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What do I need to get a business loan?

For business owner who plan on accessing loans either from the government or commercial banks, here are some of the essential requirement: 1. Registered Business Name: this implies that your business name must be registered by the Corporate Affairs Commission (CAC). This shows that your company is legally recognised and also has clearly defined scope of business. This is a major requirement for any kind of business loan including Agriculture loans 2. Corporate Accounts: having a bank account for your company that is different from your personal account can so it makes it easier for the bank giving the loan. As it becomes easier for them to track the cash flow the business. Although, there can be some exemption to this depending on the terms of the financial institution. But if you're planning on getting  a sizeable amount of business loan  either from the government or commercial banks in the nearest future it is advisable to open a corporate account for your busi
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NIRSAL Microfinance Bank is giving out Loans without collateral

The Nigeria Incentive-Based Risk Sharing system for Agricultural Lending ( NIRSAL ) Microfinance Bank has an ongoing low interest rate credit scheme called AGSMEIS . What is AGSMEIS ? The Agri-Business/Small and Medium Enterprise Investment Scheme is an initiative to support the Federal Government's efforts and policy measures for the promotion of agricultural businesses and small/medium enterprises (SMEs) as vehicles for sustainable economic development and employment generation A) Eligible industries 1)Creative & Art industries 2)Fashion, Beauty 3)Apparel & Textile 4)Arts & Entertainment 5)Industrial & Manufacturing 6)Agriculture & Allied Processing 7)Automobiles 8)Information & Communication Technology 9)Telecommunication 10)Media & Publishing 11)Hospitality 12)Catering & Event Management B) How Does It Work? Step 1: Get Trained Attend a compulsory training with a CBN certified Entrepreneurship Development Center (EDC

DOES YOUR FARM HAVE AN OUTREACH CENTER?

Never before in the history of Agriculture  has there been such a backlog of farm produce yet to be purchased.  Poultry farmers with lots of eggs unsold, fish farmers with fishes unsold and still consuming feed at the farmers expense. This comes as a result of thelockdown.  Prior to this time, buyers and wholesalers buy large quantities directly from the farm  and also distribute the produce to retailers and or consumers.  However, movement and commercial activities have become  restricted because of the lockddown and stay at home practices.  Cause of the backlog Most offices are yet to resume fully. Children are schooling from home, thanks to online school.  So the sales of some farm produce like eggs are reducing. This is not because there is no demand. But rather due to the fact that demand has moved from its usual location (offices, school ,churches etc) to mostly residential areas.  However, this change may have a permanent effect on the location of demand

How to obtain 50 Billion CBN COVID 19 Intervention funds for MSMEs.

In order to cushion the impact of the coronavirus pandemic on MSMEs, the Central Bank of Nigeria (CBN) introduced the N50 billion  Targeted Credit Facility (TCF) as a stimulus package to support households and  micro, small and medium enterprises (MSMEs) affected by the COVID-19  pandemic.  1.0 Who qualifies for the credit? According to the guidelines , eligible participants includes: i. Households with verifiable evidence of livelihood adversely impacted by  COVID-19; and ii. Existing enterprises with verifiable evidence of business activities adversely affected as a result of the COVID-19 pandemic.  iii. Enterprises with bankable plans to take advantage of opportunities  arising from the COVID-19 pandemic. 2.0 Activities Covered Eligible activities under the Scheme include: i. Agricultural value chain activities ii. Hospitality (accommodation and food services) iii. Health (pharmaceuticals and medical supplies) iv. Airline service providers v. Manufacturing/value addition

THE NEW CRUDE OIL IS IN YOU

Recently, I heard on CNN that the price of crude oil price fell below low a dollar, this was said to be as a result of excess supply. Which happens to be an offshoot of the lock down period when people  are mostly in doors.  I have seen people generally expressing fears about the likely negative outcomes on air and social media. But until we come to the realization of the fact that the new crude oil is in us, we may not see a way forward.  The only thing about this type of crude oil is that it can only be harnessed through creativity and effort.  It lies in your ability to fine-tune whatever you are doing to suite what your existing customers or market currently  need. It is tied to your willingness to learn new skills that will enable you solve existing problems better and even new ones as they emerge.  It is wrapped in your ability to see opportunies in problems both online and offline and then taking action.  It is first of all about acknowledging the new change, then lo

STOCK TAKING: YOUR KEY TO EXPANSION

Having an automated business (that is one that can run by itself) is the goal of every entrepreneur. As it is an indicator of business growth. However, one of the major challenges to this particularly in a product based business is theft. That is having some of your goods unaccounted for which can lead to financial losses.  Hence, there is a need to put measures in place in order to safeguard your business.  Stock taking is a major tool that you can use in monitoring sales and  Types of Stock taking.   Four types of stock taking are examined here; 1. Routine stock taking :  This involves taking stocks at regular intervals. This may be done daily at the close of  business or weekly or any scheduled time.  2. Delegated stock taking :  this implies holding someone accountable for each item accepted into the inventory. This type of stock taking becomes inevitable as the business begins to grow. So, the inventory manager accounts for any missing item. 3. Unplanned stock taking: 

TRACKING YOUR AGRIBUSINESS EXPENSES.

WHY YOU NEED TO TRACK YOUR BUSINESS EXPENSES?  Due to the human nature, we find it more interesting pleasurable to focus on money coming into the business (cash flow) than how it is been spent.  In business however, expenses are usually incurred during the course of production of goods and services. Therefore failure to track your business expenses can lead to you short changing yourself. Tracking or monitoring your Agribusiness expenses enables you as a business owner to capture all the cost incurred during the course of production of your goods and services from start to finish.  It gives you the full picture of your cash outflow.  This also allows you to know your TOTAL cost of production and eventually your actual cost price. As it is not enough just assume your cost price or even adopt your competitors cost price as your own.  When you track your expenses,you will be able to fix the RIGHT selling price for your agricultural produce or product so that you will not only