How do I get funding for my palm oil processing business in Lagos Nigeria?
Loan from bank and look for investors are the main methods to start a palm oil processing business. If you are ready to do palm oil business in Lagos Nigeria, you are very lucky. As Nigerian president Buhari was reelected since February this year, he has been making action to encourage the development of palm oil processing business which includes finance support. This is definitely good news for most people who want to loan from bank to start palm oil processing business.
You can loan from bank or look for investors to start palm oil processing business in Lagos, Nigeria
Loan in Nigeria is very difficult if you follow the normal procedure before this year. Most of our clients wait one year, two year…so long time they can got loan. But for now, things have changed. Nigeria government have enacted more advantaged policy to supply support for people who want to start palm oil processing business. We have already 3 clients got loan based on government new encouraged policy. If you really want to do palm oil business, you will have chance to get support. So let’s see what you need do to get funding?
Of course bank would survey whether you are really want to do the palm oil mill project and whether you have running ability to get profit. So before apply for loan, you need do some preparation.
Before apply for loan, you need do some preparation as the photo show
Firstly you need raw material - palm fruit plantation. That is your advantage to apply for loan if you already have palm fruit plantation. If you don’t have, you need to find an available plantation or cooperated farm in advance.
Secondly, if you are building palm oil factory, your chances of getting a loan will increase. Bank usually tends to loan for the one who is prepared well. You maybe ask, if I haven't a factory, the bank wouldn't lend me money? That is not the only reason. If you just have land and want to build factory after buying palm oil processing machine, that is still possible. What you need to do is clean your land, design your plan layout. If you choose to buy palm oil processing machine from Henan Doing Company, our engineer team could help you design layout.
Thirdly, research your oil output market. Sells to supermarket? chemical factory? soap factory? Let bank see you are very clear how to sell your products and get more profit. And you have ability to return money within 3 yers, 5 years.
Finally, you need make a feasibility report to let bank know all your achievable plan. In fact, whether you want bank to loan you or investors to support you, the above action is the necessary thing to do. They will trust you and give you finance support.
The above is just an general description of Nigeria loan condition and what you need to do to start a palm oil processing business. If you want to learn more information about how to get funding for your, please no hesitate to contact us. We welcome your asking.
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