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Loan Requirements Checklist

  1. Completed Application Form
  2. Business Plan
  3. Company Documentation
    1. Certified copy of Articles of Incorporation or Memorandum & Articles of Association
    2. Copy of Certificate of Registration and Certificate of Change of Name where applicable
    3. Completed Borrowing Resolution
    4. List of Company Officers & Directors and specimen signatures of authorized signers of company
    5. Register of Shareholders
    6. Copy of Valid Tax Compliance Certificate
  4. Financial Reports
    1. Audited Financial Statements for the past three years along with Interim Accounts, for existing businesses
    2. Opening Balance Sheet for new businesses
    3. Cash flow Projections for life of the loan, along with Supporting Assumptions
    4. Projected Profit & Loss Accounts and Balance Sheet
  5. Adequate Collateral to Secure Loan Request

    Facilities are extended on a secured basis. The Bank considers a suitable mix of the following collateral:

    1. Bank Guarantees from the Bank’s Approved Financial Intermediaries (AFIs)
    2. Bills of Sale on serialised equipment
    3. Mortgages over Real Estate, subject to inspection – Valuation & Surveyors Report Required
    4. Hypothecation of Final Instruments
    5. Corporate Guarantees and Personal Guarantees of principal shareholders
    6. Assignment of Life Insurance
    7. Guarantors of acceptable net worth
    8. Assign of Receivables
  6. Bank / Credit Reports
    • Bank Statements ( last two years)
    • Credit report(s) on principal directors / shareholders (shareholding exceeding 25%)
  7. Evidence of Trade Contract (s)
  8. Trade References
  9. Credit References
  10. Evidence of Adequate Peril Insurance
  11. Two (2) certified copies of photographic identification i.e. passport, drivers’ license, voter registration identification card (NB: JP or Attorney-At-Law)
    1. for privately owned companies -this is required for all shareholders whose shareholding exceed 25% , all directors and all signing officers
    2. for sole traders – one of the id’s submitted may be a birth certificate, employee ID or TRN card

     OTHER REQUIREMENTS WHERE APPLICABLE (Please Review)

 

  1. Export Order
  2. Company’s Annual Report
  3. Pre-Feasibility Study/Feasibility Study/Report on Feasibility of the project
  4. Relevant approval from NRCA, Town Planning Department and other agencies
  5. Certification under the Modernization of Industry Programme administered by JAMPRO (applicable to manufacturers accessing Medium Term facilities)
  6. Evidence of Allocation of Cars under the Car Rentals concession Scheme (Applicable to U-Drive clients)
  7. Certification under the Hotel Incentive Act (Applicable to Hoteliers)