Looking for a loan to grow your business? Here is an article on how to apply for an Access Bank SME loan.
Businesses need money to expand but have limited resources to make that happen.
With the state of the economy, it has become almost impossible for individuals to finance their businesses and this has left a lot of people frustrated.
But banks have stepped in to assist small businesses because of the important role they play in the economy.
In all these banks, Access Bank stands out because of their various loan packages, which have helped businesses of any kind reach their potential.
Access Bank SME’s Loan
Access Bank is one of the leading financial organizations offering loans of different kinds to small and medium enterprises (SME).
These loans specifically design to help businesses grow from one stage to another.
Access Bank gives various SME loans to enable businesses to expand, buy tools and equipment, and achieve their goals.
Access Bank’s SME is one of the best because of their low interest rates, easy repayment timeframe, and specific loan solutions for different kinds of businesses.
This means that no matter the kind of business, individuals can get access to a bank’s loan, provided they meet the necessary requirements.
Choosing Access Bank as a partner in the financing of your business provides you with resources and, most importantly, support to help your business reach its potential.
The bank’s dedication to encourage entrepreneurship and bring about economic development is seen in their drive to help small businesses grow and become successful.
If you have an established business you want to expand, Access Bank structures its array of SME loans to cater for your business if it meets requirements.
Partnering with Access Bank does not only provide you with the financial help needed for your business; they also work with you to ensure that your business attains the desired growth and success.
Types of Access Bank SME Loan
Access Bank offers businesses loans to suit their business needs, and these can either be short-term or long-term loans.
These loans come with flexible repayment terms and a competitive interest rate to enable smooth repayment.
Some of these business loans include:
If you are a business that needs money to get cars for employees in the office for smooth business operation, this type of loan from Access Bank provides a convenient way to buy brand new cars.
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Plant and Machinery
Most businesses need money to get new equipment or to replace an old or faulty one in order to be more productive. The kind of loans provided by Access Bank for businesses in this category can be either short-term or long-term.
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Contract Financing
Businesses that get contracts and have little or no money to finance them can turn to Access Bank for assistance. They can provide you with support in the form of loans and expertise to execute the contract successfully.
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Educational Loan
Access Bank can provide schools such as nursery, primary, and secondary with funds to enable them to provide quality education, and they can request up to 10 million naira.
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Technology Loan
Loans in this category are meant for businesses in the ICT industry. It can be for buying tools and equipment, capital to start up the business, or financing other aspects of the business.
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Trade finance
Access Bank provides loan support for businesses involved in international trade. Some of the loans are bills of collection, letters of credit, and so on.
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Loyalty lending
Customers with a good credit history with Access Bank stand a chance of getting a loan for up to N5 million without collateral. These are the types of loans known as unsecured loans.
Other types of loans are:
- Overdraft
- DAUE
- Working capital finance
- Bonds and guarantees
- Project finance
- Structured finance
- LATO Mart Finance
- Supply chain finance
REQUIREMENTS FOR ACCESS BANK SME LOAN
A business that wants to get a loan from Access Bank must meet certain requirements to qualify. The criteria include:
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Active bank account
Individuals that need loans from Access Bank must be customers, which means they must have an account with the bank and it must be active for at least 3 months.
This will enable the bank to be sure that you are creditworthy enough to get money and pay when it is due.
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Have an operational business
An individual who needs a loan must have a business in operation, and it must be bringing in revenue.
It is called a business loan for the reason that it is meant to finance a business, so Access Bank will not give individuals who do not have a working business any form of loan.
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Live in Nigeria
Your business must be in Nigeria, catering to the needs of its citizens, to be eligible for the loan.
Even though Access Bank is in various countries around the world, your business has to be in Nigeria if you need a business loan from Access Bank Nigeria.
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Good Credit History
If you have a history of unpaid debts, you will be denied a loan almost instantly.
Access Bank would not want the situation where, after disbursing the loan, they would then have to go through the stress of collecting it back from the customer.
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Documents
Access Bank asks for vital documents, and as a business, these documents should be ready for submission when necessary. Without these documents, Access bank will not attend to loan applications.
Some of these documents are:
- Business plan
- Complete the application form.
- Company profile
- Cash flow
- Proof of business ownership
- Bank statements
- Government-licensed ID (driver’s license, international passport, voter’s card, and NIN)
- Collateral (if required)
How to Apply for an Access Bank SME Loan
Applying for a SME loan from Access Bank requires attention to every detail and thorough preparation. The step-by-step guide needed is stated below.
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Preparation of Documents
Every document that is needed in the process is important and ensures that it is up-to-date and accurate.
If there are other documents that are needed in the application process that you are not aware of, you can visit the bank’s website.
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Contact Access Bank
Access Bank branches all over Nigeria are the same, so you can reach out to the branch close to you.
The application process can also be initiated from their website; those who can do the process on their own can proceed, but if you need help with the process, visit the branch close to you.
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Application submission
The application should be filled out correctly and submitted along with the required documents needed to facilitate the loan process.
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Evaluation of the Application
This stage is critical to the approval of your request. It determines whether to grant the request or not.
The bank reviews the application using factors such as credit history, business viability, and the ability to pay back the loan.
Depending on the type of loan, collateral and other factors will be considered before loan approval.
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Approval and Disbursement
This is the final stage of the loan process; if the application meets all requirements, it will be approved, and the funds will be sent to the access account number provided.
FREQUENTLY ASKED QUESTIONS (FAQ)
Do I need collateral to apply for an Access Bank loan?
That depends on the type of loan; you may require to provide collateral.
Do I need to have an account with Access Bank before applying for a loan?
Yes, you need to have an account, and it must be active for at least 3 months.
What is the interest rate for the loan?
The interest rate varies according to the type of loan, but the minimum interest rate is 3%.
Is it possible to apply for a loan more than once?
Yes, you can, but only if you have finished paying off the previous loan given to you.
How long does it take to get Access Bank’s loan?
It depends on the loan; some take 24 to 48 hours for approval, so it depends on the type of loan, but the maximum wait time is 2 weeks.
How much of a loan can I get?
The loan range is from N100, 000 to a maximum of N50 million, depending on the industry your business falls into.
Conclusion
Access Bank provides small businesses with the opportunity to expand their operations and also address their financial challenges. By meeting the specified requirements and following the loan application process, businesses can use the loan to achieve their business goals. For more detailed information on Access Bank’s SME loan, it is advisable to visit their official website or visit their branch close to you to get all the required information, including their terms and conditions.
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