A finance option business can use to grow by acquiring much needed equipment, such as motor vehicles and machinery. The customer enjoys the use of the asset however, the asset remains the property of the lender until the facility is repaid in full.
Under this loan SMEs are required to have the following to qualify for the loan:
- Business Registration
- National ID
- MRA Taxi Clearance
- Signed LPO/Contract
- 6 months bank statement
- Financials for the amount over 10million
- Partnership deed for a partnership business/Articles of association for a Limited company
- Business Profile
- Assignment of proceeds /Documents for the property to be pledged
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