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How to Apply for a Business Loan in Ghana

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.

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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.

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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:

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  • 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

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