The Free Loan am talking of is issued to you by a Financial institution in Nigeria, includes banks, but here I will be talking about mortgage banks.

I and my partner have transacted with most of them and they are reliable, in this report, I will be giving you the list of the one I used and their office address across.

Mortgage banks are different from commercial banks, or microfinance banks. Mortgage banks were designed basically for funding small and medium scale business. Anybody can move to them, open an account with them, to enjoy this loan.

A mortgage bank specializes in originating and/or servicing mortgage loans

For example (Resort Savings & Loan Plc, Aso Savings & Loan Plc and so on) these are example of mortgage banks


Resort Savings And Loans Plc

Mutual Alliance Group 

Platinium Savings And Loans Limited

Haggai Mortgage Bank

Safetrust Savings And Loans Limited

Federal Mortgage Bank Of Nigeria Abuja

Dala Building Society Limited – Kano

Trinity Savings And Loans Limited

Aso Savings and Loan Plc


Procedure to Access Loan

I will make use of Resort Savings & Loan Plc as a case study

Below is their office address Nationwide

  1. Dolphin Branch

   Dolphin Plaza, Suite D9,

Dolphin Estate, Ikoyi, Lagos Tel: 08074304145

  1. Ikeja Branch

    25, Olowu Street, Ikeja.

Lagos Telephone 08074771599

  1. Boyle Street Branch

    Resort House 12 Boyle Street, Onikan, Lagos. Telephone 08074304155

  1. Lekki Branch

    Bakky Plaza Along Km14 Lekki-Epe Express Way by Bus Stop Agungi, Lagos.

     Tel: 08074304142

  1. Dopemu Branch
    • & 2 Ojuodo Lane, Ifelodun Street, Aluminium Village, Dopemu Lagos, Tel 08074304179
  2. Mushin (Ojuwoye Branch)

    283 Agege Motor Road. Mushin, Lagos. Tel 08074304193

  1. Abuja Branch

    CITEC International Estate, 

Mount Pleasant, Mbora District, 

Jabi, Airport by pass

Jabi-Abuja F.C.T Tel: 08074303955

  1. Abuja Garki

    Murg Plaza Opposite UTC

    Shopping Complex Area 10, Abuja     Tel: 08074303942

  1. Portharcourt Branch Vicon House

   80, Stadium Road,

   Opposite Mr. Biggs Port Harcourt

   Tel: 08074303970

  1. Jalingo Branch

     Priscilla Nyame Estate

   Nyame Garden City, Mile 6

   Jalingo, Taraba State    Tel: 08074303888

  1. Yola Branch

    10 Galadima Aminu Way (Bank Street)

   Jimeta, Yola, Adamawa State

   Tel: 08074303895

  1. Ekiti Branch

     72, Secretariat Road     opposites Gtb Plc     Ado Ekiti, Ekiti

    Tel: 08074303989

  1. Abeokuta Branch

     Olusegun Obasanjo Presenditial Library

     Presidential Boulevard, Oke Mosan

     Abeokuta, Ogun State

    Tel: 08074304200

Walk into the nearest bank closer to you, also note that the process is similar to other mortgage banks.

  • You will ask the following document
    1. 2 passport
    2. opening balance N1,000
    3. utility bill (NEPA, or water bill)
    4. Mode of Identification
  • Your account will be ready within 24 hours,
  • You need to run this account for 60 days, saving up to 20% of the amount you Will like to borrow, e.g  200,000. Naira, then your savings must amount to N40,000 or more.
  • Apply for loan, ( SMALL SCALE loan, between N50,000 to N300,000)
  • Payback within 90 days.

The interest rate is 5%  no collateral.


Still the same process, but this is called the bigger scale, you need to run your account for 3 months, have a guarantor, and your guarantor must be able to stand with a paycheck, which shall be returned back when your pay back their money.


  1. Prepare Yourself

The first step to starting a small business in Nigeria is to adequately prepare your self. You may think this is not important but it can be the thin line between success and failure. Running a business in Nigerian is tough but highly rewarding; so to survive, you have to be tougher. Nigeria is a harsh terrain to operate in but since we are Nigerians; I believe we are well grounded to tackle the challenges on the ground. Now how do you prepare yourself?

You can prepare yourself by attending a seminar on the chosen line of business you wish to venture in and getting all the necessary information about your chosen industry. You can also prepare yourself by accepting the reality that you can fail tomorrow; you prepare yourself by increasing your risk-bearing capacity. And ultimately, you prepare yourself by making up your mind to succeed despite the odds and competition.

  1. Have a Good Business idea

To successfully start a small business in Nigeria, you must have a good idea. In fact, any idea or business opportunity will do; except you are pioneering a new invention. I emphasized that any business opportunity will do because most Nigerians focus solely on the business idea without knowing that a business idea is just a tip of the iceberg in the entrepreneurial process of building a business.

A good business idea alone does not guarantee success in business; an average business idea with good business fundamentals does. The world is filled with brilliant “million dollar ideas” but the world lack seasoned entrepreneurs. You don’t need to crack your head to create something new; don’t bother re-inventing the wheel, just find a proven business line and learn the fundamentals. You can even decide to buy a franchise if the capital is on the ground. Nigeria has the needed population to absorb any product that is backed by a strong business sense.

  1. Do Feasibility study

The third step to starting a small business in Nigeria is to do a thorough feasibility study before investing a dime in any business opportunity. This is basically where the failure of most Nigerian entrepreneurs begin. I have seen people invest in a business idea or opportunity simply because a friend or relative said the business is profitable. I have seen people jump into an industry blindly in reaction to unverified information. I know entrepreneurship is all about risk taking but jumping into an industry without an adequate knowledge of its fundamentals is suicidal. I know this because I am talking from experience; my dad made this very mistake and he paid dearly for it.

  1. Understand your Market

Before jumping into any business or industry; make sure you have thorough understanding about its fundamental metrics. Every business has an inside secret and if you must succeed; you must find such secret. Understand the market of the industry you are going into and you will increase your chances of success. The best way to begin such is by asking yourself the questions below:

Who are the customers?

How do they want to be served?

Who are your major competitors?

Who is the market leader?

Do you have a chance for survival?

Can you grab some market share in that proposed business industry of yours? These are the questions you must answer before starting a small business in any industry.

  1. Write a simple Business Plan

This is another point where most Nigerians miss it. It is estimated that over 85 percent of small business owners in Nigeria operate without business plans. While I won’t criticize them because I started my first business without any business plan; I think it’s worthwhile you separate yourself from the pack. Since majority business owners are operating without business plans; why can’t you capitalize on it and make it a competitive advantage for your business. Banks do not lend money to businesses that are operated without business plans. What if you have one? Well, I will leave that for you to answer.

Please write a business plan for any business venture you want to undertake. Even if it is an informal, one-page business plan; write it. Your one-page business plan may not get you the bank’s attention but it’s a way forward because it will help you concentrate on fulfilling your business mission.

  1. Find a Good Location

So you want to start a small business in Nigeria? If yes; then where are you going to locate your business?

Are you going to site your business within your neighborhood or are you going to site your business in an industrial area?

Are you going to separate yourself from the crowd by building your own brand in a specially selected location?

Or you are going to operate from the center of trade or commercial places in Nigeria? If you intend dealing on general merchandise; then you can consider locating your business in districts such as Aba, Yaba, Tradefair, Idumota, Lagos Island, Oshodi, Mile 12, etc. But if you are in a service business or you are building a specialized brand; you can situate in areas such as Ikeja, Allen Avenue, Apapa, VGC, Victoria Island, CMS, Ikoyi, etc. But wherever you choose to situate, make sure you are well prepared to face the challenges of that terrain.

  1. Obtain the necessary Licenses and Permit

Well, I don’t need to hit much on this. If you don’t want to have the government and its law enforcement agents on your heels; make sure you obtain the necessary licenses and permit needed to operate your line of business. Every industry has regulatory bodies governing it; so be sure to check their operational policy to make sure you are not going against the law. Also remember that you may need licenses and permits from both the local, state and federal government. So make sure you factor their costs in your budget.

  1. Register your company

Most businesses operate as sole proprietorships in Nigeria; you can choose to go the same way. But if you are truly out to build a successful business that will stand the test of time; I will advise you register a business name or factor it in your cost projections as a short-term plan.

You can choose between the sole proprietorship; limited liability or public liability form of entity. After choosing your business entity, you can get your business name registered at the Corporate Affairs Commission’s office in Abuja, Alausa Lagos or anywhere nearest to you. I will advise you go through a lawyer to avoid unnecessary mistakes.

  1. Raise Capital

Before making up your mind to start a small business in Nigeria, I want to assume that you have the necessary capital to at least launch the business.

  1. Start the business

After going through all the processes above; this is where you get down to the real deal, this is where you start the business. Most people make wonderful plans, do feasibility research and even raise the needed capital to start a business. But for reasons best known to them; they just fail to start. Maybe it’s because of the fear of failure, but what I do know is that not everybody has the guts to start a business. Most can only dream of it but only few dare to take the risk. Are you willing to take the risk and start your own business here in Nigeria? Only you can answer that.

Actually, this is where your work as an entrepreneur gets tougher because statistics reveal that 75% of all new businesses started to fail in their first five years. And of the 25% that survived; 80% of them will fail in the next five years. It means that about 90% of all businesses started will fail in their first ten years. This statistics may be harsh but it’s the truth in its entirety. Are you prepared to lose it all? If your answer is yes, then start.

  1. Look for Leverage

The fastest way to grow in business is to leverage the structure of well-established businesses. So if you want to grow; then look for leverage. Leverage can be in the form of getting a bank loan, getting a credit line from suppliers; striking a strategic alliance with a bigger player or getting a contract. No matter what leverage you decide to pursue; go for it.

  1. Survival is the Game

If you can make it to this stage, then it’s congratulations because you’ve just started your own small business in Nigeria. You have started the game and showed resilience; now is the time to break it through.

At this stage, survival is the name of the game. You might take some pounding from stronger competitors; you might make a business mistake or even face intricate business challenges like a change in government policy but don’t give up. Stay strong and fight it through, I will see you at the top.

Some Businesses You Can start Small TODAY

  1. Poultry Farming
  2. Small Scale Importation Business
  3. Sale of Furniture
  4. Snail Rearing
  5. Rice Farming
  6. Making of Fruit Juice
  7. Oil and Gas Business
  8. Fast Food Eatery
  9. Dry Cleaning
  10. Professional Carwash

The secret to get a loan from a particular bank without collateral, they will pay you up to 4 million in 12 months…

Yea it’s a secret, it’s called credit card, walk into any Diamond Bank, open a business account, remember you need to have your business name certificate, your tin number your company seal and some other document.

Run your account up to 3 months.

  1. To qualify for N250,000 You must have to save up to 1, 1, 1 million in 3 months.
  2. For N500,000 2, 2, 2 million 3. For N1 million, 4, 4, 4 million.

You will be called to apply for credit card loan, after 3 months or you can walk in to request for it, no guarantor, no collateral.

To make your in to in deposit easier, you can split a particular amount of money, or use the bank account as your major business account so your clients can pay directly to this account, by this, you will qualify for this loan on time.

Thanks for reading this report

If there is any way you need more information

Send a message

I’m Your business coach

Johnbosco Ife