How to Apply for a Business Loan in Ghana
The more you know about how to apply for a business loan in Ghana, the less stressful it will be and the better your chances of getting one.
What is a Business Loan?
A business loan is a loan that is only used for business purposes. A business term loan in Ghana is a customised loan with a fixed term that is repaid in monthly or quarterly installments over a period of up to five years.
There are many financial institutions in Ghana offering such loans to small business owners, large corporations, and new entrepreneurs. A business loan is great for growing your business or starting a business. You can apply for a business loan to purchase equipment for your business or to help pay employees.
Can Ghanaians apply for business loans in Ghana?
Yes, Ghanaian citizens can apply for a business loan in Ghana. Most financial institutions in Ghana will not give business loans to startups. Before applying, you should conduct additional research on each bank or financial institution.
A business loan can help you establish or grow your business, but if you don’t know how to obtain a business loan, navigating the paperwork and loan criteria can be overwhelming. Understanding requirements, scouting for banks, and knowing how to apply for a business loan in Ghana are all steps that can help you receive the money your company needs.
Here are some documents you’ll need to apply for a business loan in Ghana.
What you’ll need:
- Business registration documents
- Credit bureau report
- Six months’ statements from another bank
- Three years’ financial statements and cash flows
- Accepted collateral includes, but is not limited to, landed property, cash or investments (Treasury Bills), and bank guarantees from a reputable bank
You may have to meet other requirements or provide more documents based on the terms of your loan.
Banks in Ghana to apply for a business Loan
- Sinapi Aba Savings and Loans Company Limited
- Micro Finance Service
- UT Bank LimitedBank
- Ecobank Ghana
- Stanford trust
- Express Savings & Loans Co. Ltd.
- Izwe savings and loan
- First Havila Investment Group Limited
- Kruger Financial Loan Services
- Bailey Finance
- UT Bank Ghana Ltd.
- First Allied Savings & Loans Ltd
- Stable Capital Ltd
- Quick Credit
- SamBoad Micro-Credit Services
You might also be asked to submit the following documents:
- Your business plan
- Certificate of business registration
- Three-year financial statements and cash flows
- Addresses for both home and business
- Proof of ownership
- National ID card or passport for non-Ghanaians
- One passport photo and documents for business registration
- Ghana card
- Accepted collateral includes cash or investments, landed property, and a bank guarantee from a reputable bank.
- (6) Six months statements from another bank
