This product provides funding for retail trade segments for restocking of goods based on their proven cash flows with ProvidusBank and other Banks.
- Facility Limit: Up to 50% of average monthly turnover in the immediate 12 months, subject to an upper limit of N50m for Tier 1&2 & N10m for Tier 3 based on the customer segment.
- Facility type:
- Tier 1&2: Overdraft/Term Loan
- Tier 3: Term Loan
- Maximum tenor:
- Term Loan: 12 months
- Overdraft: 365 days subject to 90 days transaction cycle review by the RM/LMU
- Collateral:
- Tier 1&2: All Asset Debenture/Legal Mortgage/Shop Allocation
- Personal Guarantee of the Managing Director of the Company supported with a notarized statement of personal financial net-worth (Applicable only for limited liability companies)
- Tier 3: Stock Hypothecation covering a minimum of 200% of the facility amount.
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