As a business owner, have you ever found yourself struggling to keep up with day-to-day expenses or wondering how to make ends meet? If so, your business might be facing the all-too-common challenge of insufficient working capital. This doesn’t spell the end for your business many successful enterprises have faced and overcome similar obstacles by securing the necessary funds to maintain operations. Vale’s Business Working Capital Loan could be exactly what your business needs to navigate these challenges and set the stage for sustainable growth.
We’ll dive into the specifics of this loan, including eligibility criteria, required documentation, loan terms, and the application process.
Who is Eligible for This Loan?
To qualify for the Vale Business Working Capital Loan, your business must meet the following criteria:
- Registered Business: Your business must be officially registered with the Corporate Affairs Commission (CAC).
- Age: The business owner must be between 21 and 65 years old.
- Good Business Turnover: Your business should demonstrate a consistent and healthy revenue stream.
What Are the Required Documents?
When applying for the loan, you’ll need to provide the following documents:
- Board Resolution and Request Letter
- 12 Months Statement of Account for the company and director(s)
- Current Utility Bill of the business and director(s) – within the last 3 months
- Valid ID Card – NIN, Driver’s License, PVC, International Passport, etc.
- Current Passport Photograph
- Post-dated Cheques – the company’s and director’s cheques for the loan period
- CAC Documents
- Collateral Documents
- Director(s) BVN and Company’s RC Number
- Company’s Profile
- Invoices, Contract Papers, POs, etc.
- Financial Documents:
- Statement of Accounts
- Audited Financials (where necessary)
Note: While a business plan isn’t required, a fund utilization schedule is necessary to outline how the loan funds will be used.
What Are the Loan Terms and Conditions?
- Loan Amounts: The maximum loan amount is 100 million Naira.
- Interest Rates: The interest rate is 5% on a reducing balance.
- Repayment Terms: Interest and principal are payable monthly, with flexible options available based on your specific needs.
- Fees: A management fee of 2% is charged upfront upon acceptance of the loan offer.
How Do I Apply?
- Online Application: Apply through this link: http://www.vale.ng/loan
- Document Submission: Provide the required documents as outlined above.
The application process typically takes 7-14 working days, though timelines may vary.
Don’t let limited working capital hold your business back. Vale’s Business Working Capital Loan offers a flexible, affordable solution to help you overcome financial challenges and achieve your growth goals. With competitive interest rates, a streamlined application process, and dedicated support, Vale is committed to empowering businesses like yours to succeed.
