Titan Trust Bank — how to get an SME business loan or financing

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Titan Trust Bank is one of the newer commercial banks in Nigeria — having obtained its national banking license in 2019. The bank operates out of its head office at Plot 1680 Sanusi Fafunwa Street, Victoria Island, Lagos.

Titan Trust is led by seasoned bankers, who have experience that cuts across the entire banking sector. This has given Titan a solid foundation — from which it can compete with Nigeria’s long-standing banks.

As a business strategy, the bank aims to deploy a range of innovative tech and digital solutions — offering its clients world-class services as a result.

Titan Trust has been established, to profit from the gaps identified in the banking industry. Accordingly, the bank offers several finance products in relation to retail, SME and corporate banking.

Funding and types of business loans available through Titan Trust Bank

As a national commercial bank, Titan is fully committed to supporting businesses of all sizes. By funding Nigerian companies, the bank seeks to contribute to the growth and economic development of the country.

Titan provides funds to businesses through a variety of different finance products. The bank can provide anything from your standard term loans — to business overdrafts — to foreign exchange services. Titan also offers a number of corporate finance solutions.

Qualifying for a Titan Trust Bank business loan

To get a business loan with Titan Trust Bank — you will need to meet minimum funding requirements. Some of these requirements are specific to certain credit facilities — while other requirements apply in general.

One of the general lending criteria — is having a viable business that generates regular cash flow. Companies would find it difficult to obtain a loan, from most banks in Nigeria (including Titan), without showing proof of at least some turnover. Your business turnover, also influences how much money Titan will likely be able to lend to you.

Further, your company will need to have a good credit history. In other words, you should have no previous bad debt obligations. This is particularly important — when it comes to unsecured loans. Secured loans may be obtainable, despite a poor credit history, as the collateral you pledge plays a slightly bigger role in any lending decision.

Other 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

Titan Trust will only be able to fund businesses that are registered with the CAC. Unregistered companies, and those applying as individuals — will be unable to get business funding.

As an alternative, private individuals and unregistered businesses, can seek consumer loan products. Titan does also offer such products — in the form of facilities like salary advances.

Another option, is to apply for finance with SukFin — who are able to provide a range of alternative funding solutions.

How to apply for a Titan Trust Bank business loan

Applying for a Titan Trust loan, will commonly involve visiting a relevant bank branch. However, before actually making an application — you should make yourself aware of the different funding options available. This is primarily due to the fact that, not every finance product is suitable for your business. To make any funding inquiries, you can contact Titan via phone, email, mobile app or social media channels.

Making a loan application, will almost always involve filling in some kind of application form. In this form, you will detail your business’s operations and state the loan purpose. As part of your application, Titan may also request that you submit supporting documentation. All applications will be assessed against Titan Trust Bank lending guidelines.

Should your loan be approved — terms and conditions will be stipulated in the subsequent offer letter. The procedure for loan disbursement, will also be highlighted in this offer letter.

A checklist of important documentation, frequently 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 Titan Trust Bank?

Loan approval and disbursement times vary. The credit facility that you apply for — is what influences this the most.

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

Titan can tailor loan repayments — to suit the needs of your business. They can also finance you, for anything from a few months to a few years.

How much can I borrow from Titan Trust Bank?

Titan Trust will only lend you money, that you have the capacity to repay. The more money your business makes — the greater your loan repayment capacity.

What is the interest rate charged on a Titan Trust Bank loan?

Borrowing rates differ — according to the finance product of interest, and your trading history.

Does Titan Trust Bank require collateral?

The credit facility in question — determines if collateral is needed. Having said this, to be able to borrow large sums of money, some form of collateral will usually be requested.

As collateral, the bank may accept things like:

  • 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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