The facility is extended to individuals who belong to an informal group in the same or different line of business. This product gives access to credit for self-selected group of people with at least 10-20 members. This helps the member to increase their working capital and business expansion.

Target Audience:

» Small Scale Entrepreneurs
» Artisans, Organisations
» Individual Traders
» Businessmen/women
» Group/Traders Association and Amalgamated Unions

Features & Benefits:

» Competitive interest rate
» Group members must be in the same location
» 10% equity contribution
» 3.5% monthly interest rate
» Maximum tenor of Six (6) months
» Group guarantee
» Two credible guarantors. (Cross guarantee of loan beneficiaries and an external guarantor each)

Requirements:

» Account Opening
» No account statement for applicant and guarantor.
» Applicant and guarantor valid means of identification.
» Completed Deed of Guarantee forms
» Minimum of 5 members to obtain loan from the bank at a goal.
» Cross guaranty of members as security to the facility throughout the loan tenor

Take the Next Step Towards Your Loan