A working capital loan is used to finance a company’s short-term operational needs; they are not used to purchase long-term assets or investments. Companies with high seasonality or cyclical sales may utilize working capital loans to help with periods of reduced business activity.
- Interest Rate: 9.00% – 14.00% computed on a reducing balance
Application Requirements for Companies
- Valid National Identification Card or Passport or Driver’s License of all Directors
- TIN Certificate of Company
- Certificate of Incorporation
- Memorandum of Association or Articles of Association
- Annual Return (Previous two years)
- Audited Financial Statements (Previous three years)
- Business Plan / Application indicating purpose of financing
- Bank Statement from Current Bank (Minimum one year)
- Copy of Transport / Title of property offered as collateral
- Valuation of Property (To be done by an approved valuator of the Bank)
Application Requirements for Trading As
- Valid National Identification Card or Passport or Driver’s License of Owner(s)
- TIN Certificate of Owner(s)
- Business Registration
- Financial Statements (Previous three years)
- Business Plan / Application indicating purpose of financing
- Bank Statement from Current Bank (Minimum one year)
- Copy of Transport / Title of property offered as collateral
- Valuation of Property (To be done by an approved valuator of the Bank)
View related fees here: www.citizensbankgy.com/about-us/fee-structure/