A business loan is a loan specifically intended for business purposes. As with all loans, it involves the creation of a debt, which will be repaid with added interest.
Loans can help you cover the expenses of expanding your business without eating your operational funds.
Osun like other states in Nigeria has numerous loan business companies such as Eagle Eye, Lapo, Lifesforte, VOk Consult among others.
This article will explain the process of getting loan for small business owners in Osun state.
1• Eagle Eye
This loan company branches are located in Osogbo and Ile-Ife. The minimum loan for an individual is N80,000.
Processing for Eagle Eye loan
Week 1: Loanees are to form minimum of 8 persons as a group, each member is to pay N1,100 as registration fee after submitting her personal details, passport and copy of National ID card .
Week 2 : Each loanee is expected to go to this company with a guarantor with copy of ID card and to sign some document which will give this loan company to know him/her in person.
Week 3: The loanee will be given his loan cheque and will commence N4,500 weekly.
This loan is only target for business women.
Repayment and Period of loan
This loan life span is for 24 weeks.
Unlike Eagle Eye which loan only targeted business women, Lapo deals with both men and women business owners.
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Lapo has its branches cut across Osun, it can be found in Osogbo, Ikirun, Ile-ife, Ede, among other communities in the state. The loan registration fee is N3,000.
Processing of loan at Lapo
First Day : The loanee will go with his/her guarantor with necessary document and two passports.
Second Day : The loanee will be given cheque of minimum of N80,000.
Repayment Processing at Lapo
He/she is expected to pay 10 percent of it loan which before the collection of the check.
He/she will only pay N1000 which will serve as his saving and by third week. He/she will start repayment of N5,000 weekly, N4000 for the loan and N1000 for saving.
All savings will be withdrawn by the loanee including his/her 10 percent paid before collecting the loan if he/she wishes to close business with the loan company.
The loan period is 30 weeks.
This loan company is different from the two above, because it is a daily repayment loan. Lifesforte headquarters is in Osogbo with branches in Ikirun and Ede.
Lifesforte does not give loan to an individual, the minimum of loanee is two in a group.
The loanees will approach the company to fill a foam, registration fee for N20,000 is N1000 and N1,500 for N30,000. The uniqueness of this loan company is that it gives loan to loanee in cash.
The repayment loan is daily and the period is for 23 working days.
Lifeforte also has weekly loan package which is mainly for buying equipment such as generator, freezer, grounding machine etc for a loanee.
Process of loan at Lifeforte
The loanee will register with N9,700 with N10,000 for saving , two guarantors will be presented to the loan company , then the loanee will wait for a week.
The loan company official then accompany the loanee to where she wants to purchase the equipment and the payment will be done with the loanee’s name on the receipt the following week.
Repayment and Period at Lifeforte
She will commence payment of N5,200 for 24 weeks, N5,000 for the loan repayment and N200 for saving. The loanee will recover all her saving including the initial N10,000 and completing the loan repayment.
This loan company is a special one among the above loan companies because it offers loan to loanee without presenting his/her guarantor physically.
The loanee will only submit its guarantor documents, such as national ID card .
VOK Consultancy Loan Processing
The loanee will deposit 1 third percent of any of the loan she wishes. The loanee guarantors will be called to investigate if the guarantors trust the loanee for the loan request repayment.
Official from the VOK Consultancy during a working day will visit the loanee shop to evaluate her stock if it is an average of the loan in request.
The loanee during this week will be invited to VOK Consultancy office to signed document of agreement.
The payment of the loan will be paid directly into the loanee bank account in the following week from VOK Consultancy headquarters.
Repayment of VOK Consultancy Loan
The weekly repayment amount will be in the document signed by the loanee which is expected to be concluded by 12 weeks.
After successful repayment the loanee is free to withdraw the 1 third deposited to the company.