The UBA Small Business Loan application process is simple, but it can be difficult to get approved if you don’t go about it the right way. If you are planning to start your own business or expand an existing one, but need some startup capital to do so, then the UBA Small Business Loan could be your solution.
UBA Business Loan Application: How to Get Approved
The loan, offered by United Bank For Africa (UBA), Nigeria’s leading commercial bank, provides up to ₦50 million to SMEs in need of working capital to grow their businesses and create new jobs in local communities across Nigeria. Below are some tips to help you with your UBA small business loan application and increase your chances of getting approved
Step 1 – Choose your UBA Business Loan Amount
Before you can apply for a business loan, you must first determine how much money you need. Is your business in its early stages? Or are you looking to expand your operations? The size of the loan is based on the nature of your needs and current state of the business. For example, if you have enough capital and need to just pay off some debt or upgrade equipment, then an UBA small Business loan application might be sufficient. On the other hand, if you have significant cash flow problems or need capital to start a new company or purchase a property that will generate income later on down the line, then it would be better suited for an UBA Nigeria Business Loan Application.
Step 2 – Fill out your UBA Business Loan Application
To be eligible for a UBA business loan, your business must be incorporated in Nigeria and have been operating for at least one year. Applications are valid for a period of 60 days. There is no application fee but you may be charged costs depending on whether your loan is approved or rejected. You will need the following documents with your completed application form: copy of company registration certificate, copy of company licence (if applicable), copy of constitution (if applicable), copy of partnership agreement (if applicable), proof that the company has been in operation for at least one year, latest audited accounts. – The UBA small business loan team would review your request and respond within 2 weeks.
Step 3 – Make a UBA Business Loan Application list of Collaterals
The UBA small business loan application can be done online using your computer or a smartphone. In order to access and apply for a loan, you will need an active UBA bank account. Once you have opened an account, all you need is: your scanned passport, national ID card or driver’s license and utility bill. These details can then be used by our online system to pre-fill sections of your application form so that it takes only about 10 minutes for most applicants! You can also complete the UBA Nigeria business loan application with the help of their mobile app. With the mobile app, you will get instant notifications when updates are made on your application status. Plus you get reminders before deadlines!
Step 4 – Review Documents for UBA business Loan with a friend and Send it in
Review your application with a friend and send it in. If you don’t have friends or family who can review your application for you, try posting on forums like Nairaland, or a Facebook business group you are a member. Explain that you need someone to help proofread your application and ask if anyone would be willing to give you a hand. You should also take another hard look at your essay – is there anything more that could be added? Be sure everything is perfect before submitting it!
Step 5 – Wait for UBA Business Loan Approval
Many small business loan applications are approved within 2 weeks of application. However, some might take longer for approval. This is simply because UBA Nigeria has a very strict process when it comes to approving its loans. To help you gauge whether or not your loan application will be approved, have a look at these indicators below; We strongly advice that you pay close attention to these three factors and if any of them apply on your UBA small business loan application then good luck. -If the credit history of the company is less than 3 years old, the company can only get an unsecured loan
-The amount requested must be in cash
-If more than one person applies for the loan they must all have valid proof of income and the same sources of revenue. The maximum number of applicants per group is 4 people.
-The borrower must be 18 years old and above
-A guarantor should also have a strong credit history – If any of these four factors apply to your UBA Nigeria small business loan application then please know that there’s still hope! There are many other factors UBA Nigeria takes into consideration when deciding on whether or not to approve the loan such as profitability, industry type, gross profit margin etc. But before we delve deep into these points we would like to reiterate that we advise you pay close attention to the criteria mentioned above. They are crucial for both getting approved and getting favourable terms from UBA Nigeria.
Bonus Tips For UBA Business Loan Application
Small business loans are designed to help with some of your business’s start-up and expansion costs, including expenses related to opening an office or franchise location. In order to qualify for a small business loan, you’ll need a good credit score, operating history and collateral (property used as security). If you’re interested in applying for a small business loan through UBA, it is important that you know how to ensure your loan application gets approved. First, when filling out the application form, make sure all information on the form is complete and accurate. You can also request that someone else review the form before submitting it – this person should be familiar with your financial information so they can double check any details you may have missed. Once completed, submit the form online and wait for a response from one of our trusted lenders about their decision to approve or decline your loan request!
Be First to Comment