Banc ABC, Business loan, qualifications and application

BUSINESS LOAN

SME Term loan is an advance extended to business customers who have been in business for at least 12 months and have a sound cash flow history. It is designed to finance working capital requirements, acquisition of stock, purchase of short term fixed assets and business expansion and has a variable rate of interest  over the loan tenor.

The loan amount is based on the borrower's creditworthiness and credibility, viability of the business based on the business plan, capacity to pay back from business operations based on the management and historic accounts or reports and adequacy of  security offered

QUALIFYING CRITERIA

• The Business must have been operational for at least 12 months
• Must be a BancABC account holder for at least 3 months
• Be able to produce credible financial statements/reports with historic financials covering at least 12 previous months.
• Min loan Amount-USD10,000  and Maximum Loan Amount US$250, 000 or equivalent in Tanzanian Shillings(TZS)
• Maximum repayment period of 3 years

 

TO APPLY FOR BUSINESS LOAN

Simply bring the following to any of our branches:

• Latest three years Financials or 1 year for a new business
• At least 12 months cash flow forecast
• Business plan
• Statement of liabilities and assets for all shareholders /owners of the business
• Details of security that is being offered