Shara provides collateral-free business loans to Nigerian sole traders, partnerships, and limited companies through a simple mobile application process. These funds are designed to meet working capital needs, support inventory stocking, and enable businesses to take on more supply demands. The platform emphasizes transparent pricing and quick access to capital to fuel operational growth across various sectors.
Funding
$6M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
Founders
Product
Problem
Small and medium-sized enterprises (SMEs) in Nigeria often struggle to access timely working capital due to stringent requirements and lengthy processes at traditional financial institutions. This lack of access hinders their ability to fulfill customer orders, secure favorable deals, and compete effectively in the market.
Solution
Shara provides collateral-free business loans to SMEs in Nigeria, enabling them to extend credit to their customers and manage their working capital needs. Through a streamlined online application process and quick loan estimates, Shara offers a revolving line of credit that allows business owners to borrow funds as needed and only pay interest on the utilized amount. This flexible financing solution empowers SMEs to seize opportunities, maintain healthy cash flow, and build trust with customers and suppliers by ensuring timely payments and consistent product availability. Shara's approach simplifies the lending process, offering financing up to 10 million naira in a single borrowing cycle with opportunities for repeat financing.
Target Audience
Shara primarily targets SMEs in Nigeria, including sole traders, partnerships, and limited companies, that require working capital to grow their businesses and meet customer demands.
Features
- Collateral-free business loans up to ₦10 million per borrowing cycle
- Revolving line of credit allowing businesses to borrow funds as needed
- Streamlined online application process for quick and efficient approval
- Loan estimates provided in seconds
- Repeat financing opportunities for consistent access to capital
- Independent assessment of each business outlet for tailored credit boosts
- Access to funds in as little as a week, and subsequently within seconds for repeat borrowers