BUSINESS LOANS

We understand that financing is critical to the success of your business. Whether you need to finance day to day operations, expand your business or acquire assets, our quick and easy business loans have got you covered!

PRODUCT DESCRIPTION

This is a short to medium term credit facility to provide finance to business community for the purposes of working capital, financing day to day operations, bridge finance, and business expansion, acquiring assets, business expansion and other related business needs. It is targeted towards the following categories of customers;

PRODUCT FEATURES

a. Loan tenor: Up to five years
b. Flexible repayment modes (monthly, quarterly, semi-annually and annually)
c. Maximum Loan to Collateral value is 80% of the Collateral Forced Sale Value.

ELIGIBILITY

a. Business should have been in existence for at least 2 years
b. Collateral required and applicant must be the legal owner.
c. Applicant should have held an active account with CIB for at least 3 months
d. The collateral property should be insured for full replacement -all forms of damage.

PRODUCT REQUIREMENTS

Sole Proprietors
a. A duly completed and signed loan application form
b. Consent to provide information to CRB
c. 2 most recent coloured passport photos
d. A copy of applicant’s identification document
e. A valid trading licence
f. Certified statement of particulars of a registered business name
g. Certified certificate of registration (certificate issued by Ministry of Education, where the proprietor’s business is education)
h. Audited accounts for the last two years
i. Bank statements for the last six months
j. CV of the business person
k. Projected cash flow statements for the business for at least 12 months

Companies
a. A duly completed and signed loan application form
b. Consent to provide information to CRB
c. A copy of the valid trading license
d. 2 most recent coloured passport photos for each of the directors
e. A copy of identification document for each of the directors
f. Duly registered resolution to borrow/sell/purchase
g. Company profile and management profiles
h. Audited accounts for the last two years

i. Bank statements for the last six months
j. Projected cash flow statements for the business for at least 12 months
k. Certified company form 7 (form 8 where the directors have since changed/additions have been made)
l. Certified articles & memorandum of association
m. Certified certificate of incorporation /registration (certificate issued by Ministry of Education, where the proprietor’s business is education)
n. Certified copy of annual returns filed for the past 2 years

Partnerships
a. Minutes of meeting to borrow/sell/purchase
b. Cover letter from the Managing Partner forwarding the minutes (on the firm’s headed paper)
c. Certified partnership deeds and details of partners
d. Certified copy of the certificate of business name registration
e. Certified copy of statement of particulars of business
f. A duly completed and signed loan application form
g. Consent to provide information to CRB
h. 2 most recent coloured passport photos for each of the partners
i. A copy of identification document for each of the partners
j. Firm profile and partner profiles (practicing licenses –where applicable)
k. Audited accounts for the last two years
l. Bank statements for the last six months
m. Projected cash flow statements for the business for at least 12 months

Associations, NGOs, Co-operative societies, Unions
a. Certificate of registration
b. Minutes of meeting to borrow/sell/purchase
c. Certified constitution/bye laws
d. Written approval by registrar for the limit borrowed
e. A duly completed and signed loan application form
f. Consent to provide information to CRB
g. 2 most recent coloured passport photos for each of the authorized signatories
h. A copy of identification document for each of the authorized signatories
i. Audited accounts for the last two years
j. Bank statements for the last six months
k. Projected cash flow statements for the business for at least 12 months

All applicants:
a. Tenancy agreements (where applicable)
b. Copy of the certificate of title
c. Assignment of rental/business proceeds for self-employed applicants
d. Property to be valued by the Bank’s approved valuation firms
e. Business (where applicable) and security assessment report
f. Consent to mortgage and ground rent receipts (for leasehold properties)
g. Original release of mortgage/withdrawal of caveat (where there is encumbrance on property)
h. Certified decree absolute (where customer is divorced)
i. Certified death certificate (where spouse /joint owner of the land is deceased)