Short Term Loan Facility
Are you looking for money to finance your business? Have you tried to access a loan from the bank?
One of the ways EkoConnect wants to support small and medium businesses is through funding. It is well documented that access to funding is one the major challenges faced by entrepreneurs locally and across the globe.
In light of this, EkoConnect presents to you a business loan structure which is simple and tailored to meet needs with little or no hassles. The basics: minimum of N100,000, less than 10% repayment in month 1, less than 5% from month 2.
It is certainly a most welcomed development that more and more finance outfits are willing to play where traditional bankers continue to avoid. Instead of the very tedious qualifying processes put in place for accessing loans from commercial banks, micro finance houses and lending organisations have reduced the requirements and made it easier for small companies to access finance.
The flip side however is a considerably higher interest rate, which takes into consideration the length or tenor of the loan – typically 1 – 12 months maximum.
For the facility now being offered in conjunction with EkoConnect, the requirements are as stated below:
- One recent passport photograph
- Means of identification (drivers license, international passport or national identity card).
- Pension statement or Tax card
- Last 3 months pay slips or employment offer letter/promotion letter
- Last 6 months bank statement endorsed by the bank
- Staff ID
- Postdated cheques that cover the tenor of your loan
A quick look at the requirements shows however that the facility is not quite suited to entrepreneurs, at least not directly. The loans are in fact personal loans, and not commercial loans.
However, we are able to work round this challenge with any prospective borrower, interested in securing a short term loan. Once interest is indicated, borrowers can discuss with agents ofEkoConnect to facilitate the loans while sticking to the terms and requirements listed above.
All you have to do is fill the form below and an EkoConnect agent will be in touch.