1. Accounts Invoice Financing
Account receivable financing is a product that advances cash to SMEs against unpaid invoices due from their customers. The product provides businesses with needed liquidity for the SME to continue trading. It is the best way to accelerate cash flows that may have taken days or months to come. The maximum amount to be disbursed is usually based on the creditworthiness of the borrower and quality of the invoice (counter party payment is expected from).
Features:
- Loan Amount: N250,000 – N3,000,000
- 50 – 80% of invoice values will be discounted for pre-approved third party organisations.
- Multi transactions can be booked concurrently.
- Each transaction will be booked as a short-term loan in tranches of 30, 60, 90, 180 days.
- Repayment will be either in full at the maturity of the invoices or monthly if the customer has revenue from other sources or clients. A structure will be agreed that’s most suitable for the borrower.
- Late payment will be charged at 0.50% daily upon the payment falling due.
- Collections of invoice proceeds for financed invoice continue to be the responsibility of the borrower.
- Early prepayment will attract no fee if the loan has run for at least 30 days.
Eligibility
- Must have been in operations for at least 24 months.
- Account invoice financing: N10million.
- Good credit history for company, director and principal owners/management team.
Basic Documents required
- Outstanding invoices (job completion certificate, delivery note)
- Evidence of paid invoices from companies whom you wish to discount their invoices.
- Identification for principal owners
- Bank Statement – 6 months until date of request
2. Short Term Finance – Supply Contract & Inventory Purchase
This is a short-term financing product that advances cash to SMEs to executed verifiable supply contracts for quality employers. This product is also suitable for trading companies looking at making a big supplier to a client for which they don’t have enough goods in stocks or simply just to purchase stock for a seasonal increase in demand. This product is to enable SMEs take advantage of unforeseen business opportunities.
Features:
- Loan Amount: N150,000 – N3,000,000
- Contribution: SMEs 40%: 60% Platform Lenders
- Each transaction will be booked for 30, 60, 90, 180 days.
- Late payment will be charged at 0.05% daily upon payment fall due.
- Each loan must be fully repaid before application can be made for another.
- Early prepayment will attract no fee if the loan has run for at least 30 days.
Eligibility
- Must have been in operations for at least 24 months.
- Annual revenue of at least N18million
- The supply contract must be from a private company. Government projects will not be financed.
- Good credit history for the company, director and principal owners/management team.
Basic Documents required
- Purchase Order with payment terms indicated/attached from a private company.
- Letter of award/contract agreement from a private company.
- Evidence of similar supplies executed for the company or similar companies.
- Identification for principal owners
- Bank Statement – 6 months until date of request
3. Line of Credit Advance
A business line of credit gives you capital to meet a whole variety of business needs. This line can be used for working capital, buy inventory, handle seasonal cash flow gaps and meet up with emergency business opportunity.
Features:
- Loan Amount: N150,000 – N3,000,000
- Each transaction will be booked for 30, 60, 90, 180 days.
- Late payment will be charged at 0.50% daily upon the payment falling due.
- Each loan must be fully repaid before application can be made for another.
- Early prepayment will attract no fee if the loan has run for at least 30 days.
Eligibility
- Must have been in operations for at least 5 years.
- SME must be profitable.
- Annual revenue of at least N10million
- Registered with a professional body like ICAN, MBA, COREN, e.t.c.
- Good credit history for company, director and principal owners/management team.
Basic Documents required
- Identification of principal owners
- Bank Statement – 6 months until date of request
- Financial Statement (Balance Sheet, Profit & Loss, Cashflow)
4. Personal Loan
This is an unsecured short-termed loan offered to individuals usually in paid employment with a verifiable monthly income based on monthly repayments over a period usually under a year to meet financial needs; to purchase an asset or meet a business opportunity with potential to generate revenue for them. This product is also suitable for borrowers in paid employment with a stable and verifiable source of income working in rated companies.
Features:
- Loan Amount: N50,000 – N3,000,000
- Each transaction will be booked for 30, 60, 90, 180 days.
- Repayment will be monthly from salary and/or business income.
- Late payment will be charged at 0.50% daily upon the payment falling due.
- Each loan must be fully repaid before application can be made for another.
- Early prepayment will attract no fee if the loan has run for at least 30 days.
Eligibility
- Must have been with his/her employer for up to 12 months.
- Annual income of at least N900,000
- Works with a toped rated company that is financially stable.
Basic Documents required
- Letter of employment, confirmation or promotion
- Work identity and other acceptable identity card
- Bank Statement and payslip
- Utility Bill issued within the last 3 months.