Commercial Loan Helping your business grow

smallbusiness1

They are loans specifically designed for SMEs, Corporate Organization, and Individuals in Ghana and across the globe.

Features:

  • Available to SMEs
  • Available to both existing and walk-in clients.
  • Applicants must have operated a bank account for at least 3 months.

Benefits:

  • Provides working capital for start-up businesses.
  • Provides a channel for business expansion through repeat loans.
  • Affords SMEs the opportunity to expand their working capital

Requirements needed to access this loan:

A.    Private Individual

  • Passport-Size Photographs.
  • Current Bank Statement covering at least 3 Months.
  • If a Salary Worker 3 Months pay slip should be added.
  • Recognized National ID card (Voter, Driver, National, NHIS, and Passport etc.)
  • Guarantor must be aware that that he/she is jointly and severally liable to the Loan until the last cedi of the loan is repaid.
  • Direction to their Residence, Place of Business or Office using the Appropriate Form.
  • Collateral for the loan
  • Bank statement of guarantor

B.    Private Individual – Using Business Document

  • Passport-Size Photographs.
  • Current Bank Statement covering at least 3 Months.
  • If a Salary Worker 3 Months pay slip should be added.
  • Recognized National ID card (Voter, Driver, National, NHIS, and Passport etc.)
  • Business Registration Documents (Certificate of Incorporation, Certificate to Commerce Business, Business Operating Permit, Financial Statements, Business Plan, if Available).
  • Guarantor must be aware that that he/she is jointly and severally liable to the Loan until the last cedi of the loan is repaid.
  • Direction to their Residence, Place of Business or Office using the Appropriate Form.
  • Bank statement of Guarantor

USING COLLATERAL AS A REQUIREMENT FOR THE ABOVE LOAN

A.    Using vehicle

  • Should provide the Registration of Transfer (Form C)
  • Should provide a new Form C.
  • Signed Transfer Letter into the Name of Midland.
  • Provide 2 Passport-Size Photograph for each Vehicle if more than one.
  • The Vehicle should be Comprehensively Insured and the Documents Submitted.
  • Vehicle Valuation Report.
  • Transfer Ownership of the Vehicle into the name of Midland when the loan is approved.
  • Client bears the cost of the transfer, before and after the loan.

B.    Using stock of business assets

  • Should insure the Stock in a Joint Name with Midland.
  • Swear an Affidavit authorizing the use of the Insured Stock as Collateral.
  • Obtain High Court Confirmation of the Affidavit.

C.   Using land or landed property

  • Should Provide Land Title.
  • Search Report from the Lands Commission.
  • Will be subjected to Search by a Consultant contracted by Midland.
  • The Search cost GH¢300.00
  • Swear an Affidavit authorizing the use of the Landed Property as Collateral.
  • Obtain High Court Confirmation of the Affidavit

D.   For loans between GHC100.00 and GHC3000.00

  • 10% Compulsory Cash Savings of the Approved Amount.
  • Signed Pledge Agreement Form.