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Business Finance Info & Updates

Getting business loans from banks Wema Bank (1)


We now resume the series on banks’ loan and other financial services offer to SMEs, which we paused a few weeks ago to address some other small businesses financial intelligence issues.

Before we paused we had published the loan and related financial packages for SMEs in Diamond Bank, Stanbic IBTC Bank and Skye Bank. We shall be resuming the series with a focus on Wema Bank’s SME Banking with special focus on its credit facilities for small businesses.

Wema Bank says it is passionate about helping small businesses grow on all fronts. Beyond financial support, the bank says it provides SME financing package for working capital, as well as access to select business forum organised by the Bank for SMEs. The bank prides itself with deep knowledge needed for growth of small businesses, so that the small business owner can think big, start small and be sure of success. Surprisingly the bank starts its offers to SMEs with deposit account product. It is not clear if this implies you must open and operate a business account with the bank before you can have access to its loan facilities or other forms of supports Competitive edge But the bank enjoins the prospective beneficiary of its loan package to ”gain a competitive edge from the benefits of a Savings Account as an entrepreneur or small business owner.” The first account the bank enjoins the prospective beneficiary to have is called ‘myBusiness Account’, which according to the bank, givesaccess to funding and credit packages. This account provides access to funding and credit packages to enable you build and maintain a thriving business over the long term. The account is meant for sole entrepreneurs, micro enterprise business owners, small and medium scale businesses e.g., Private schools, Bakeries, Hospitals, Trading concerns, Commercial printers, Eateries, etc. The ‘myBusiness Account’ has three variants – Bronze, Silver and Gold. Some details of these variants will be given in the next week’s edition. culled from

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