List Of SME Loans In Ghana. December 2022

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As an entrepreneur or a businessman (or businesswoman), there are lots of business loans available at your disposal. In this case, it is up to you to decide which one of them will best suits your business. 

In this post, we are going to consider “the list of SME Loans In Ghana and how to apply for them”. I have for you a detailed guideline and you will discover that as you progress in this post. 

That’s not all, much will be talked about in this post. For instance: types of business loans, the concept of SME Loans and other important things you need to know.

Key Points

There are lots of things to be talked about in this post however, go through the list below to find out the key sections to be talked about:

  • The Meaning Of The Following: Business And Loan.
  • The List Of The Ten (10) Main Types Of Business Loans.
  • The Meaning Of Small And Medium Enterprises.
  • The Meaning Of SME loans.
  • Types Of SME Loans.
  • List Of Banks That Give SME Loans.
  • How To Apply For SME Loans.

10 Types Of Business Loans

What is a business?

You can refer to it as ‘’ a business concern, business organization, business enterprise or commercial enterprise’’. It is the activity of providing goods and services by including financial and commercial aspects.

Put differently, business refers to a commercial or industrial enterprise and, the people who constitute it. To state, a business can be for a profit or non-profit entity.

What is a loan?

Basically, we can refer to a loan as the temporary provision of money and most often, loans come at interests.

What are the 10 types of business loans?

Though there are several types of loans available, check the list below to find the ten (10) main loan types available:

  • Term Loans
  • SBA (Small Business Administration) Loans
  • Equipment Loans
  • SME (Small And Business Enterprise) Loans
  • Invoice Financing
  • Invoice factoring
  • Merchant Cash Advance 
  • Personal Loans
  • Business Credit Cards
  • Microloan

About Small And Medium Enterprises

Small And Medium enterprises are business firms that employ fewer than a given number of employees. Averagely, Small and medium enterprises employ between 50-250 employees.  

About SME (Small Medium Enterprise) Loans

Small Medium Enterprise Loans are loan packages reserved by ‘’loan rendering institutions (eg. banks) for small and medium enterprises. 

Types Of SME Loans

Line of credit

Unsecured business loan

Secured business loan

Working capital loan

Business Term Loan

List Of Banks That Give SME Loans In Ghana

NB: This is a limited list. Therefore, below are some of the loan rendering institutions that give small medium loans in Ghana.

  • ADVANS Ghana
  • Ghana Prezesha
  • Agric Bank
  • GT Bank Ghana
  • Absa
  • Stanbic Bank
  • GCB Bank 
  • Opportunity Ghana
  • And etc.

How To Apply For SME Loans

Applicant must be above 18 years old.

To apply, applicants need to have the following

  • A valid national ID for Ghanaians
  • Passport and residence permit for foreigners
  • Business Operating Permit
  • Two passport size pictures
  • Collateral

NB: You can head over to the premises of the loan rendering institutions to complete your registration.

However, some of the banks have put in place measures that can aid you apply for it online through their various websites. You can check that out. 

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