Festival Loan is a product designed to provide existing and prospective clients of LAPO MfB the capital to finance their businesses during festive periods. This loan is suitable for clients whose businesses usually experience high sales during festive periods and require quick fund to strengthen the business activities.
- Facility range: N50,000 (minimum) to N250,000 (maximum)
- Methodology: Group
- Duration: 4 months
- Grace period: 1 month
- No collateral
- Access to a quick, higher loan to fund business activities
- Training on basic financial management, business planning and customer relations
- Flexible repayment structure
- Low interest rate
- Expert financial advice available
- Duly completed application form
- An application letter
- 2 guarantors
- 2 recent passport-size photographs
- Current utility bill
- A valid means of ID (national ID, driver’s license, voter's card or international passport)
1. Q: Is Festival loan accessible to individuals running Small Business Loan (SBL)?
A: No. Currently, the loan is available to individuals accessing Regular loan.
2. Q: How long does it take to process and access this loan?
A: Less than a week if the documentations are provided.