Are you seeking how to expand your business, in today’s guide, we are going to guide you with the right information on how to get a business loan in Ghana.
Business loans are loans that are specifically intended for business purposes, such as the creation of new business, expanding of business, and sustaining of business.
Are you thinking of requesting a business loan for the purposes mentioned above?
Then you find yourself in the right place because this article is will guide you on where and how to get a business loan in Ghana.
Below are two types of loan system in Ghana:
1. Short-term loan system – this loan system gives out loans in a small amount that ranges from (1 – 1,000) Ghana cedis. They also run on a short period of repayment. Their period of repayment is 1 month.
2. Long-term loan system – this loan system is run by banks and microfinance institutions. Institutions can give out loans to a maximum of 500,000 Ghana cedis with a repayment time range of (6 -60) months.
Requirement To Getting Loan For Any Enterprise
Small scale business operators can seek loans from short-term loan institutions such as MTN Quickloan or Fido Microcredit.
The requirement for getting a loan from these institutions depends on:
1. Having a qualified mobile money account
2. Ghana card (national identification card)
Large scale business operators who need loans for expansion, sustaining, and creation of business must find financial institutions that loan for the long term. Such institutions include banks and microfinance institutions.
But in this guide, our focus will be on how to get a business loan from banks. The requirement to seek a business loan in Ghana include;
1. Business registration document
2. Statements from another bank (6 months or more statements)
3. 2 – 3 years financial statement and cash flow
4. Accepted collateral such as cash or investments (treasury bills), land property, etc.
5. Audited financials
6. Business financials
How To Apply For Business Loan In Ghana
To apply for a business loan in Ghana, here are the steps to follow:
1. Pick and fill a loan application form from the bank.
2. Write an application letter to the general manager of the financial institution you wish to get a business loan from.
3. Attach your loan application form and accepted document to your application letter.
4. Wait to hear from the bank after a thorough investigation into your business document.
5. When the bank accepts your loan proposal, you’ll be called to come and review the loan contract and sign.
6. Bank goes through the necessary procedure to release loan to you.
How Much Does It Cost To Get A Business Loan In Ghana
You are not required to pay money to anyone to request a business loan in Ghana. All you have to provide is the requirement of the financial institution you are seeking your loan from.
Can I Get A Business Loan In Ghana With No Money
Yes, you can get a business loan in Ghana with no money. All you’ll have to provide is a qualified guarantor who can meet the requirement of the loan on your behalf.
What Is The Best Place To Seek Loan
To seek business loans, one has to consider the following;
1. A financial institution with the right interest rate
2. Find a financial institution with flexible repayment terms
That is the necessary information we can provide on how to get a working loan in Ghana.