How to secure GH¢1 million business loan in Ghana

Are you a Business owner in Ghana looking to expand your business or invest in more stock? Acquiring a business loan can be the solution to achieving your business goals.

In this article, we will explore the Business Solution Loan and the SME loan offered by Absa Bank Ghana, which can provide you with the financial support you need.

Get a Business Solution Loan

The Business Solution Loan from Absa Bank Ghana is designed to offer business owners up to GH¢500,000 without the need for collateral and with minimal documentation. This loan provides various benefits to support your business growth, including:

1. Flexible Repayment Terms: Absa Bank Ghana understands the dynamic nature of businesses and offers repayment terms that suit your cash flow.
2. Competitive Interest Rate: The loan comes with a competitive interest rate, making it a cost-effective option for financing your business needs.
3. One-Off Arrangement Fee: Unlike some other loans that have recurring fees, the Business Solution Loan requires a one-time arrangement fee, helping you keep your costs in check.
4. Credit Life Protection: This loan also includes credit life protection to ensure that in unfortunate circumstances, the outstanding loan amount is taken care of, easing the burden on your loved ones.

Requirements for the Business Solution Loan:

To be eligible for the Business Solution Loan, you need to fulfil the following requirements:

1. Minimum 12 Months' Banking Relationship: You should have a minimum banking relationship of 12 months with Absa Bank Ghana.
2. Minimum 3 Years in Business Operation: Your business must have been in operation for at least 3 years.

Documents to Bring to the Branch:

If you are an Absa account holder, you will need to provide the following documents:

1. One passport photo.
2. Confirmation of the company's physical address (if it has changed).
3. National ID card or passport (for non-Ghanaian nationals).
4. Certificate of registration.
5. Signed Absa account opening pack (sealed).

How to secure GH¢1 Million SME Loan

If you are a women-owned SME, a youth business owner (up to 35 years), an agribusiness within the agricultural value chain, or a fintech company, Absa Bank Ghana has a special SME loan program for you. Through this program, you can access unsecured loans of up to GH¢1,000,000 to take your business to the next level.

Requirements for the SME Loan:

To be eligible for the SME loan, you need to meet the following criteria:

1. Capacity Building Program: Applicants must be willing to participate in a capacity building program or provide evidence of participating in one organized by a credible institution. This shows your commitment to growing and improving your business.
2. Identified Successor: You should have an identified successor who is ready to take over the business in your absence. This ensures the continuity of the business even if you are not actively involved.
3. Capacity to Employ Additional Staff: The ability to employ additional staff indicates your business's potential for growth and expansion.
4. Collateral for Loans above GH¢1,000,000: Loans above GH¢1,000,000 will require collateral to secure the loan.

How to Apply:

There are three ways to apply for these business loans:

1. Visit an Absa Branch: You can visit the SME Centre at Ring Road, Absa Project Office at Ridge, or the nearest Absa branch to apply in person.
2. Call the Numbers: Alternatively, you can call one of the following numbers to get more information and start the application process: +233 26 224 5160, +233 20 257 2753
3. Fill Out the Form: You can also fill out the following form with your details, and an Absa representative will contact you regarding the loan application.

Note for New Customers:

If you are a new customer with Absa Bank Ghana, additional requirements apply:

1. Actively operate a business account with Absa Bank to qualify for the capacity-building opportunity.
2. For collateral-free loans, actively operate a business account with Absa Bank for a minimum of 3 months, in addition to providing a 12-month bank statement from your previous bank.
3. Participation in entrepreneurial and financial management training organized by Absa or a credible institution will be required.
4. Your business should be registered with the Registrar Generals Department.
5. You should have the capacity to employ additional staff.
6. No adverse findings should be present on the credit reference bureau report.

By following these guidelines and requirements, you can take advantage of the Business Solution Loan and SME loan offered by Absa Bank Ghana to transform and grow your business, ultimately achieving your goals of expansion and success. Take the first step towards realizing your dreams and apply for the loan that suits your business needs today.