Borrowing Requirements

Borrowing Requirements

  1. The borrowing requirements for SMEs are:
  2. Your business plan.
  • Application letter clearly stating:
  • Amount sought.
  • Duration.
  • Purpose.
  • Repayment arrangement.
  1. Your company profile.
  2. Audited accounts and/or  management accounts for the previous three financial years.
  3. Projected cash flow for the period of the loan with supporting assumptions.
  4. Board resolution to borrow (in case of limited companies)
  5. Full details of security offered as collateral.
  6. Latest valuation report of property to be pledged as security addressed to the Bank.
  7. Insurance of the property offered as security.