Any country that want to attain economy development primary strategic focus should be Micro, Small and Medium Enterprises(MSMEs) because it’s important segment in any nation economy. Unfortunately this segment are neglected by developing nations especially in Nigeria due to collateral backup.
Micro, Small and Medium Enterprises(MSMEs needs capital finance that will be used to improve cash flow, Asset Finance both on short-term or long term capital. Globus bank has introduced integrated “one-stop” solution to MSMEs as they poised to meet the varied financial and non-financial needs of SME’s in Nigeria.
You can also read: How to apply for CBN creative sector Initiative (CIFI) loan
Globus Bank has continue to focused on revolutionizing the Financial Services Industry by leveraging Technology and People in deliver exceptional services in Trade Finance Lines loan facility,SME Loans,Personal Loan,Creative Sector Loan in collaboration with central bank of Nigeria,Asset Finance,Vehicle Finance,Mortgage and overdraft
We are going to discuss each of the loan facility briefly:
Globus Bank Trade Finance Lines loan
The loan facility targeted at customers who source their goods locally or import raw materials/finished good.This include Bills for collection and Letter of Credit….It will be done through the handling of documents by banks in line with instructions received from the exporter.
Globus bank SME Loans
The loan facilities is for MSMEs in the Education, Health, Agriculture and Tertiary. MSME loan can be an overdraft, a term loan or cash-backed facility and could be short term or long term spanning not more than 24 months.
Requirement for our MSME loan includes;
1.Applicant must operate Globus Bank Emerging Business account.
2.Account must have at least 3 months relationship in the bank.
3.Applicant must be registered as a sole proprietorship, partnership or limited liability company.
4.Applicant’s business must have been in operation for at least 1 year.
5.Minimum loan amount of N1m and Maximum loan limit of NGN 20m.
6.Max. Tenor of 12 months (Working Capital), 36 months for Asset Finance.
7.Clean CRMB report and 2 independent credit bureau reports
8.DSR limit should not exceed 30% of expendable Income.
Globus Bank overdraft facility provides customers with the required funds to support working capital requirements.This can be revolving, which means you can use it over and over when you need it. It can be renewed after 12 months, upon satisfactory performance.
This kind of loan facility is designed for workers who are salary earner with loan amounts of up to 75% of net annual salary (for applicants with terminal benefit)
Workers of any reputable organization can apply for this kind of loan any pay back on the next salary day,it’s also know as payday loan/salary advance
Creative Sector Loan
The loan is a Central Bank of Nigeria (CBN) initiative aimed at capacity building and employment creation for individuals and businesses especially youth who are currently into any of the following: Fashion,Information Technology and Software Engineering.
Globus bank customers can finance the purchase of business assets such as equipment, machinery and vehicles, or realize cash from the value in assets already owned by them.
Buying your first home, constructing or simply renovating. The flexible home loan will give you the financial boost you need to support your project, customer pays back the borrowed amount over an agreed period.
The auto finance facility enables customers to purchase a car of their choice using flexible repayment options after equity contribution as against lump sum payments.
How to apply for Globus bank SME Loans and other loan package
1.Interest entrepreneur should visit any Globus bank nationwide to schedule an appointment with a loan officer. During this meeting, you can discuss your loan requirements, ask questions, and seek clarification on any aspect of the loan application process.
2.Then pick up and Fill out the loan application form provided by the bank. Ensure that you provide accurate and complete information.
4. Submit your completed application form along with all the required documents to the bank. Make sure to follow any instructions provided by the bank regarding the submission process.
5. Wait for approval: After submitting your application, the bank will review your application, documents, and creditworthiness. This process may take some time, so be patient and follow up with the bank if necessary.
6. If your loan application is approved, the bank will inform you of the loan terms, interest rate, and repayment schedule. You may need to sign a loan agreement. Once the agreement is signed, the loan amount will be disbursed to your designated bank account