How to Apply
- Apply Online. Existing customers can apply online today. Apply Online.
- Call our loans team. Existing and new customers can call us on 0818 200 334 Mon-Fri, 8am – 8pm & Sat, 10am – 2pm. Call 0818 200 334.
- Visit your local branch. New customers can call into their local branch. Find your local branch.
Once a loan is approved you have 30 days to draw it down, after this all information regarding the loan application is automatically deleted from our systems and a new application would have to be made.
Loans shall be granted at an interest rate of 9.0% per annum (all charges inclusive) irrespective of the type of eligible activity financed; The MSMEDF/CBN will recycle all fully repaid loans transferred to it by the PFIs.
Steps to begin Trader Moni online application:
- Visit the website,
- Navigate the page and click the “Apply for loan now” button.
- Next, select “Register here”
- Provide the correct information about yourself.
- A verification link and tracking code will then be sent to the email you provided.
Alternatively, you can ring 365 phone team at 1890 365 254.
How do I withdraw from my 365 31- Day Savings Account?
- Login to 365 online.
- Select 'Withdraw funds' next to the product you wish to withdraw money from.
- Follow the simple instructions.
Are You Aware of These Bank Loan Requirements?
- Purpose of Loan. While some lenders don't have usage restrictions, most will want to know how you plan to spend it.
- Business Experience.
- Business Plan.
- Credit History.
- Personal Information.
- Financial Statements.
- Collateral.
- Cash Flow.
The Nigeria Industrial Development Bank (NIDB) originally known as ICON; an acryonym for Investment Company of Nigeria was a prominent national development finance institution in Nigeria.
Five sources of financing every small business needs to know
- Friends and family. Contacting your closest connections is a crucial investment move for small businesses.
- Government Funding.
- Bootstrapping.
- Credit Unions.
- Angel Investors and Venture Capitalists.
Customer deposits, such as checking accounts, savings accounts, money market accounts, and CDs, provide banks with the capital to make loans. Customers who deposit money into these accounts effectively lend money to the bank and are paid interest.
The 5 Most Common Funding Sources
- Funding from Personal Savings. Funding from personal savings is the most common type of funding for businesses.
- Debt Financing.
- Friends & Family.
- Angel Investors.
- Venture Capitalists (VCs)
Sources of funding include credit, venture capital, donations, grants, savings, subsidies, and taxes. Fundings such as donations, subsidies, and grants that have no direct requirement for return of investment are described as "soft funding" or "crowdfunding".
Expenditures in fixed assets like plant machinery, land, building etc are funded by long term fund. Therefore, long term source of funding can b in the form of Equity shares, Preference share, debentures, loans and financial institution and retained earnings.
Sources of finance for business are equity, debt, debentures, retained earnings, term loans, working capital loans, letter of credit, euro issue, venture funding etc. These sources of funds are used in different situations. They are classified based on time period, ownership and control, and their source of generation.
The five primary categories of a sources and uses of funds statement are beginning cash balances, cash flows from operating activities, cash flows from investing activities, cash flows from financing activities, and ending cash balances. If all cash is accounted for unlocated funds will be zero.
External sources of finance are equity capital, preferred stock, debentures, term loans, venture capital, leasing, hire purchase, trade credit, bank overdraft, factoring etc.
Borrowed funds – repurchase agreements, federal funds, Eurodollar deposits, bankers acceptances, etc. Equity – the common stock and the subordinated debt of long term. Loans – loans extended for commercial and industrial purposes, real estate loans, consumer loans, etc.
The bank of industry is set up to encourage industrial production and value creation by manufacturing and processing activities of businesses. The objective is to provide the industrial sector with finance as well as business support services.
The Bank of Industry
| Founded | 1959 |
| Headquarters | 23 Marina Street P.M.B 12855 Lagos Island, Lagos Lagos State Nigeria |
| Key people | Olukayode Pitan, (Managing Director) Aliyu Abdulrahman Dikko, (Chairman) |
| Products | Term Loans Working Capital Loans Insurance Products Trustee Services Leasing Services Savings |
The Nigerian Bank for Commerce and Industry (NBCI) NBCI was set up in 1973 to promote the development of small and medium size enterprises (SMEs) in the country.
Kayode Pitan is the Managing Director of BOI, the oldest and largest development finance institution currently operating in Nigeria. Pitan has had a distinguished career in the banking and financial services industry. He began his career with Citibank Nigeria in 1986.
Some functions of Bank of Agriculture are: The bank provides loans to support all parts of Agricultural Value Chain. It provides non-agricultural microcredits to poor people from villages. It contributes to the development of agricultural information systems.
These banks were established for the purpose of providing medium and long term loans for capital projects in Agriculture commerce, industry and other essential projects that are necessary for economic development of the country, such loans are usually provided from the banks internally resources.
