How to get loan without collateral.
Biography

How to get loan without collateral.





So many people in Nigeria, especially young persons have very good business ideas, but don?t have capital to execute them. Money has been, and has continued to be a factor militating against people who wants to go into Entrepreneurship. The worst of it all is that almost all the banks in Nigeria requires collateral especially real estate or landed property before they can give loan. Majority of these individuals who seek to set-up businesses are young graduates. Many of them are from poor backgrounds and as such, wouldn?t have such collateral.
If you fall within the category described above, you don?t need to worry anymore because in this article, we have carried out a research and discovered that there are ways you can obtain loan or capital to fund your business in Nigeria without collateral, and we have listed them here:

1.       Cooperative Societies.


Do you know that most recently, the federal and various states governments of Nigeria have been mapping out billions of naira, just for the purpose of given loans to people to fund their businesses without any single requirement for collateral. These moneys are targeted at Nigerian citizens like you, just to eradicate poverty. These loans come in different names such Agric loans, Industrialization Loans etc.

The loans are fashioned out in such a way that anybody, provided he/she is a Nigerian citizen can access them. However, because the government just doesn't want to start giving any individual they see on the streets these moneys; they need you to belong to an organization called cooperative society, before you can access the loan.

The reason for the requirement of belonging to a cooperative society is just to enable the government to check malpractices incidental to giving such loans direct to individuals. This is because your cooperative society will know you more than the government

You therefore need to join any cooperative societies in your area or call some friends who share common goal with you, and you people can form your own cooperative society.  You can form a cooperative society for the purpose of advancing a particular trade, or to engage in farming, or to go into production or for cooperation , advancement or protection of members of the cooperative society, who are engaged in similar trade or business. In fact you can form a multi-purpose cooperative society so that you can be eligible for any available loan at any point in time.

After you must have formed the cooperative society, you approach your states? department that is in charge of registering cooperative societies, they will register you. If you need detailed information on how to go about registering your own cooperative society, you can contact us on this phone number 08069143664.

After you must have registered your cooperative society, you need to choose which category of loan scheme, is available for a cooperative society like yours at the moment, and apply for it through the machinery through which such loans are disbursed. For instance, Agricultural loans are usually disbursed through the farmers association in each state of the federation. Therefore if your cooperative is for agricultural purpose or a multipurpose cooperative society, you have to register it with the farmers association of your state because the agric loans are most probably disbursed through them.

2.       YouWiN Program.



YouWiN stands for Youth Enterprise with Innovation in Nigeria. It is an innovative business plan competition introduced by the federal government of Nigeria, which is aimed at job creation by encouraging and supporting aspiring entrepreneurial youth in Nigeria to develop and execute business ideas. So far, this program have been executed in three editions.

Already, about 1,200 Nigerians have received various amounts of moneys through the first edition of this program, without being required to present collateral. The accomplishments of the 1,200 YouWiN! Awardees of the first edition were celebrated at the Presidential Villa on April 12, 2012.

Another edition of the program is YouWiN Women. YouWiN! Women was the second edition of the entrepreneurial scheme, which was designed for only female entrepreneurs aged 45 years or less.

The third edition is YouWiN! 3, this edition which support both male and female entrepreneurs in Nigeria, recently announced the 1500 awardees.

The federal government now is about to launch YouWin 4. With the upcoming launch of YouWiN! 4, the President of Nigeria will have fulfilled his promise to financially support over 3,600 Nigerian youths to develop their entrepreneurial ideals and plans through the YouWiN! Program. YouWiN! 4 is open to both male and female entrepreneurs between the ages of 18 - 45 years.

How to participate in YouWiN.


Step 1 ? Check Your Eligibility.


Check that you are qualified to apply. To check whether or not you are qualified in any of the YouWin edition, read ?Who can apply?? below.

Step 2 ? Register.


When you must have confirmed that you are qualified, you can now Register here.
After the regiteration, you will receive a confirmation email from YouWIN! with all the details you will need to log in.

While registering, if you encounter any trouble please read YouWins? tips and troubleshooting advice. After following the advice and the problem persists, you have to visit YouWiN?s  contact us, and specifically describe the problem to the administrators, and they will guide you one on one.

Step 3 ? Complete New Business Application


Immediately you complete the process of registration, It is now time to Log in. When you do, just click the New Business Application button on the right hand-side. Make sure you save your application form as you go through the process in case of network tripping off so you can always continue where you stopped. Once you complete your application, you then click on the Submit button on the form to send it to YouWin administrators. You are eligible to submit only ONE application and no more.

Step 4 ? Lookout for Your Notification from YouWin.


When the date set for the closing of the application have come and gone, start then to check your mail for a notification as to whether you are selected for the next stage of the competition. You can join the discussion on YouWins? Facebook, Linkedln and Twitter. Regular updates are usually posted on the YouWiN! homepage.

Who Can Apply For YouWin?


It is only those Nigerians who met the under-listed criteria that would be eligible to apply for YouWin:

Hope this article is of help to you. Please post your comment below to tell us what you fill about this article.
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