Loan Requirement For Corporate
- Personal Identification details and passport photographs of all Directors, Work Permit for directors if foreigners, valid Visa.
- A detailed application completed and signed/scaled by authorized person –alterations signed for.
- Registration/legal document e.g. Certificate of registration, Trust Deed, TIN certificate of Chamber of Commerce Membership.
- Legal document governing operations of the applicant e.g. Memorandum and Articles of Association /Trust Deed/Partnership deed etc.
- A recent company search certificate.
- Company profile including briefs on directors, organization structure ,key personnel in management, nature of business ,products, source of raw materials, target markets and market position .in case of group companies ,detail of related companies to be given.
- A brief on all related companies and accounts.
- Banking details including a brief on facilities enjoyed with other banks-initial amount borrowed, purpose, repayment terms, interest charged ad securities held
- Board of Director resolution to borrow and execute securities
- Details of the facilities required, their purpose, justification and proposed repayment term. This to be supported by invoices, contract copies, engagement letters ,sale agreements etc
- A detailed business plan covering market penetration, competitive advantages and business strategies.
- Audited accounts for the last 3 years and latest management accounts .brief comment on the key financial parameters e.g. turn overs, profit margins, working capital position and leverage to be given.
- Projected P&L,cash flows and balance sheet covering the period of the facility .assumption to these projections to be clearly spelt out
- Aged list of debtor and creditors at the most recent date. Comment briefly on the trading terms.
- Proposed securities. Copies of the title documents and valuation reports to be provided-list of company assets with evidence of ownership, in case of debentures.
- A term sheet to be provided for all structured facilities
- Key man’s policy cover in case of two directors where one has given the other power of attorney.
- Letter of awareness on sub-except where it is expressly indicated in lease agreement.
