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SMALL BUSINESS LOANS

About Small Business Loans

We provide our clients with loans that range from as little as $700 up to $100,000 BDS. The business must be commercially viable project and once developed, must be the primary source of income and employment for the applicant.

Lending Details:

  1. Loan range: $700 - $100,000
  2. Interest rate: 6% on the reducing balance.
  3. Maximum repayment period: Ten (10) years.
  4. Fees: Administration fee- 3%; Legal fees vary depending on the amount borrowed and the type of security used.
  5. All approved loans are insured in the event of the client's death. The insurance premium must be paid prior to disbursement

Requirements for small business loans

  1. There is a NO CASH policy. Suppliers' pro forma invoices, quotations or estimates of items to be purchased must be submitted. For WORKING CAPITAL purposes a proposal detailing the intended use of funds is required
  2. A business plan may be required for loans over $50,000.
  3. A copy of the rent/lease agreement must be presented. In cases where a lease agreement is unavailable the attached PROVISIONAL LANDLORD/TENANT AGREEMENT must be completed.
  4. Statutory approvals, if applicable, must be obtained from the relevant authorities e.g. Ministry of Health, Town and Country Planning Department etc.
  5. The applicant must submit a recent passport-sized photograph and satisfactory photo-identification (e.g. I.D card, passport).
  6. The PERSONAL INFORMATION FORM must be completed.

Security

LOANS UP TO $30,000.00:
  1. THREE (3) GUARANTORS who have either been permanently employed for at least three (3) years in their present job or self-employed for five (5) years. A recent job letter or pay slip is required for each guarantor. The GUARANTOR FACT SHEET and GUARANTOR INFORMATION FORM must be signed and completed by each guarantor. Guarantors CANNOT be clients of FundAccess or a guarantor for another client.
  2. A Bill of Sale may be taken on business owned assets.
LOANS over $30,000.00:
  1. Other forms of security or combinations of security options will be considered e.g. Mutual Funds, Government Bonds, property, fixed deposits etc.