BUSINESS LOANS


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A. MICRO SECTOR LOANS:

1.0 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

2.0 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.

3.0 Loan limit

Maximum loan amount $50,000.00.
Minimum loan amount $1,000.00

4.0 Interest rate

10% – 12% p.a.

5.0 Repayment

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

6.0 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.

7.0 Security

The bank may consider security from the following:
Legal mortgage, bill of sale, lien on sale, personal guarantee(s), insurance, cash deposit, etc.
 

B. GENERAL BUSINESS LOANS:

Funding is provided for any financially viable agricultural, agro processing, fishing, industry and tourism development project, including vehicles for business purposes. The loan cannot be used for the purchase of land and/or existing buildings, working capital (except where required for start-up operations), refinancing, equity investments or any other purpose which is excluded from financing by the Bank.

1.0 Use of funds

Funding is provided for any financial viable agricultural, Agro processing, fishing, ICT, industry, Manufacturing, tourism development and any other business venture, including vehicles for business purposes, purchase of land and/or existing buildings, and working capital for start up or when needed to facilitate expansion diversification, etc.

2.0 Loan limit

Maximum loan amount – No stated maximum
Minimum loan amount – 10,000.00 stated minimum

3.0 Interest rate

interest_rate
 

 

 

 

4.0 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.

5.0 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%..

6.0 Security

The bank may consider security from the following:
Legal mortgage, bill of sale, lien on sale, personal guarantee(s), insurance, cash deposit, etc.
 

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