Business Loans
Quicken Microfinance > Business Loans
SME Loans
A firm requires financial investment in order to succeed. Finding a partner who can support your company’s growth in such circumstances is challenging because such partners frequently are more focused on their own interests than your company’s success. Therefore, QML has made the decision to be that dependable partner who is always willing to provide a hand as your company expands. This product is aimed at business owners, including MMSEs and petty merchants among others, who are both customers and non-customers.
Features
⦿ In the event of activities having a highly seasonal trend, the business must have been in operation for at least six months (That is, with more than 3-month interval with regards to the trend, its approval will be determined by the HOCC, the minimum operational period should be 1 year).
⦿ A business must be duly registered in Ghana (with the appropriate registration and beginning documents).
⦿ Businesses should have consistent cash flow, and if they don’t, their pattern needs to be identified.
⦿ Sales manual (where available).
⦿ Receipts for purchases and other invoices linked to purchases (where available).
⦿ Six months Account Statement (where applicable).
⦿ Business ownership proof [Directors]
⦿ Loan amounts range from 500 to 20,000 Ghana cedis (single obligor limit)
⦿ There must be a minimum of two individual guarantors.
⦿ Loans that are paid off early accrue one more month of interest on top of the outstanding principle.
⦿ Loan Three to twenty-four months
⦿ Frequency of Loan Repayment: Weekly, Biweekly, or Monthly
⦿ Grace Depends on how frequently loans are repaid
⦿ Interest: 5% per month
⦿ Lien: 25%
⦿ 3.5% in processing costs
⦿ Form of application: Gh5.00 LPF: 2.0%
⦿ Loan default fee of 0.25 percent each day