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SMME Loans

SMME LOANS REQUIREMENTS - Continued

  • Company's resolution to borrow.
  • Copies of IDs for the Directors.
  • Training & mentoring from accredited service provider.
  • Quotations of material to be purchased.

SECURITY

  • First mortgage bond over immovable property.
  • Cession of insurance policy.
  • Cession of proceeds from Tender/contract/ order.
  • Deed of hypothecation over movable assets.
  • Cession of deposit accounts held with the Bank (at least a minimum of 25% for Bridging Finance, Overdraft & Business loan).
  • Cession of deposit accounts held with the Bank (at least a minimum of 5% for CBS SCHEME for new businesses and 15% for existing businesses).
  • Personal guarantees by the directors of the company.
  • Any other form of acceptable and disposable security.

BRIDGING FINANCE

  • This is a short term facility to help customers meet orders/tenders/contracts promptly
  • The repayment period for this facility does not exceed six months.
  • Financed orders/tenders/contracts are from reputable companies as determined by the bank.
  • Repayment of the loan is made once off by the supplied company directly into our client’s (supplier) account held with the bank.
  • The order/tender/contract acts as security for the facility and applicants may be required to pledge immovable property and/or a certain percentage of cash as additional security.

OVERDRAFT FACILITY

  • This facility is open to already existing businesses, which are run through current accounts with the bank.
  • It is used to acquire trading stock and to provide for working capital.
  • The business’s current account must have been operational for not less than six months to qualify for this facility.
  • It is available to both sole traders and companies.
  • Finance is available for any amount depending on the viability of the business and directors’/proprietor’s capabilities to run the business.
  • The form of security offered for the facility may be an immovable property and/ or a certain percentage of cash as additional security plus a tender/contract/ order.
  • This facility is repayable on demand and renewable after twelve months.

BUSINESS LOANS

  • This facility is open to customers who are already in business and those who wish to venture into such.
  • The facility is used for the acquisition of business, stock and business equipment.
  • It is open to both sole traders/proprietors and companies.
  • Finance is available for any amount depending on the viability of the business, directors’/proprietor’s capabilities to run the business efficiently and the form of security offered for the facility.
  • The facility is repayable over a period not in excess of 36/60months(3/5 years).

SMALL SCALE LOAN GUARANTEE SCHEME (CBS SCHEME)

  • This facility is open to start-ups or already existing businesses that are engaged in any industry such as retail, agriculture, commerce, tourism, construction, etc.
  • This facility could be used for the acquisition of fixed assets, working capital and order/ tender/contract financing.
  • An eligible small-scale enterprise should be owned by a Swazi national or by a legal entity, in which Swazi Nationals have at least 75% ownership.
  • This facility has a maximum credit amount of E500,000 repayable over a period not exceeding 5 years

SMME LOANS REQUIREMENTS

  • Business Plan with a clear breakdown of how the funds will be utilised, (not required for Bridging Finance).
  • Curriculum Vitae of key personnel in the business.
  • Copy of orders/contracts/tenders where applicable.
  • Cash-flow projections for the duration of the facility (maximum of 12 months).
  • Trading Licence.
  • Copy of valid lease agreement or proof of ownership of operating premises.
  • Audited financial statements for the past two years (for existing businesses).
  • Bankers’ report and bank statements for the last six months (for businesses banking with other banks).
  • Memorandum and Articles of Association.
  • Company Form J and Form C.
  • Certificate of Incorporation