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What SMEs must do before applying for a business loan

Finding the right business idea is the single most important thing in building a successful business; raising capital is the second most important if you must nurture the idea of growth. While the sources of capital still remain largely the same – as they were in the last 2 decades, certain factors must be considered by entrepreneurs looking to raise capital through loans. Jumia, Nigeria’s number one shopping destination shares a few of the important considerations.

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Local content, local troubles: How big firms kill small businesses

MOSES, not his real name, is a supplier to two major fabrication and logistics yards in Lagos (names withheld). He said he supplies varied items, ranging from petroleum products to personnel to these companies. However, Moses, who does not want his real name in print, for fear that the companies might blacklist him in the future, is currently broke, does not have a dime in his account and is surviving from the support of his wife and his in-laws, as well as from the goodwill of his friends.

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