The inability of small and medium enterprises to access microloans from microfinance banks is a major concern in business growth and development in Nigeria. The purpose of this descriptive phenomenological study was to explore strategies for accessing microloans from microfinance banks by owners of small and medium enterprises for business growth and survival. Using the conceptual framework on social capital theory, I selected 20 small and medium enterprises owners who have accessed microloans from microfinance banks and have operated their businesses beyond 5 years with significant growth were interviewed using face-to-face semistructured interviews. Data were collected using semistructured interviews and reviews of company documents. The use of member checking strengthened the trustworthiness of the interpretation of the participants' responses. A phenomenological approach was used for the qualitative interview with data analysis using a descriptive method. Nine themes emerged from this study: Obtaining a saving account before accessing microloans, group members serving as collateral, business social networks, business sustainability strategies, historical financial health, maintaining loan repayment deadlines, archiving business documents, use of competent guarantors, and strength and weakness analyses. The findings of the study may contribute to positive social change to create awareness among SMEs leaders in federal and state government, and individuals on how to gain access to microloans, thereby improving profitability, generating employment, reducing poverty, and enhancing standards of living among SME owners in Nigeria.