Many businesses always apply for loans for expansion and to bring in more products due to limited funds.
Business loans, can be obtained from commercial banks and private lenders such as friends, money lenders or cooperative societies.
Due diligence must be conducted for verification purposes. It is after due diligence and the lender finds out everything is okay with the loan application, then the loan will be approved.
Here are some reasons why business loans get rejected;
1. The business is not registered
2. The business details in the form, does not match the details in the CAC documents
3. No tax id for the business and its officers
3. No bvn of officers
4. Expired means of identification
5.No corporate account for the business
6. The corporate account is still new
7. The corporate account has not been transacting
8. Scuml certificate for the corporate account for some entities is required
9. No tangible collateral. Some commercial banks requires landed properties when a business entity like limited by shares apply for loan
10. Bad debts
#cheewrites
For any CAC, trademark or Scuml registration call or WhatsApp 08117409752 or send an email to barristerchee2016@gmail.com

If I may ask, what are the reasons for business names to be inactive?

elyonchee:
Many businesses always apply for loans for expansion and to bring in more products due to limited funds.
Business loans, can be obtained from commercial banks and private lenders such as friends, money lenders or cooperative societies.
Due diligence must be conducted for verification purposes. It is after due diligence and the lender finds out everything is okay with the loan application, then the loan will be approved.
Here are some reasons why business loans get rejected;
1. The business is not registered
2. The business details in the form, does not match the details in the CAC documents
3. No tax id for the business and its officers
3. No bvn of officers
4. Expired means of identification
5.No corporate account for the business
6. The corporate account is still new
7. The corporate account has not been transacting
8. Scuml certificate for the corporate account for some entities is required
9. No tangible collateral. Some commercial banks requires landed properties when a business entity like limited by shares apply for loan
10. Bad debts
#cheewrites
For any CAC, trademark or Scuml registration call or WhatsApp 08117409752 or send an email to barristerchee2016@gmail.com

Because they didn't file for annual returns. Once, they file for annual returns, it will become active.
Annual returns for CAC is mandatory and it doesn't matter if you have commenced business or not.