BUSINESS LOAN

This is a credit facility designed to finance business operations. The facility is meant to support working capital needs, contract financing and business growth. Eligible businesses for this facility are those that are fully licensed and registered as well as must be in operation at least for a period of six months and above.

TARGET CUSTOMERS
Business people from micro, small, and medium size enterprises in Dar es salaam

LOAN AMOUNT:
From Tshs 500,000 up to Tshs 5,000,000. The loan amount can be increased based on the client recommendation from CEO and company directors.

PURPOSE OF THE LOAN:
The loan is designed to finance business operations such as buying raw materials and also finance business expansion activities

DURATION OF THE LOAN:
Not more than six (6) months.

ACCEPTED COLLATERAL
House/plot with title deed or residential license (official mortgage shall be conducted at the ministry).
Motor vehicle (registered in Tanzania, with comprehensive insurance)
Furniture which has 200% value of the loan requested
Collateral value must be 200% of the loan amount

REQUIREMENTS

  • Copy of Identity card ( National ID, Voters’ ID, passport or driver’s license)
  • Introduction letter from the local government
  • Spouse consent and certificate of marriage or affidavit of marriage
  • Referee form ( must have a referee who is a Dar resident)
  • Proof of residence (lease agreement or residence license, utility bills)
  • Proof of place of business (lease agreement or proof of ownership of place of business, utility bills)
  • Proof of business experience of not less than 6 months
  • Business license, TIN and business registration certificate
  • Business Bank Statement of the past six months
  • If the applicant is a limited company, they have to submit their MEMARTS and certificate of business registration (Extract from Register).
  • Consent from the Board about taking the loan and the agreement from bank account signatories.
  • The applicant and his/her sponsor must come together on the day the loan is released so that they can both sign the loan agreement.
  • Loan will be released within 48 hours after submission of a thorough application with all the requirements as stated above.