How To Raise Initial Capital for Businesses (Part 1)

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How To Raise Initial Capital for Businesses (Part 1)

So I was made to understand that many people do not have access to some Information others take for granted. There is therefore need to share information so others can benefit from what we know, after all, we rise by lifting others

So I decided to discuss how to raise money, especially from the public sector to enable young people start businesses

Ever heard of Nirsal Microfinance Bank(NMFB)?

It is the FG’s own Microfinance Bank managed by the Central Bank of Nigeria (CBN). Their website is; nmfb.com.ng

It is established, amongst others things, to attend to Medium and Small Scale Businesses. As a public financial institution, their interest rate is far lower than the cut-throat interests charged by the regular Deposit Money Banks

In PH, they are located inside NIPOST office along Station Rd, just after Govt House when going towards Lagos Bus Stop
NMFB houses nearly all the FG’s Financial Interventions including the Nigerian Youth Investment Fund (NYIF) which is a 75B fund entirely devoted to young people to start or sustain their SMEs

Feel free to walk into their office and tell them exactly what you do or intend doing and ask them how they can assist you start up. When doing that, please ensure you have your Passport Photo, Statement of Account signed by your Bank, BVN and for registered companies, your CAC Certificates

Finally, don’t assume these things do not work, do not also have a care free attitude that it’s a man-know-man thing, what I am saying in essence is that you shouldn’t dismiss it even before giving it a shot

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