Due to the current state of the Nigerian economy, starting and running a business has become a big deal. Rather than run a business, some have settled for white-collar jobs as their last resort.
Today, we will be showing how to get a business loan from Starta. We encourage you to keep reading to find out more about how you can gain access to Starta loans.
This article outlines the steps to take to obtain a business loan from Starta Loans and other things you should know about the application.
Before we continue, let us look at a brief insight about the Starta loan.
Brief Overview of Starta Loans
Founded in 2020, Starta Loans is dedicated to empowering small businesses through accessible financing. Typically, they initiate with modest loans for first-time borrowers, and consistent repayments contribute to an increment in the loan limit. Beyond financial support, the Starta platform extends its commitment by offering valuable advice to business owners.
Furthermore, it facilitates training sessions designed to equip entrepreneurs with the skills needed for effective business growth and management.
What Types Of Loans Does Starta Offer?
This loan platform offers primarily loan services. Basically, they offer entrepreneurs two types of loans. They include:
1. Non-registered Business Loan: Starta offers non-registered business loans ranging from #100,000 to #1,000,000 for businesses not registered with the Corporate Affairs Commission (CAC).
2. Registered Business Loan: Geared towards registered businesses, this category allows for higher loan amounts, acknowledging the credibility of businesses registered with the Corporate Affairs Commission.
How to Apply for a Starta Loan:
- Visit https://starta.ng
- Complete the application form
- Await a response from the Starta team
Required Documents for Application:
- Non-registered Business Loan: Personal details (name, phone number, email) and basic business information.
- Registered Business Loan: Personal and business details, including cash flow and income statement.
Loan Duration and Interest Rate: Starta Loans offers flexibility with repayment periods extending up to five years. The interest rate is fixed at 6% per year based on the loan amount requested.
Loan Approval and Disbursement Timeframe: Starta’s approval process involves thorough document verification, which may take weeks or even months. However, once approved, disbursement occurs within a few minutes.
Eligibility Requirements: To qualify for a Starta loan, individuals must:
- Be Nigerian citizens residing in Nigeria
- Possess a valid ID card
- Be at least 18 years old
- Have a business that is less than 5 years old
Conclusion
Obtaining a business loan is a pivotal step for many entrepreneurs, and Starta simplifies this process for businesses in Nigeria. Whether registered or unregistered, Starta provides accessible and stress-free financing options. Follow the outlined guidelines to secure a loan for your business efficiently with Starta.