have zero record of returned cheque within the last 12 months.
Satisfactory Credit Bureau report of the customer (Borrower)
6. Customer must not have any past due obligation with any bank
How to apply for Gtbank QuickCredit loan
Interested small business owners can apply via GAPS and GAPS Lite by coping the url to browser: https://ibank.gtbank.com/GAPSNew/Default.aspx
How to Repayment Gtbank QuickCredit loan
Repayment is structured in two ways: Monthly interest payments and quarterly principal repayments (option is only available for schools) Equal monthly repayment of principal and interest
Who Can Apply Gtbank QuickCredit loan
1.Education (Creche, Primary and Secondary)
2.Healthcare (Hospitals, Clinics, Retail Pharmacies, Patent Stores and Diagnostic Centres
To sum up, borrowing money can be dangerously expensive, as interest and fees are associated with virtually every loan. Businesses can and should calculate the amount of total interest that will be paid over the course of a loan before accepting one.