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COMMERCIAL LOAN

A Commercial Loan is a debt based funding arrangement that a business can set up with the Bank. The proceeds of a Commercial Loan are generally used to fund large Capital Expenditures and operations that a business may otherwise be unable to afford. Commercial loans are generally repaid within a short term. However, a maximum of ten years is available based on qualifying factors.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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COMMERCIAL MORTGAGES

A Commercial Mortgage is a mortgage loan secured by a commercial property, such as an office building, industrial warehouse, or apartment complex. The proceeds from a commercial mortgage are typically used to acquire, refinance, or redevelop commercial property.

  1. National Identification Card or Passport
  2. TIN Certificate
  3. Business Registration
  4. Financial Statements (Previous three years) [If applicable]
  5. Job Letter and Pay slips [If applicable].
  6. Contractor’s Estimate
  7. Valuation of Property (To be done by an approved valuator by the Bank)
  8. Approved building plan
  9. Rental Agreement
  10. Character References (Minimum two)
  11. Evidence of Contribution
  12. Bank Statement from Current Bank (Minimum one year)
  13. Copy of Transport / Title of property offered as collateral
  14. Agreement of Sale and Purchase (if applicable)
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REVOLVING LINES OF CREDIT

A line of credit is a facility where a customer secures a fixed credit amount and is then allowed to use the funds when they are needed. The amount utilized is repaid within a maximum of one hundred and eighty days of usage.  It is usually used for operating purposes, fluctuating depending on current cash flow needs. This facility is reviewed on a yearly basis.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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TERM LOAN

A term loan is a credit facility that is repaid in fixed payments over a set period. Term loans usually last between one and ten years.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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LOAN SYNDICATION

This is the process of involving several different lenders in providing various portions of a loan to a single borrower. This type of borrowing facilitates large borrowings and is generally given in the form of term loans.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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LETTERS OF CREDIT

A Letter of Credit is a Letter issued by the Bank to another Bank (mainly one in a different country) to serve as a guarantee for payments made to a specified person under specified conditions. This facility is mainly applicable to overseas purchases.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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BONDS AND GUARANTEES

The Bank offers four basic types of Guarantees namely, Bid Security, Performance Bank Guarantee, Advance Payment / Mobilization Bank Guarantee and Customs Bond. These facilities are primarily accessed by Companies / Individuals to fulfil contractual obligations.

  1. National Identification Card or Passport of all Directors
  2. TIN Certificate of Company
  3. Certificate of Incorporation or Business Registration
  4. Memorandum of Association or Articles of Association
  5. Annual Return (Previous two years)
  6. Audited Financial Statements (Previous three years)
  7. Business Plan / Application indicating purpose of financing
  8. Bank Statement from Current Bank (Minimum one year)
  9. Copy of Transport / Title of property offered as collateral
  10. Valuation of Property (To be done by an approved valuator by the Bank)
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PAYROLL SERVICES

Citizens Bank Guyana Inc. processes salaries for account holders on behalf of their employers. This service is especially beneficial for companies/businesses with large numbers of employees. The process is simple and saves time.

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OVERDRAFTS

An overdraft facility is a credit product that is primarily used to finance the day-to-day working capital requirements of a business. A fixed limit is applied to a Customer’s Chequing Account, which allows the account to be overdrawn to the predetermined limit. There is no fixed repayment of this facility. However, the transactions must coincide with the business cycle.

  1. National Identification Card or Passport
  2. TIN Certificate
  3. Certificate of Incorporation or Business Registration
  4. Annual Return (Previous two years)
  5. Financial Statements (Previous three years)
  6. Cash Flow Projections (Two Years)
  7. Bank Statement from Current Bank (Minimum one year)
  8. Copy of Transport / Title of property offered as collateral
  9. Valuation of Property (To be done by an approved valuator by the Bank)