If you’ve ever wondered why you’re struggling to secure a business loan in Nigeria, you’re not alone. A few years back, a friend introduced me to an entrepreneur who was eager to take their business to the next level. They had been running things for about two years and were now in search of a business loan in Nigeria to scale up operations.
So, I asked a simple question:
“Can I see your sales and expense records for the past two years?”
You’d think that would be an easy one, right? But it turned out to be a major roadblock. After weeks of trying to pull the data together, the entrepreneur eventually gave up. No loan. No growth. Just frustration.
Sadly, this isn’t a one-off story. It’s a pattern I’ve seen again and again—especially when speaking with lenders and investors interested in funding small businesses.
The Real Reason You’re Struggling to Get That Loan
Here’s the truth:
If you can’t present clear financial records for business loan approval, you’re going to struggle to convince anyone to invest in your dream. Whether you’re applying through a traditional bank or a fintech lender, your financial credibility matters.
As a small business owner, it’s not just about what you your business earns—it’s about what you can . Without proper documentation of sales, expenses, and client transactions, your business can appear risky, even if it’s doing well.