CBN Wema Bank Loan Application Portal – How to Apply

We have a range of suitable small business loans or financing options to help your business growRunning a small or medium scale business has its challenges.

At Wema Bank, we understand your desire to expand your business, buy new tools and meet your crucial business needs.

That’s why we have a variety of SME finance just for you.

How to Apply for CBN Wema Bank Loan

WEMA Bank Business LoansHere are some of the business loans offered by Wema bank:

Pharma Loan

This loan is targeted at supporting pharmacies and drug store owners with working capital to finance their business. Applying customers can get up to N5m without collateral.

Features & Benefits of Pharma Loan

• Available to all licensed retail pharmacies.
• Must have been in business for a year or more.
• Minimum loan amount N100,000. Maximum loan amount N5,000,000
• Open to new customers.
• The maximum tenor is 12 months.
• Competitive interest rate
• Access to mobile & internet banking services

Required Documentation for Pharma Loan

• Customer’s application letter
• Certificate of Incorporation/Registration
• 12 months bank statement
• Copy of current practice license of the Pharmacist.
• Copy of certificate of retention of premises.
• Personal Guaranty of the Promoter/Obligor supported with the affidavit or the statement of net worth.
• Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Medi Loan

Wema Medi Loan is designed to meet the short-term working capital needs of private hospitals, clinics, and diagnostic laboratories. Customers can get up to N5m to meet the operational needs of their medical institutions.

Features & Benefits of Medi Loan

• Available to all licensed private hospitals, clinics, and diagnostic centers.
• Minimum loan amount N100,000. Maximum loan amount N5,000,000
• Open to new to bank customers
• The maximum tenor is 12 months.
• Competitive interest rate.
• Access to mobile & internet banking services.

Required Documentation for Medi Loan

• Customer’s application letter
• Certificate of Incorporation/Registration
• 12 months bank statement
• Copy of current practice license of the Doctor or Medical Lab Scientist as issued by the Medical & Dental Council of Nigeria or Medical Laboratory Council of Nigeria.
• Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
• Insurance covering burglary and special peril noting Wema Bank as first loss payee.

School Support Facility Loan

This loan facility is designed to support the running costs of educational institutions. Privately owned schools can get up to N10,000,000 to meet the school’s recurrent expenditure.

Features & Benefits of School Support Facility Loan

• Available to privately owned creches, nursery, primary, secondary and vocational schools
• Minimum of N3,000,000 annual fees collections
• The school must have operated for at least 2 academic sessions.
• Minimum loan amount N200,000. Maximum N10,000,000
• The maximum tenor is 12 months.
• Competitive interest rate
• Access to mobile & internet services
• Termly or monthly repayment
• Open to new customers

Required Documentation for School Support Facility Loan

• Customer’s application letter
• Copy of certificate showing approval and registration with the appropriate regulatory authority.
• Copy of Certificate of Incorporation/Registration
• 12 months bank statement
• Proof of address
• Personal Guaranty of the Promoter/Obligor supported with sworn affidavit or statement of net worth.
• Insurance covering burglary and special peril noting Wema Bank as first loss payee.

Development Bank of Nigeria (DBN) Facility

As an SME-friendly Bank, Wema bank has partnered with DBN to provide funding to SMEs at a very affordable rate and engender inclusive growth.

Features & Benefits of DBN Loan

• The product finances working capital and fixed asset acquisition.
• SMEs can access up to N200m and Small Corporates can get up to N720m.
• Up to 5 years maximum tenor
• Competitive interest rate

Required Documentation for a DBN Loan

• Customer’s application letter
• Business Plan and Company Profile
• 12 months bank statement
• Provision of acceptable collateral
• Proof of Address
• Copies of Incorporation documents
• Details of the Directors/Promoters of the business.