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BUSINESS LOANS

Funding is provided for any financially viable agricultural, agro processing, fishing, industry and tourism development project, including vehicles for business purposes.

MICRO SECTOR LOANS

Eligibility:

• To be qualified under Micro sector/small business the applicant must satisfy the following conditions:


i) Owner managed;

ii) Number of persons employed less than 25; or

iii) Manufacturing area less than 4,000 sq. ft; or

iv) Investment in equipment less than $135,000; or

v) Total annual sales less than $337,500.


Use of Funds:

• Micro-sector loan could provide funding for all aspects of business including working capital. Financing may be used for startup activities or expansion of existing operations.


Loan Limit:

• Maximum loan amount $50,000.00.

• Minimum loan amount $1,000.00.


Interest Rate:

• 10% – 12% p.a.

Repayment:
• Loan shall be repaid over a period not exceeding 10 years plus a grace period not exceeding 1 year.

Security:
• The bank may consider security from the following:

Legal mortgage, bill of sale, lien on sale, personal guarantee(s), insurance, cash deposit, etc.

Equity:

• The loan may cover up to 90% of the financing required for new projects; and up to 100% of the estimated costs of expansion of sub-projects, provided that the borrower’s contribution to the total sub-project represents not less than 10% of the total project costs.

• In cases where applicants satisfy all other conditions but cannot meet the equity requirements, the bank may consider financing up to 100% on condition that they agree to a compulsory saving plan attached to the loan repayment to have them accumulate the required sum over a specified period.

GENERAL BUSINESS LOANS

Funding is provided for any financially viable agricultural, agro-processing, fishing, industry, ICT and tourism development project and any other business venture including vehicles for business purposes, purchase of land and or existing buildings (for start-up operations) or when needed to facilitate expansion diversification.

Loan Limit

• Maximum loan amount – No stated maximum.

• Minimum loan amount – 10,000.00 stated minimum.


Security

• The bank may consider security from the following:


Legal mortgage, bill of sale, lien on sale, personal guarantee(s), insurance, cash deposit, etc.


Interest Rate

• 7% – 11% p.a.

Repayment

• The maximum repayment period is 15 years, including a grace period not exceeding 3 years.


• The repayment would be structured on a case by case basis and it is related to the revenue stream of the project.


Equity

• The loan may cover up to a maximum of 80% of the financing required for new projects; and up to 100% of the estimated costs of expansion, diversification etc. provided that the sponsors equity in the business represents no less than 20%.