Federal Government Small Business Loans for the Unemployed in Nigeria

  • Open an account
  • Select Loan type
  • receive your loan in minutes

12. ALAT Loan

ALAT by WEMA offers instant and very quick loans without collateral, no documentation required and at a very low interest rates. There is no physical visitation to any place, everything is being done online and within a few minutes, you’ll receive your loan right in your account. You can borrow as much as 2 million naira with no collateral, although it all depends on your credit score. AlAT offers loans to salary earners and you’ll be able to receive a minimum of #50,000 and up to #4,000,000 within hours and will have between 3 to 24 months to pay back with only a 2% interest rate per month on a reducing balance basis

13. FairMoney Loan

FairMoney can give you up to 500,000 naira within 5 minutes. Their repayment schedule is very flexible and no collateral is required. All you need to do is to download the FairMoney App on Google hit website Play store, apply and get your loan within 5 minutes.

14. Lendigo Loan

Depending on your financial needs, Lendigo is your go to for urgent funding for all SMEs. Not only that, if you are starting out and you are in need of Capital, the company can give you fast and flexible access to money needed to begin your dream business. The loans they offer is best suited for Traders and Marchants dealing on Fashion Apparel, Electronics, Computing, Phones, Household items etc. If you are one, you can apply here.

15. Branch Loan

Branch is one of the world’s leading personal online financial institution that offers quick loans without collateral in minutes, no physical documentation is needed is required to get branch loans. Branch offers loans to bad credits i.e people with bad credit records. With branch, you can get up to 500,000 naira at an interest rate of 20% per annum. All you need to do is to visit the website and download their App.

Federal goverment of Nigeria offers loans through some accredited agencies. The government offers loan through Bank of Industry (BOI), Nirsal Microfinance Bank, Central Bank of Nigeria and some other agencies such as Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) All the above listed agencies and banks offer small business loans to Nigerian citizens.


SMEDAN is simply Small and Medium Enterprises Development Agency of Nigeria. It’s backed by the Federal government to provide quick and easy loans to Nigerian SME’s. The agency has a mandate of helping Nigerians who intend starting small businesses. They also provide expert advise and training to business owners that’ll help them run their business. All you need to do is login/register and fill the Online Application Form

This is a federal government Covid19 loan, to help youths. This loan is a loan given by CBN through Nirsal Microfinance bank. It is an initiative of the federal Ministry of youths and Sports backed by the federal government. It’s an online loan application that involves no collateral or paper work. It’s is initiated by the Federal government to help Nigerian youths get funding for their businesses both startup and already running business. They offer loans of between 250,000 thousand to 3 million naira, with a very low interest rate. Their repayment schedule is very flexible and the always give a moratorium of 1 year. The interest rate is just 5% for a minimum of two years. This is the best loan anyone would like to receive because it’s almost like interest-free loans. To apply for NYIF loans all you need are: