Globus Bank — how to get an SME business loan or financing

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Globus Bank is one of Nigeria’s newest commercial banks — being incorporated in 2019. The bank has its head office at 6, Adeyemo Alakija Street, Victoria Island, Lagos.

Globus has developed expertise in a number of different business sectors — including food & beverages, telecommunications, oil & gas, manufacturing, aviation, agriculture and more.

Funding and types of business loans available through Globus Bank

Working Capital Finance

Globus Bank can provide you with working capital finance — used to improve your cash flow and satisfy your short-term business funding needs.

Project and Structured Finance

Structured and project financing are bespoke financial solutions. This facility is used to fund industrial projects, infrastructure and public services. Borrowed funds are primarily paid back — from the cash flows directly produced by the project in question.

Bonds and Guarantees

A bank guarantee, from Globus Bank, can be used to confirm your creditworthiness and your ability to meet contractual obligations.

Value Chain Finance

Through its value chain finance offerings, Globus Bank can help you unlock funds trapped in your supply chain. This will help ease any cash flow problems, and strength your trading relationships.

Global Trade

Globus Bank has several trade financing solutions — that make it easier to transact internationally. Examples of products on offer include letters of credit and bills for collection — both of which help you to import goods into Nigeria.

SME Finance

If your small and medium-sized enterprise (SME) is in the education, health, agriculture or tertiary sectors — you could benefit from a Globus SME loan. Funding can come by the way of asset financing, a term loan, a cash-backed facility or an overdraft.

Creative Sector Loan

This credit facility is a Central Bank of Nigeria (CBN) initiative — that aims to build capacity and create employment in the creative industry. Eligible businesses include those active in fashion, ICT, software engineering and more.

Qualifying for a Globus Bank business loan

In order to get a loan, with Globus Bank, your business must meet certain lending criteria. There are both general, and product specific criteria that may apply.

One of the main general lending requirements, is having a profitable business. You would struggle to get a loan with not just Globus, but any bank in Nigeria, without your company generating regular cash flows. The amount of money you make, is what is taken into account — when deciding if you can realistically pay back any borrowed funds.

A further general lending requirement, is your business having a good credit history. If your business has a history of not meeting prior debt obligations — getting another loan will be a challenge.

Despite a poor credit history, you may still be able to get a secured loan — if you can offer valuable collateral. For secured loans, the collateral offered plays a slightly more important role — than prior credit history.

Further general business lending criteria may include:

  • Having a registered business or company — with the Corporate Affairs Commission (CAC)
  • Having a business or corporate bank account
  • Been trading for some time (1-3 years minimum)
  • Must have a good Credit Bureau Report — with no unpaid obligations or bad debt
  • Being an active customer of the bank

Globus Bank is only able to fund registered businesses. If your company is not registered with the CAC, or if you are applying as a private individual — you will not be able to get business financing.

Private individuals, or those with unregistered businesses — will need to seek other options. A potential solution — is to get a personal loan, with any bank of your choice, and use the funds for business purposes.

Another option is to apply for a loan with SukFin — who are able to provide a range of alternative financing solutions.

How to apply for a Globus Bank business loan

Globus Bank is able to accept business loan applications, at any one of its branches. Before you actually go into a branch, and make a loan application — it is important to research the different financing options on offer. This is because not every Globus finance product, would be appropriate for your business. It is best practice to only make loan applications, where you have a good chance of being approved.

Almost all loan applications, will involve filling in some sort of application form. In this form, you will be required to provide details of your company, its trading history and the loan purpose. Globus will also require you to submit supporting documentation when relevant.

The bank will go on to assess your loan application using — the details you provide, and any other publicly available information. Assessment will be done against Globus Bank lending guidelines.

An offer letter will be issued — subject to loan approval. Offer letters will outline the terms and conditions attached to the loan, as well as stipulate any things you need to do — before funds can be disbursed.

A checklist of important documentation, commonly requested includes:

  • Completed application form
  • Company profile
  • Business plan
  • Cash flow budget
  • Bank statements (12 months)
  • Audited financial accounts
  • Certificate of Incorporation
  • Valid means of identification (driving license, passport, voters card)
  • Proof of address
  • Details of collateral offered (if any)

Note. The exact documents you will be asked to provide, are unique to the credit facility in question.

Frequently asked questions (FAQs)

How long will it take before receiving funds from Globus Bank?

The timeline for loan processing and approval varies — according to the credit facility of interest. Having said this, smaller unsecured loans tend to be disbursed the quickest.

How long do I have to pay back a Globus Bank loan?

Globus Bank can tailor repayment plans, according to your business needs. They can also fund you, both for the short and long-term.

How much can I borrow from Globus Bank?

Your capacity to repay any borrowed funds — determines the amount of money Globus will lend to you. The bigger your business turnover — the bigger your loan repayment capacity.

What is the interest rate charged on a Globus Bank loan?

Globus Bank interest rates differ. Borrowing rates are based on the finance product sought, and your business trading history.

Does Globus Bank require collateral?

Like most banks in Nigeria, Globus normally does require collateral — before lending you money. However, there are products or times — when collateral may not be required.

Examples of security or collateral, that may be acceptable includes:

  • Obligations of the Federal Government of Nigeria (FGN Bonds, FGN Eurobonds, FGN Treasury Bills etc.)
  • Obligations of state governments or agencies of the Federal Government of Nigeria
  • Other non-government debt instruments
  • Physical assets e.g. real property
  • Third party guarantors (or collateral)

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