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  1. It’s time for you to wake up and be who you want to be! Take advantage of this piece of information to skyrocket your business ideas. #1. Nigerian commercial banks Individuals who wish to either start up or fund their businesses often go to banks to access their loan facilities especially when family members and friends cannot support this business. Nigerian banks often give loans to individuals for many reasons but not without collaterals. Collaterals are property or something given to the bank in place of money borrowed so that the bank can sell off that thing and recover their money in the event that the person defaults in payment. Also, bank loans often attract interests. Bank loans come in many forms – long term, midterm and long term loans. What determines how loans can be classified is the length or period of time in which the borrower is allowed before he or she repays the money and the amount of money involved. Banks are major sources of business funds. Short term lasts about 3 years while medium term lasts between 5 to 10 years, but this condition varies from bank to bank. Long term loans are based on your credit history and current income, and can last for a period of 30 years. Even though most commercial banks in Nigeria do not give loans without interests, Islamic Banks have changed that common practice. This is because they operate on the principle of Sharia Law which prohibits interests, riba or Usury. To access bank loans you must have a current account with them. And First Bank can lend up N500,000 if the applicant has operated a current account for over 6months and it is done on a corporate basis. Corporate basis in that the applicant should work in a company with a good reputation and they will sign an undertaking with First Bank to be deducting the money from your salary. Alternatively, you can visit First Bank Microfinance Bank for smaller sums of money. All applicants must operate current accounts with proven track record of credit-worthiness. #2. YouWin Program This is an empowerment Program put in place by the Federal Government of Nigeria. It empowers Nigerians but mostly the youths. It is a collaboration of the ministry of Communication Technology, ministry of finance, ministry of youth’s development and ministry of women affairs and social development – and is also supported by the department for International Development. One of the cardinal objectives of Youwin is to generate over 80,000 jobs in 3 years and provide a onetime equity grant for 1,200 selected aspiring entrepreneurs to start or expand their business concepts and mitigate start up risks. It is targeted at people between 18 to 40 years. Requirements for YouWin Step 1: • You must have a good business plan • You must be a Nigerian citizen between 18 and 40 years • You must have a valid ID card (International passport, driver’s license, national ID card or voter’s card). • You must have a post-secondary school qualification • You must prepare an innovative idea Step2: Go on https://apply.youwin.org.ng. After applying you will receive a confirmatory text. Step3: Complete New Business Application. Once you registration you will get an alert on your email. When you have successfully registered you need to log in and click the New Business Application button. It is only available once in a while. YouWin has given thousands of Nigerian youths the opportunity to source business funds and help themselves grow. Remember YouWin gives youths grants and not loans. #3. SMEDAN Small and Medium Enterprises Development Agency of Nigeria was set up by the Nigerian government to support individuals who have great business ideas but may not have enough resources to execute them. SMEDAN is one of the sources of business funds in Nigeria. The offices are located in all 6 geopolitical zones in Nigeria and the FCT. If you have a good business idea, just forward an application to SMEDAN on info@smedan.gov.org and await their response. #4. Bank of Industry The Bank of industry gives loans to small, medium and large industries, excluding cottage industries. They also lend to credit worthy promoters who will be required to prove their commitment to the project. Part of their objectives is to lend to clients with demonstrable ability to meet loan repayment. To access BOI loans, do the following: 1. Write an application letter requesting for the amount you will like to access 2. Complete the Bank of Industry questionnaire. Download their forms atboinigeria.com/downloadscentre Note that there are no limits to the amount BOI can lend to borrowers and a loan of about 75million can be approved in 2 weeks if all necessary requirements are met. Also, note that you can repeatedly apply once you meet all necessary requirements. For more information on BOI loans, please log on to www.boinigeria.com. #5. Bank of Agriculture Individuals who do not have money to go into agro-allied businesses may borrow from the bank of Agriculture. They provide credit to segments of the Nigerian society who have little access to the services of the conventional banks. Bank of Industry is owned by Central Bank of Nigeria and the Federal Ministry of Finance and supervised by the Ministry of Agriculture. It’s obviously owned by Federal Government of Nigeria. Bank of Agriculture operates as conventional banks and they give loans to farmers who meet certain conditions. Remember, you shouldn’t be shy to seek help because those institutions and programs were established because the government saw the need to eradicate joblessness in Nigeria.
  2. onomewrites


    RETAIL FUND What is a 'Retail Fund' A retail fund is an investment fund with capital invested by individual investors. Mutual Funds and exchange traded funds (ETFs) are common types of retail funds. BREAKING DOWN 'Retail Fund' Retail funds target the investing interests of individual investors. Closed-end mutual funds and exchange-traded funds are the two most common types of retail funds. These funds do not have share classes and are traded on the open market. Open end mutual funds collectively manage investments from both retail and institutional investors through various share classes. The majority of share classes in an open-end mutual fund are targeted for individual retail investors. Open-end mutual funds do not trade on exchanges with trades managed by the mutual fund company. Retail funds do not have specific investor requirements. In that way they differ from other fund offerings in the market that mandate certain investor requirements. Hedge funds and private market investments for example, may require that an investor be accredited with a specified net worth. Retail Fund Objectives Retail assets account for a significant portion of the market’s total investments. Investment companies offer a wide range of retail fund objectives across all types of asset classes for retail investors. To help investors better understand and analyze retail fund investments, Morningstar developed style boxes for both equity and fixed income funds. Style box analysis can help investors analyze and invest in retail funds with varying levels of risk and potential return. Retail investors can use style box analysis to develop a diversified portfolio of retail funds across multiple investing categories through a brokerage account. Retail Fund Investing Individual investors have a wide range of retail funds to choose from. While retail funds are open to all individual investors, they do have certain transaction costs and minimum investments that must be considered. Individual investors can invest in retail funds through various channels. Mutual funds are traded with the fund company or through an intermediary. Closed-end funds and ETFs can be traded in the open market through an intermediary. Investing through intermediaries requires careful due diligence. Investors will incur sales charges when transacting with full service brokers. Sales charges are determined by the fund company and outlined in a fund’s prospectus. They can range up to 6% of an investor’s investment per transaction. Discount Brokers are often a more cost-efficient way to trade mutual funds. Discount brokers often charge a transaction fee with each block trade. Fund companies work with all types of brokers to determine minimum investment levels required by an investor for investment.