Small Business Funding Nigeria - Where Can You Get Help?

Small business funding is a big challenge in Nigeria and several parts of the world. In fact, issues with small business funding is the number one reason why many people are afraid to start a business of their own.

Most people who desire to start a home business often ask, "where do I get the funds to start and run my business?"

That question is often a reflection of the frustration they feel inside.

My advice is . . .

Don't be discouraged by the apparent lack of support for the small business industry or SME. You can make a difference and set up a business of your own if you give it careful thought and do a bit of planning.

Let's start with people who already have a job.

If you already have a job, you have capital waiting to be harnessed.

Take an example of a man whose pay was $3,000 per month a year back. This year he receives a pay rise and now earns $3,500 per month. He plans to save a part of the additional $500 he now earns and invest it properly in due course.

Unfortunately, several months down the road, he discovers that the new pay is not even enough to take care of his new expenses profile. What does he do?

He pushes his plans of saving for retirement to the following year when he would receive a pay rise resulting from annual salary review. And this situation repeats itself over and over again.

Here's a piece of advice for you. Save at least 10 percent of what you earn monthly in a separate savings account. And do this month after month.

Look up your savings after 3 years and you will discover you have saved enough to start at least a home business that require minimum capital outlay.

But suppose you don't have a job? How do you scale the problems associated with small business funding?

A good way will be to partner with someone you know (e.g. a friend or neighbor) who has the funds you need. This kind of relationship is a symbiotic arrangement where you contribute your business ideas, skill and knowledge to the business while your partner contributes the capital.

A note of caution: Partnerships can become a source of controversy. So, do all of the required paperwork and consult an attorney before setting up the business and the terms of the partnership.

Other sources of small business funding include . . .

  • Government grants for small business
  • Loan from your cooperative society
  • Microfinance credit
  • Housing allowance (where it is paid in bulk) and
  • other allowances

    In Nigeria, government is beginning to stress the need for local banks to set aside funds to grow the small and medium enterprises (SMEs). Many banks have done this.

    Unfortunately, many people complain about the difficulty of accessing these funds.

    On the other hand, the bank officials claim many small business people come to them with ideas but without credible business plan. Hence, the inability to access the funds set aside by banks to grow SMEs.

    It looks like that battle will rage on for a long while.

    In the meantime, explore other sources of small business funding discussed above. It's better late than never.

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