Self-Development Loan

An innovative loan granted for those with entrepreneurial ambitions to assist in the establishment of a small business. members can apply for a maximum amount of $100,000.00

• Self Development Loans may be granted to members for the purpose of investing in entrepreneurial ideas to a maximum borrowing amount as determined by the Board from time to time.
• The repayment period for such loans shall be up to sixty (60) months and shall include the prescribed interest rate and fees.
• An interest rate on such loans shall be 1.5% - 1.75% per month on the reducing balance, based on the provision of collateral.
• A borrowing limit of One Hundred Thousand Dollars ($100,000.00) will apply to such loans.
• Members must hold with the Society, shares in the range of 20% - 50% of the sum required, where the security held is based on the risk rating of the entrepreneurial investment.
• Additional security may be required to cover unsecured amounts in excess of shares. All security to be held for loans shall be unencumbered and free from all lien.

Criteria:

Loan criteria:

• Business Plan
• Projected cash flows for 36 months
• Income and Expenditure Statements
• Twelve (12) months bank statements
• Certificate of registration
• Tax ID
• Asset inventory
• All other lending criteria set out in 7.0

Normal Lending Criteria :

• Two Form of Valid (ID, DP, PP & Electronic Birth Paper)
• Proof of Address for Individuals (UTC Statement, Bank Statement or Utility Bill )
• Proof of Address for Self Employed ( Utility Bill from the place of business)
• Proof of Income for Individuals  (Payslip or Job Letter, no more than 2 months)-
• Proof of Income for Self Employed (Business registration, 3 years Management Accounts, Last tax return filed)
• Must be 18 years and over  with consistent savings for a minimum of 3 months
• DSR  50% (Maximum or as directed by the Board of Directors )
• Security (Shares invested in the Credit Union