How To Source For Funds To Start A Business In Nigeria – 9 Ways To Raise Startup Capital
How To Raise Business Startup Capital – Guide To Raising Money To Start A Business In Nigeria
Sell your share certificate to raise capital
If you are the type that has bought some shares from the quoted company, sell some of them that have a good market value.
Contact your religious organization
To people who are religiously committed, they can raise money from their mosque or church. This money can come from members of the religious body as a loan or gift. Some religious organization has a superb empowerment package once you are a loyal member.
Partner with others
If you have a good business plan you can look for someone who has the money but lack the entrepreneurial or material and partner with such a person by forming a partnership.
Apply for a credit facility from your supplier or customer
You can approach your supplier to give you the goods on credit while you utilize the limited cash for other pressing needs. The same thing goes for your customer you can approach them to make a down payment for the goods needed before you produce or supply them. However, your success on these ideas will depend on your faithfulness, to the first few assistance they rendered to you in the past.
Approach family and friends
Some years back, I need to raise certain money for a need. So I listed the names of some family and church members. I allocated a certain amount I know they can comfortably give. Amazingly some of them gave more than what I asked. Therefore, apply the same strategy for your business loan.
Approach leasing companies
One of the ways to get a business loan in Nigeria without collateral is to approach leasing companies especially if the loan is to purchase machinery. They will supply the equipment and you’ll be paying as agreed.
Join or form a Co-operative
I know a local cooperative that gives a loan to members up to three million. The only collateral you needed is your consistency in attendance, due and goodwill. I worked with a company where the general manager apart from the company’s Co-operative will organize people to raise money for an individual who is the faithful staff.
Sell your luxury property
The easier way to raise money in Nigeria without collateral is to sell what you have to get what you need. Since the essence is to make like comfortable later in life, missing the usage of some things like the second car, the other deep freezer, your air conditional in the guest or your room, costly Chinese wares and jewelry should not be difficult.
Access government or NGO’s grant
Sometimes ago the federal government launches what it calls the trade money which is a grant without collateral. Some NGOs also give out such loans without demanding collateral.