LAPO MICROFINANCE NIGERIA

SME LOANS

Big businesses require big loans. The LAPO Microfinance Bank “SME Loan” is a credit product designed specifically to support Small and Medium Scale Enterprises (SMEs) operators in Nigeria. Irrespective of the sector your enterprise is operating, LAPO is willing to support you with a credit facility up to N5, 000, 000 to expand the enterprise. At an affordable interest rate, Nigerian SMEs can now maximize their potentials with the SME Loan for the expansion of their businesses.

Features

• Facility amount up to N5,000,000
• Methodology: Individual
• Duration: 12 months

Benefits

• No collateral
• Access to funds for your business expansion
• Flexible repayment structure
• Training on basic financial management, business planning and customer relations
• Expert financial advice available when you need it

Documentation Required

1. Loan application letter
2. Duly completed application form
3. 2 guarantors
4. A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
5. Current utility bill
6. 4 recent passport-size photographs

SMALL BUSINESS LOAN

Small Business Loan (SBL) is designed to meet the capital needs of small and medium scale entrepreneurs who require more funds for expansion.

Features

• Facility range: N50, 000 (minimum) to N500, 000 (maximum)
• Methodology: Individual
• Duration: 1-12 months
• Grace period: 1 month

Benefits

• No collateral
• Access to funds for business expansion
• Access to other loan products
• Flexible repayment structure
• Training on basic financial management, business planning and customer relations
• Low interest rate
• Expert financial advice available

Documentation Required

1. Loan application letter
2. Duly completed application form
3. 2 guarantors
4. A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
5. Current utility bill
6. 4 recent passport-size photographs

AGRIC LOAN

Agriculture is the mainstay of any economy and is fundamental to the socio-economic development of any nation. This is why LAPO designed Agric Loan to finance the farming activities of individuals, group or corporate organizations. The repayment schedule is designed to suit the seasonal nature of such activities. In 2016, LAPO won the Best Microfinance Bank in Agricultural Financing under the Agricultural Credit Guarantee Scheme for the year 2015 by Central Bank of Nigeria (CBN).

Features

• Facility range: N50, 000 (minimum) to N500, 000 (maximum)
• Methodology: Individual, group and corporate
• Duration: 1-12 months
• Grace period: 30-60 days
• Prospective clients must be practicing farmers with verifiable evidence of existing farm investments.

Benefits

• No collateral
• Provides capital for farming activities
• Flexible repayment structure
• Low interest rates
• Expert financial advice available

Documentation Required

1. Duly completed application form
2. 2 guarantors
3. 2 recent passport-size photographs
4. Current utility bill
5. A valid means of ID (national ID, driver’s license, voter’s card, international passport)

ASSET LOAN

Asset loan as the name implies is targeted to help existing clients of LAPO purchase assets such as generator, refrigerator, grinding machines etc. that will further enhance the productivity of their enterprise.

Features

• Facility range: N20,000 (minimum) to N400,000 (maximum)
• Methodology: Individual and group
• Duration: 11 months
• Grace period: 1 month

Benefits

• No collateral
• Quick access to funds for the purchase of business assets
• Flexible repayment structure
• Low interest rate
• Expert financial advice available

Documentation Required

1. Savings account with LAPO
2. Duly completed application form
3. 2 guarantors
4. 2 recent passport-size photographs
5. Current utility bill
6. A valid means of ID (national ID, driver’s license, voters registration card or international passport)

EDUCATION LOAN

Education loan is a designed strictly for the payment of children’s school (Primary and Secondary) related expenses in Nigeria only. Education loan is aimed at protecting the cash flow of clients’ businesses. This loan can be accessed by a client who is a member of a group (Union).

Features

• Facility range: N15, 000 (minimum) to N40, 000 (maximum)
• Methodology: Group
• Duration: 8 months
• Grace period: 1 month

Benefits

• No collateral
• Access to funds for the prompt payment of children’s school related expenses.
• Flexible repayment structure
• Low interest rate

Documentation Required

1. Loan application letter
2. Duly completed application form
3. 2 Guarantors
4. A valid means of ID (national ID, driver’s license, voter’s card or  international passport)
5. Current utility bill
6. 4 recent passport-size photographs

FESTIVAL LOAN

Festival Loan is a product designed to provide existing and prospective clients of LAPO the capital to finance their businesses during festive periods. This loan is suitable for clients whose businesses usually experience high sales during festive periods and require quick fund to strengthen the business activities.

Features

• Facility range: N50,000 (minimum) to N250,000 (maximum)
• Methodology: Group
• Duration: 4 months
• Grace period: 1 month

Benefits

• No collateral
• Access to a quick, higher loan to fund business activities
• Training on basic financial management, business planning and customer relations
• Flexible repayment structure
• Low interest rate
• Expert financial advice available

Documentation Required

1. Duly completed application form
2. An application letter
3. 2 guarantors
4. 2 recent passport-size photographs
5. Current utility bill
6. A valid means of ID (national ID, driver’s license, voter’s card or international passport)

MIDTERM LOAN

This loan product is designed to reduce the waiting period of clients to zero and increase their cash flow. Mid-term loan can be accessed by members of a group as more funds to finance their businesses while still repaying their previous loans.

Features

• Facility amount: N10,000 (minimum) to N80,000 (maximum)
• Methodology: Group
• Duration: 8 months
• Grace period: 2 weeks

Benefits

• Access to more funds while still repaying previous loan
• No collateral
• Lower interest rate
• Flexible repayment structure
• Expert financial advice available

Documentation Required

1. Duly completed application form
2. Current utility bill
3. A valid means of ID (national ID, driver’s license, voter’s card or international passport)

NEDOGHAMA

A loan product jointly designed by LAPO Microfinance Bank and NEDOGHAMA Inc. to promote the income generating activities of the low income “Bini” natives. This product can be accessed by a client who is a member of a group (Union).

Features

• Facility range: N20,000 (minimum) to N80,000 (maximum)
• Methodology: Group
• Duration: 6 months
• Grace period: 1 month

Benefits

• No collateral
• Access to funds for business expansion
• Flexible repayment structure
• Very low interest rate

Documentation Required

1. Duly completed application form
2. 2 guarantors
3. 4 recent passport-size photographs
4. Current utility bill
5. A valid means of ID (national ID, driver’s license, voter’s card or  international passport)

OVERDRAFT

Overdraft is an individual loan product designed by LAPO to assist clients with both business and household emergencies. Overdraft enables clients have access to funds for emergencies at a very low interest.

Features

• Facility range: N500,000 maximum
• Methodology: Individual
• Duration: 1-90 days
• Grace period: Negotiable

Benefits

• Access to funds in emergency situations
• No collateral
• Competitive interest rate
• Flexible and convenient repayment structure
• Expert financial advice available

Documentation Required

1. Loan application letter
2. Duly completed application form
3. 2 guarantors
4. Valid identification card (National ID, driver’s license, voter’s card or international passport)
5. Current utility bill
6. 4 recent passport-size photographs

REGULAR LOAN

This loan product is designed to operate on a group (union) methodology. A union is a self-selected group of people who access loans individually, but have group guarantees. Regular Loan is created to help meet the working capital needs of clients that run small businesses.

Features

• Facility range: N30,000 (minimum) to N150,000 (maximum)
• Methodology: Individual lending but group liability
• Duration: 8 months
• Grace period: 2 weeks
• Repayment frequency: Weekly
• Clients must belong to a union

Benefits

• No collateral
• Access to funds for business expansion
• Access to other business loan products to strengthen client’s enterprise, e.g. Mid-term and Asset loan
• Flexible repayment structure
• Training on basic financial management, business planning and customer relations
• Low interest rate
• Expert financial advice available

Documentation Required

1. Duly completed application form
2. 2 guarantors
3. 2 recent passport-size photographs
4. Current electricity bill
5. A valid means of ID (national ID, driver’s license, voter’s card or international passport)

SPECIAL LOAN

This loan product is designed to meet the credit needs of clients who desire bigger loan sizes to strengthen their businesses. They must successfully complete the repayment of the regular loan overtime. It is an advanced package of the Regular Loan that can be accessed by union members.

Features

• Facility range: N50,000 (minimum) to N250,000 (maximum)
• Methodology: Group
• Duration: 6 months
• Grace period: 1 month

Benefits

• No collateral
• Access to a higher loan to fund your business enterprises
• Training on basic financial management, business planning and customer relations
• Flexible repayment structure
• Low interest rate
• Expert financial advice available

Documentation Required

1. You must have had an excellent repayment performance while accessing Regular Loan
2. Duly completed application form
3. 2 guarantors
4. 2 recent passport-size photographs
5. Current utility bill
6. A valid means of ID (national ID, driver’s license, voter’s card, international passport)