He expressed, “We have always believed that supporting the government’s nation-building efforts involves empowering the private sector to engage in activities that drive economic growth. I have attended several forums in the U.S., where Nigerian government officials, governors, and other state representatives have urged entrepreneurs to return hoome and invest in the country’s economy.
“The launch of this product, along with other loan products and services by OFS, stems from our desire to align with the government’s economic growth initiatives. Our focus is to provide financial assistance to petty traders and small business owners who typically face challenges accessing traditional bank loans due to a lack of collateral.
“This loan is specifically designed for small-scale entrepreneurs, such as restaurant owners, street hawkers, pure water sellers, and others who may not meet the stringent requirements of conventional banks. It’s our way of giving back to the community and is inspired by practices in the United States and other developed nations, where private sector initiatives play a key role in driving economic development.”
Explaining his motivation for introducing this loan service despite the existence of other lenders, he stated, “We identified a critical gap in the market for accessible, affordable, and flexible loans tailored to the needs of small-scale business owners in Nigeria. Lagos State, being Nigeria’s economic hub and contributing over 30% of the nation’s GDP, presented an excellent opportunity to positively impact the economy by supporting petty traders and entrepreneurs.”
He went on to elaborate on the features of the loan service provided by OFS, which include flexible repayment terms, competitive interest rates, minimal documentation, swift fund disbursement, and a client-focused approach.
“Our loan offerings range from ₦100,000 to ₦500,000, extending up to ₦10 million. Additionally, we provide value-added benefits such as free financial advisory services, business analytics, and partnerships with larger corporations to support our clients’ growth.”
He further explained that interested applicants can apply through the company’s website, mobile application, or by visiting any of the designated branches. The eligibility criteria include active business operations, valid business registration, a bank account, a verifiable income source, and an age range of 20 to 65 years. Applicants must also present a valid ID card, utility bill, and demonstrate both character and capacity to repay. A credit check and risk assessment are conducted to ensure loan affordability.
He also highlighted other loan products offered by OFS, such as working capital loans, business expansion loans, equipment financing, and emergency loans, all available at single-digit interest rates. “Each loan product is specifically designed to address the unique needs of our clients, enabling them to grow their businesses effectively,” he noted.
“While our primary goal is to support small-scale business owners in Lagos State and other regions, we also cater to medium-scale enterprises. Our loan solutions are adaptable and tailored to the diverse needs of businesses across various sectors. We understand that each business is unique, and we are committed to providing customized financial solutions to meet those unique needs,” he concluded.
HOW TO APPLY FOR THIS LOAN
Click HERE to apply
