While the Ghanaian market is overflowing with loan apps, each promising the moon and the stars, finding one suitable for small businesses seeking financial support can be a challenge.
But don’t worry, we are here to help! In this article, we’ll share organizations that offer SME loans in Ghana, what they’re looking for in applicants, and how you can apply.
First things first, let’s talk about why you might want to get a loan for your small business.
Loans often get a bad rap, but when it comes to small businesses, SME loans can be a game-changer. Here are five reasons why an SME loan might just be the thing your business needs:
1. Safety Net: Unexpected bills or seasonal dips in sales can wreak havoc on any business’s cash flow. SME loans offer a temporary financial cushion that allows you to have the resources you need to cover everyday operational expenses and maintain smooth operations.
2. Business Expansion: Big dreams often need a lot of money. Whether you’re eyeing expansion, opening new branches, or venturing into new markets, SME loans can provide the financial help you need to achieve your growth goals.
3. Strong Credit Score: Paying your loans on time helps you build your business credit score, which is like a golden ticket in the business world. A strong credit history makes it easier to secure future loans and potentially unlock access to better loan terms.
4. Equipment and Inventory Management: Essential equipment, technology, materials, and machinery are the lifeblood of any business. SME loans can help you buy the assets you need to increase your productivity and efficiency without depleting your savings.
5. Marketing and Advertising: Increasing brand awareness and attracting customers is important for any business. With an SME loan, you can launch effective marketing and advertising campaigns to expand your reach, attract a wider audience, and help your sales climb to new heights.
SME loans stand apart from conventional business loans by offering a simpler application process, favourable terms and interest rates, and flexible repayment options.
This makes them well-suited for small and medium enterprises seeking to thrive in the dynamic business landscape.
Here’s a breakdown of some common SME loan types:
To simplify your search, we’ve compiled a list of 7 SME loan apps that stand out for their:
Here are the 7 loan apps in Ghana that meet these criteria:
Oze is a business app that helps over 150,000 businesses in Nigeria and Ghana manage their business finances.
Among the array of business tools it offers SMEs, Oze offers no-collateral business loans with low interest rates and zero hidden fees.
Oze is a great choice for SME loan because Oze:
To qualify for an Oze business loan in Ghana, you must:
Applying for an Oze no-collateral loan is a straightforward process:
Carbon, a leading digital bank serving over 2.6 million customers across Africa, offers a suite of financial services designed to empower individuals and businesses.
While their full range of offerings is still under development in Ghana, business owners can already benefit from their Carbon Ghana SME Business Support Loan.
This loan offers:
To qualify for the Carbon Ghana SME Business Support Loan, your business must:
To apply for a Carbon Ghana SME Business Support Loan, simply:
1. Visit Carbon’s website: Click here to begin your online application.
2. Provide basic information: Fill in your name, gender, residential address, and business details.
3. Verify your identity: Upload valid documents like your National ID, bank statements, and a photograph of your passport.
4. Await approval: Carbon will review your application within 5 working days.
5. Receive your funds: Once approved, your loan amount will be deposited into your account within 48 hours.
Pezesha is an SME Financing Platform that helps SMEs & institutions access credit & other financial services by connecting them to investors.
With over 200,000 registered SMEs and 400,000+ loans disbursed, Pezesha has established itself as a leading force in supporting Ghanaian entrepreneurship.
Through Pezesha, you can:
To qualify for Pezesha’s platform, your business must meet the following criteria:
Applying for a Pezesha loan is straightforward and completely online. To apply, simply:
1. Complete the loan application form: You will be asked to provide basic information about your business, including its name, tax identification number, phone number, and industry.
2. Upload valid identification: You will be asked to upload a copy of your valid identification card.
3. Specify your loan purpose: Choose the reason you require funding and how you intend to utilize the loan amount.
4. Await approval: Pezesha will promptly review your application and inform you of the decision.
Since its launch in 2011, Izwe savings & loans has helped over 18,828 businesses grow by providing them with the financial products they need to thrive.
Through their secured SME business loans, Izwe provides businesses with the opportunity to acquire financial assistance of up to GHS1,000,000, repayable over a period of up to 48 months. The specific loan amount you qualify for will depend on the value of the asset you offer as collateral.
Applying for an Izwe business loan is simple and straightforward. Here’s what you’ll need:
You can apply for Izwe’s secured SME business loan in 3 ways:
Fido Credit is a digital platform designed to help Ghanaian businesses with quick and convenient access to business loans without collateral of up to GHS 6,500.
Starting with Fido Credit is simple and only requires a few basic items:
1. A Registered Mobile Number: This will be your primary contact point for accessing your Fido account and receiving updates on your loan application.
2. A Valid Ghana Card: This serves as your official identification and verifies your eligibility for a loan.
3. Proof of Address: This helps Fido confirm your residency and location.
Getting started with Fido Credit takes just a few minutes:
Once registered, you can access the loan application within the app. All you would need to do is follow the prompts to apply for an SME loan.
Advans Ghana is one of the most trusted and popular lending platforms in Ghana. While they offer various loan options, their SME loan product is designed specifically for small business owners.
Their SME loans provide access to capital ranging from GHS 5,000 to GHS 200,000 for a maximum term of 36 months.
To qualify for an Advans SME loan, you must meet the following criteria:
To apply for an Advans SME loan, you will need to submit the following documents:
You can apply for Advans SME loan by visiting one of their branches or filling out this form
Bank of Africa, a subsidiary of the Pan-African banking group Bank of Africa BANK OF AFRICA Group, boasts a strong presence in Ghana, with 26 branches spanning across six regions.
Dedicated to supporting the growth of local businesses, they offer a range of specially designed products and financing services to cater to the specific needs of small and medium-sized enterprises (SMEs).
Bank of Africa offers 3 distinct SME loan options:
While specific requirements vary depending on the chosen loan type, some general documents are typically required:
SME loan apps have made it easier for businesses in Ghana to apply for business loans. By using apps like Oze, you can secure the capital you need to overcome financial challenges and expand your business.