Small Business Loans

This type of loan provides capital for a member to set up business and funds to purchase equipment or working capital for an existing business.

Terms and Conditions

• You must be a member for at least three (3) months.
• If you need to borrow $25,000 or less, you must have one third (1/3) of the amount in withdrawable (callable) shares. For amount from $25,001 to $40,000, you require callable shares equivalent to 40% of the total loan.
• You must have a good credit history.
• You require a Business Plan which includes cash flow statements.
• Rental agreement/letter from property owner granting permission to use property for intended purpose is required.
• You must present details of existing credit facilities of the business and details of past/historical business records such as sales, purchases, inventory etc. where applicable.
• You require health and inspection certificates, licenses such as liquor and vendor.
• Evidence of status of business at Inland Revenue and National Insurance Corporation is required where applicable.
• You require open bills/invoices where applicable.
• Interest on loans is calculated monthly on the reducing balance at the rate of 0.9%.
• The repayment period is based on the amount granted and the member’s capacity to repay.