This is a product tailored to serve businesspeople by increasing their capacity to respond and adequately service tenders thus meeting supply requirements. The loan will be available to individual businesspeople owning enterprises or companies.
- Company must be registered with the relevant government body.
- A valid Local Purchase Order/Local Service Order duly signed and stamped by the procuring entity i.e.. public institutions (listed in the public procurement and disposal Act)
- The maximum amount available for this loan is Ksh2 Million per individual borrowing.
- Duly signed Letter of Undertaking and acceptable collateral as per Fund’s Credit Policy. Acceptable collateral are bank guarantee, shares or motor vehicle.
- Customer account details.
- Tenure of 90 days.
- Certified copy of the letter by the supplier (loanee) to the procuring entity requesting payment through Sumac Microfinance Bank Ltd.
- Amount financed is 60% of the LPO amount