SME Loans
To prosper, a business needs to make financial investments. It can be difficult to find a partner who can help your company grow in such situations because such partners typically have more interest in their own interests than the success of your company. Fortune Capital Savings and Loan Ltd has so decided to be that trustworthy partner who is constantly ready to lend a helping hand as your business expands. The target market for this product includes business owners who are both customers and non-customers, such as MMSEs and petty merchants.
Features
⦿ In the event of activities having a highly seasonal trend, the business must have been in operation for at least six months (That is, with more than 3-month interval with regards to the trend, its approval will be determined by the HOCC, the minimum operational period should be 1 year).
⦿ A business must be duly registered in Ghana (with the appropriate registration and beginning documents).
⦿ Businesses should have consistent cash flow, and if they don’t, their pattern needs to be identified.
⦿ Sales manual (where available).
⦿ Receipts for purchases and other invoices linked to purchases (where available).
⦿ Six months Account Statement (where applicable).
⦿ Business ownership proof [Directors]
⦿ Loan amounts range from 500 to 20,000 Ghana cedis (single obligor limit)
⦿ There must be a minimum of two individual guarantors.
⦿ Loans that are paid off early accrue one more month of interest on top of the outstanding principle.
⦿ Loan Three to twenty-four months
⦿ Frequency of Loan Repayment: Weekly, Biweekly, or Monthly
⦿ Grace Depends on how frequently loans are repaid
⦿ Interest: 5% per month
⦿ Lien: 25%
⦿ 3.5% in processing costs
⦿ Form of application: Gh5.00 LPF: 2.0%
⦿ Loan default fee of 0.25 percent each day