What Documents Do You Need to Get Business Funding in Nigeria?

Access to business funding in Nigeria is not determined by your business idea alone. Before a lender, investor, or funding institution commits capital, it needs evidence that your business is legitimate, financially credible, and capable of putting the funds to productive use.

That evidence comes largely from your documentation. For most funding applications, you should be prepared to provide core documents such as your CAC registration records, valid identification, business bank statements, financial records, and tax information. Depending on the type and size of funding, you may also need a business plan, financial projections, invoices, contracts, purchase orders, or collateral documents.

However, funding requirements are not standardised across Nigeria. Hence, every requirement looks different for everyone. A small business applying for working capital will not necessarily provide the same documents as a startup seeking investment or a company applying for asset financing. The funding provider, business structure, industry, facility size, and purpose of the funds can all influence what is required.

That said, there are certain documents that funding providers commonly ask for when assessing an application. This guide explains those key documents you may need to secure business funding in Nigeria, why they matter, and what to prepare before submitting your application.

Documents you need for business funding in Nigeria

🔗Not sure if your business is ready for funding? Read our blog on 7 signs your business is ready for funding.

1. CAC Registration Documents

For many formal business funding applications in Nigeria, one of the first things a funder will want to establish is that the business applying for funding legally exists. Your Corporate Affairs Commission (CAC) documents provide that evidence. The specific documents you need depend on how your business is registered.

If you run a registered business name

You may be asked for:

• Certificate of Registration
• CAC status report or other current business records, where requested
• Other registration documents relating to the business name

If your business is a limited liability company

You may need:

• Certificate of Incorporation
• CAC status report
• Memorandum and Articles of Association (MEMART), where applicable
• Particulars of directors and shareholders
• Other CAC forms or company records requested by the funder

These documents allow the funding provider to verify details such as the company's legal name, registration status, directors, shareholders, and business structure.

Why do funders ask for CAC documents?

CAC documentation helps establish the business's legal identity and allows the funder to confirm that the information in your application matches the company's official records.

It can also become important when the funding involves the company's directors, shareholders, corporate bank account, or business assets. For larger facilities, a funder may conduct additional corporate due diligence before approving the application.

Do you need CAC registration to get business funding?

Not always. CAC registration requirements vary depending on the funding provider and product. Some formal business loan products require evidence of registration, while some alternative financing products may accept unincorporated businesses. The important distinction is between having a registered business and meeting the specific eligibility requirements of the funding product.

If you are applying for funding as a registered company, make sure your CAC records are accurate and up to date before submitting your application. Discrepancies among your CAC records, bank account, identification documents, and funding application can lead to additional verification requirements or delays.

2. Valid Means of Identification

A funding provider needs to verify the people behind the business, not just the business itself. As a result, most business funding applications require a valid government-issued means of identification for the business owner, directors, partners, or other authorised representatives.

Commonly accepted forms of identification in Nigeria include:

• National Identification Number (NIN) or National ID card
• International passport
• Driver’s licence
• Permanent Voter’s Card (PVC), where accepted by the funding provider

The name and personal details on your identification documents should correspond with the information provided in your funding application and other supporting records. Where a company applies for funding, the provider may also request identification documents for directors, shareholders, guarantors, or beneficial owners.

Why do funders ask for identification?

Identification documents are primarily used for Know Your Customer (KYC) and identity verification. They help a funder establish who owns or controls the business, verify the applicant's personal details, and carry out the necessary checks before approving a facility.

For businesses with multiple directors or shareholders, additional identification may be required depending on the ownership structure and the funding provider's verification process.

What if your ID details do not match your business records?

Differences between the name on your identification, CAC records, bank account, or other application documents may require additional verification.

Before applying, check that your personal information is consistent across the documents you intend to submit. If there has been a change of name or another significant change in your personal details, have the relevant supporting documentation available.

What should you submit?

Use a valid, unexpired identification document accepted by the funding provider and ensure that the copy or digital version is clear and legible. Check the provider's application requirements before submitting, as the accepted forms of identification and the people who must provide them can vary.

3. BVN and Financial Verification

Your Bank Verification Number (BVN) may also be required when applying for business funding in Nigeria, particularly where the funding provider needs to verify the identity of business owners, directors, or other individuals connected to the application.

The BVN is a unique identifier linked to your banking records in Nigeria. It helps financial institutions confirm your identity and establish that the banking information provided in an application belongs to you.

Why do funders ask for a BVN?

A BVN provides funding providers with a standardised way to verify the identity of individuals named in a funding application. This can help them complete their verification checks and meet their requirements before approving and disbursing funds.

Depending on the type of funding and the provider’s verification process, a BVN may help them:

• Confirm that the applicant’s identity matches the information provided in the application
• Carry out KYC and other required identity checks
• Connect an individual to relevant banking and credit information held within Nigeria’s financial system
• Identify existing borrowing or credit obligations where these checks form part of the provider’s assessment
• Reduce the risk of identity fraud or applications made using false or conflicting information

For a business application, the provider may request the BVNs of directors, shareholders, beneficial owners, or other relevant individuals. The exact requirements will depend on the business structure, the funding provider, and the type of facility being requested.

Is BVN required for business funding?

It depends on the funding provider and the funding product. Some lenders specifically include BVN verification among their application requirements, while others may use different verification processes.

If BVN information is requested, make sure the details correspond with the personal information on your identification documents and the banking records connected to your application. Any discrepancy may require additional verification before the application can proceed.

4. Business Bank Statements

Business bank statements are among the most important financial documents in a funding application because they provide a record of your business's actual financial activity over time. While a business plan describes how your business operates, your bank statements show what is happening financially in practice.

A funder may use your statements to assess the consistency of your income, the movement of money through the business, recurring expenses, existing financial commitments, and how well the business manages its cash flow.

How Do Bank Statements Help You Get a Business Loan?

When assessing a funding application, a lender can use your bank statements to understand your business's financial activity. The statement may help them assess:

• Revenue consistency: How regularly the business receives income
• Cash flow: How money moves into and out of the business
• Operating expenses: Recurring costs such as salaries, rent, suppliers, and utilities
• Existing obligations: Loan repayments and other financial commitments
• Transaction activity: The frequency and volume of business transactions
• Account management: Patterns such as persistent overdrafts, returned payments, or unusual activity

The purpose is not simply to see how much money is sitting in your account. The transaction history can help a lender determine whether the financial activity in your application is consistent with what is happening in the account.

How Many Months of Bank Statements Do You Need for a Business Loan?

There is no single requirement across all funding providers in Nigeria. The requested period can depend on the lender, the type of funding, the amount requested, and how long the business has been operating. Some funding providers may request three months of statements, while others may ask for six or twelve months. Larger facilities may require a longer financial history.

If your business has been operating for less than the period requested, check whether the funding provider has an alternative requirement for newer businesses rather than submitting incomplete records.

Can You Get Business Funding Without a Business Bank Account?

Possibly, depending on the funding provider and how your business operates. Some small businesses, particularly sole proprietors, receive business income through personal accounts. A funding provider may accept those statements, but it may also request additional records to distinguish business transactions from personal spending.

These records could include invoices, receipts, sales reports, accounting records, or other evidence of business revenue.

For future funding applications, maintaining a dedicated business account can make it easier to document your financial activity and keep it separate from personal finances.

What Can Affect Your Business Loan Application?

The information in your bank statements can raise questions if it does not align with the rest of your application. For example, significant differences between the revenue you report and the activity visible in your statements may require clarification. Large unexplained transactions, frequent transfers between personal and business accounts, persistent overdrafts, or irregular cash flow may also prompt additional questions, depending on the lender's assessment process.

Before submitting your application, review the requested statement period and make sure you have supporting records for transactions that may need explanation. Your bank statements should support the financial information presented elsewhere in your application, giving the funding provider a consistent view of your business's revenue, expenses, and cash flow.

5. Financial Statements and Accounting Records

If you are applying for a larger business loan, structured financing, or investment, your bank statements may not be enough. A funding provider may also ask for financial statements and other accounting records that show how your business has performed over a specific period..

The exact records required will depend on the funding provider, the size of the funding request, and the nature and age of your business.

What Financial Statements Do You Need for a Business Loan?

The most common financial statements include:

• Profit and loss statement: Shows the revenue your business generated, the costs it incurred, and whether it made a profit or loss during a particular period.
• Balance sheet: Shows what the business owns and owes at a specific point in time. This includes assets, liabilities, and the owner's or shareholders' equity.
• Cash flow statement: Tracks the movement of cash into and out of the business and helps show how the business generates and uses cash.
• Management accounts: Internal financial reports prepared by a business to track its performance, often covering a more recent period than annual financial statements.

Depending on the application, a funder may request some or all of these records.

Do Small Businesses Need Financial Statements to Get Funding?

Not necessarily. Smaller businesses and newer companies may be assessed using simpler financial information, such as bank statements, sales records, invoices, or management accounts.

However, financial statements become increasingly important as funding requirements increase or as the funding provider requires a more detailed assessment of the business.

A business that keeps accurate financial records is also better positioned to demonstrate its revenue, expenses, profitability, and financial position when these records are requested.

Do Financial Statements Need to Be Audited?

Not in every case. Whether audited financial statements are required depends on the funding provider, the type and size of the facility, and the business's circumstances. Some lenders or investment processes may require audited accounts for a specified number of years, while others may accept unaudited financial statements or management accounts.

If audited statements are specifically requested, do not substitute internally prepared accounts without confirming that they will be accepted.

What If Your Business Is New and Has No Financial Statements?

A newly established business may not have several years of financial history. That does not automatically mean it cannot apply for funding. Instead, the funding provider may assess other evidence of the business's financial potential and activity, such as:

• Bank statements, where the business is already trading
• Sales records and invoices
• Existing customer contracts
• Financial projections
• Cash flow forecasts
• Business plans
• Purchase orders or other evidence of expected revenue

For a startup that has not begun generating revenue, projections and supporting evidence of the business model can become particularly important.

6. Tax and Tax Compliance Documents

Tax records can form part of the due diligence process for business funding in Nigeria. They provide funders with additional information about your business's tax registration and compliance, and can help corroborate the financial information in your application.

What Tax Documents Should a Business Have?

The records you should have available will depend on your business and the funding programme, but they can include:

• Tax Identification Number (TIN): Identifies the business within the tax administration system.
• Tax clearance or evidence of tax compliance: Demonstrates compliance where this is required by the funding provider or programme.
• Tax returns: Records of tax filings submitted for the relevant periods.
• Evidence of tax payments: Documents showing that applicable tax liabilities have been paid.
• Other tax records: Additional documentation requested for the specific funding application.

For example, some funding programmes make possession of a valid TIN an explicit eligibility requirement, while others may have different documentation requirements. The BOI Aliko Dangote Fund, for instance, lists a valid TIN as an eligibility criterion.

Why Does Tax Compliance Matter When Applying for Funding?

Tax records can strengthen the financial and legal documentation supporting your application. They provide another source of information against which a funder can assess details about the business, particularly where the application involves financial statements, declared revenue, or other business records.

For businesses seeking institutional funding, keeping tax records up to date also reduces the likelihood of documentation gaps when additional due diligence is required.

What If Your Tax Records Are Not Up to Date?

Resolve outstanding tax documentation before submitting an application where possible. Start by confirming which records are missing, whether previous filings need to be updated, and what documentation the funding provider actually requires.

Avoid submitting an outdated document simply because it is the only one available. If a programme requires evidence of current tax compliance, the relevant documentation needs to reflect the period and standard specified by the provider.

Keeping your tax records organised alongside your CAC documents, accounting records, and bank statements provides a more complete funding file and makes it easier to respond to requests for additional documentation.

🔗Learn more about due diligence here

7. Business Plan or Funding Proposal

Financial statements show what has happened in your business. A business plan or funding proposal explains what you are building, why you need the money, and what you intend to do with it.

For some funding applications, this is a formal business plan. For others, it may be a shorter loan proposal or funding utilisation plan. The level of detail depends on the funding programme. For example, the Bank of Industry's documentation for certain SME loans asks for a simplified business plan covering the business profile, activities, and costs and sources of raw materials. Its documentation for larger SME facilities requires more detailed information about the project, financing plan, projected cash flow, balance sheet, production costs, and underlying assumptions.

What Should a Business Plan Include for Funding?

A funding-focused business plan should give the reader a clear understanding of five things: the business, the market, the financials, the funding requirement, and the intended use of the money. At a minimum, cover:

• Business overview: Explain what the business does, when it started, where it operates, its products or services, and its current stage of operations.
• Market and customers: Describe who buys from you, the market you serve, the demand for your offering, and the businesses you compete with.
• Business model: Explain how the business generates revenue, including your main revenue streams, pricing model, and sales channels.
• Operations: Show how the business delivers its products or services. Depending on the business, this could include suppliers, production, staffing, equipment, distribution, or technology.
• Financial performance: Present relevant historical revenue, expenses, profitability, assets, liabilities, and cash flow. These figures should be consistent with the financial records submitted with the application.
• Funding requirement: State exactly how much funding you are requesting and why that amount is necessary.
• Use of funds: Break down how the money will be deployed across specific business needs rather than using broad descriptions such as “expansion” or “growth.”
• Financial projections: Show expected revenue, expenses, cash flow, and other relevant financial outcomes for the projection period, together with the assumptions behind the figures.

How Should You Explain the Use of Business Funding?

The funding request should connect directly to a measurable business need.

If you are seeking ₦10 million to purchase inventory, for example, the application should explain what inventory you intend to purchase, its cost, how long it is expected to last, and how it fits into your sales plan.

If you are requesting funding for equipment, supporting documents such as supplier quotations or pro forma invoices may be required. BOI and commercial lenders such as Union Bank include such documents in certain asset or equipment financing applications.

The same principle applies to working capital, expansion, or project financing. The funder should be able to trace the amount requested to a specific business requirement.

What Financial Projections Should You Include?

For businesses with an operating history, projections should build on actual financial performance rather than unsupported growth assumptions. Depending on the funding application, projections may include:

• Revenue and sales forecasts
• Cost of goods or operating expenses
• Profit and loss projections
• Cash flow forecasts
• Capital expenditure
• Working capital requirements
• Debt repayment assumptions, where applicable

It’s important to bear in mind that for larger funding applications, the level of financial detail can be considerably greater.

Do You Need a Business Plan to Get Funding in Nigeria?

A business plan is not a universal requirement for all types of business funding, but it is required by some funding programmes and can be an important part of applications that assess the business's plans and use of capital.

For funding applications where a business plan is requested, focus on making the document specific to the funding request. A concise plan with credible numbers, clear assumptions, and a defined use of funds is more useful than a lengthy document filled with generic market statements.

The business plan should ultimately connect the different parts of your application: your business activity, financial records, funding requirement, and proposed use of the money should tell the same story.

8. Invoices, Purchase Orders and Contracts

Some types of business funding require documents tied to a specific transaction. These are especially relevant when you are financing inventory, equipment, a customer order, or an existing business contract. These documents may include:

Invoices and Pro Forma Invoices

A supplier invoice shows what your business has purchased or owes a supplier, including the goods or services supplied and the amount payable.

A pro forma invoice is issued before a transaction is completed and provides the expected cost of a proposed purchase. It may be requested when you are seeking funding to purchase equipment, inventory, or other business assets.

Purchase Orders

A purchase order (PO) is a document issued by a customer requesting specific goods or services from your business. If you are seeking purchase order financing, the PO can provide evidence of the underlying customer order.

The funding provider may also require supporting documents such as the supplier quotation, customer information, or evidence that your business can fulfil the order.

Contracts

A customer or project contract can be relevant when funding is connected to an existing commercial agreement. It establishes the terms of the arrangement, including the parties involved, scope of work, contract value, and payment terms.

For example, a business with a signed contract to deliver goods or services may use the contract as supporting documentation when seeking financing connected to that project.

Supplier Quotations

A supplier quotation provides the expected price of equipment, inventory, materials, or other goods before purchase. It is particularly relevant to asset and equipment financing, where the funding provider needs to establish the cost of the item being financed.

The Bank of Industry, for example, includes pro forma invoices or quotations among the documents required for certain equipment financing applications.

When submitting any of these documents, make sure the names, amounts, dates, quantities, and other key details are accurate and consistent with the transaction described in your application.

9. Proof of Business Address

In seeking funding, you may also need a document confirming your business address. This is usually a straightforward verification document and can include a recent utility bill, tenancy agreement, rent receipt, or property document showing the address associated with the business.

The address should be consistent with the information provided in your application and other business records. If your business operates from a different location from the address on your CAC records, you may need to provide evidence of the current operating address or clarify the difference.

For businesses operating from home, online businesses, or those using shared or serviced offices, the acceptable proof of address will depend on the funding provider's requirements. The important thing is to provide a current document that clearly identifies the address being used in the application.

10. Collateral and Security Documents

If you are applying for a secured business loan, the funding provider may require documents relating to the asset being offered as security. Collateral can include property, vehicles, equipment, investments, or other assets that the lender accepts for the facility. The documents required will depend on the type of asset and the structure of the financing.

For property, documentation may include:

• Title documents
• Deed of Assignment
• Certificate of Occupancy (C of O)
• Governor's Consent, where applicable
• Registered survey or other property documentation

For vehicles or equipment, the provider may request documents establishing ownership, such as the vehicle particulars, purchase documents, invoices, or equipment ownership records.

You may also need a valuation report to establish the value of the asset being offered. Where a third party owns the collateral, additional documentation or guarantees may be required.

The key requirement is that you should be able to demonstrate ownership or legal rights over the asset and provide documentation that allows the lender to verify and assess it.

If you are applying for an unsecured facility, collateral documentation may not form part of the application. Check the specific financing terms before preparing security documents.

11. Guarantor and Director Documents

For some business funding applications, the documentation does not stop with the business itself. A lender may also require information and supporting documents from the directors, owners, guarantors, or other individuals connected to the facility. For a company, this can include:

• Valid identification for directors or authorised signatories
• BVN or other required financial verification details
• Personal or corporate address information
• Particulars of directors and shareholders
• Board resolutions or other authorisation documents, where applicable

Where a guarantor is required, the lender may request the guarantor's identification, address verification, financial information, and evidence of income or assets. The exact requirements depend on the guarantee arrangement and the lender's documentation process.

Funding Starts With What You Can Prove

To sum it all up, having the right documents is the first step. The bigger question is whether those documents give a funder a clear, verifiable picture of your business. Giving you this clear picture is what Acreed is built for.

Acreed Insights brings business verification, financial information, credit history, governance, and operational track record into one connected credibility profile, giving businesses a portable record of what they can prove and giving capital providers better information to assess them. Be among the first to experience Acreed. Join the waitlist.

Read next: How to get funding in Nigeria.