Getting a cash boost can take your small business to the next level, and you can do that with the Zenith Bank Small Business Loan. This small business loan can help you through financial difficulties so you can keep your business moving.
A Zenith Bank small business loan can be used for a variety of purposes. You might need it to make improvements to increase revenue. You might need it to pay for unexpected costs. Whatever the extra costs, a little help can go a long way to meeting your goals.
We've looked into the Zenith Bank small business loan and found some information that can help. This information will tell you about things eligibility and payback terms. You should read everything up next to make an informed decision about whether to apply.
What Types Of Loans Do They Offer?
Zenith Bank boasts of a wide range of loans geared towards every type of business, company, and needs. It has a Z-Woman Business Package for female entrepreneurs and the more popular MSME Loan, which is best for micro, small, and medium enterprises.
It also extends leasing and term loan options to individuals, as well as overdrafts, bonds and guarantees, and other financial support. To fully demonstrate the power of this loan, we’ll be focusing on the MSME loan.
The MSME loan is best for those who belong in the beauty, style, or fashion industries. It is also good for confectionary or fitness-related firms. Entrepreneurs can get loan amounts ranging from N500,000 to N2,000,000 million at a competitive rate of 9% per annum.
You can pay back this loan over the course of 12 months. Depending on the type of small loan offering you’ll apply for, you may make flexible repayments from 6 months to 24 months depending on the loan period.
What Are The Fees For Small Business Loans
For the Zenith Bank MSME small business loan, the APR is 9%. There is also a management fee ranging from 0.5% to 1%, which is subject to N10,000.
How To Apply For A Zenith Bank Small Business Loan
Individuals applying for the Zenith Bank small business loan should of be legal age. Moreover, their respective business must fall under the micro or small businesses to qualify.
Applications may be submitted by simply visiting the nearest Zenith Bank branch. Documents you might need to bring with you include proof of income, classification of business, proof of identification and business ownership, and the like.
Eligibility requirements for the MSME Loan are the following: applicant’s business falling under any of the approved sectors, having a Zenith Bank business account not less than six months old, and having an electronic connection channel approved by Zenith Bank.
Applicants must also course their agreement and acceptance of the BVN covenant and must hold positive credit. Borrowers who are approved may get loans ranging from N500,000 t N2,000,000 depending on their creditworthiness.
The Bottom Line
A Zenith Bank small business loan can help in a variety of ways. Apart from helping make new equipment purchases and funding other needs, these loans can also address general funding for business operations.
How To Contact Zenith
For more information, reach out to Zenith Bank at zenithdirect@zenithbank.com or call them at 234-1-2787000. You may also visit them at their head office located at Plot 84, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria.
Note: There are risks involved when applying for and using a credit card. Consult the bank’s terms and conditions page for more information.
