Unlock the potential of your business with our tailored business loans, designed to empower you in realizing your growth projects. From expanding operations to investing in innovative ventures, our financing solutions provide the fuel for your success.
Business Loan Features:
1. Maximum Loan Amount: Access up to Kshs 5 million, providing substantial financial support to fuel your business ambitions.
2. Loan-to-Deposit Ratio: Borrow up to 4 times your deposits, leveraging your existing financial resources to drive business growth.
3. Flexible Repayment Period: Enjoy a repayment period of up to 12 months, allowing you to manage your cash flow effectively while pursuing your business goals.
4. Competitive Interest Rate: Benefit from a competitive interest rate of 16% per annum on reducing balance, ensuring affordability and minimizing the financial burden on your business.
5. Guarantor Requirement: Secure your loan with guarantees from both yourself and another member(s) who can pledge their withdrawable shares, enhancing the security of the financing.
6. Refinancing/Loan Top-up Facility: Access additional funding through our refinancing and loan top-up facility, providing flexibility to adapt to changing business needs.
7. Quick Disbursement: Experience swift access to funds with disbursement typically completed within 5-10 working days, ensuring timely execution of your business plans.
8. Collateral Option: If opting to utilize collateral such as a title deed, our microfinance offers loans equivalent to 70% of the collateral's appraised value. However, please note that the collateral evaluation process may take up to 2 months or more depending on various factors. Additionally, the borrower bears the associated costs including search fees, valuation costs, legal fees, stamp duty, and registration expenses.
Requirements:
1. Membership Duration: Qualify for a business loan after completing a minimum of 6 months of membership with our microfinance and maintaining up-to-date monthly contributions.
2. Consistent Contribution: Ensure a consistent contribution history of at least 3 months prior to the loan application, demonstrating financial stability and commitment.
3. Savings Stability: Savings intended for loan acquisition purposes must have been held within the microfinance for a minimum of 6 months, reflecting prudent financial planning and stability.
4. Financial Capability: Provide proof of your ability to repay the loan, demonstrating a sound financial position and sufficient income sources.
5. Membership Transfer: Members transferring shares from another society will become eligible for a loan after a probationary period of 3 months, ensuring compliance with membership guidelines and regulatory requirements.
6. Insurance Coverage: All loans are mandated to be insured by a reputable insurance company against death or permanent disability, providing essential protection for both the borrower and the business.
By offering comprehensive business loan solutions coupled with stringent eligibility criteria and risk management measures, our microfinance aims to empower businesses in their pursuit of growth and success while fostering financial stability and community prosperity.
