Our Corporate and Agribusiness customers can access the following types of credit facilities from the Bank: -
Overdraft facility: A working capital loan to meet short term liquidity requirements of a business for a period not exceeding 12 months but renewable based on good performance.
Term loan: A credit for financing business capital expenditure items. The tenor normally exceeds 1 year.
Minimum requirements for loan applications from prospective borrowers: -
- Loan Application Letter.
- Audited Financial Statements of the Borrowing Company and its Related Entities at least for the past three years supported by notes to the accounts explaining among others, major changes form part of the statements, director's report and cash-flow statement.
- Recent Draft/Management accounts of the Borrowing Company and its Related Entities for the past recent quarters.
- List of Aged Debtors and Creditors.
- Cvs of the key personnel of the company.
- Memorandum and articles of association.
- Recent annual return filed with BRELA (Business Registration Licensing Agency).
- Certificate of incorporation for companies
- Certificate of Registration for Sole Proprietorship
- Business licence
- Memorandum and Articles of association for companies or Deed of Trustees for organizations under Trustees ownership
- Board resolution to borrow for companies
- Business plans or Feasibility Studies
- Projected Cash flow statements for the whole credit period
- Budgeted financial statements for the whole credit period
- Land rent receipt for landed properties proposed as security if any
- Building permit and bills of quantity for construction projects
- Valuation report of the proposed security properties done by Bank’s appointed valuer
- Any insurance cover policy or receipts
- The list is not exhaustive as it goes with type of business and ownership