Product Specification
Entrepreneur Loan is a loan product designed for startup and working capital for micro and small businesses owned by members.
The refinancing policy may refinance Entrepreneur Loans.
This loan type is eligible for a patronage refund.
The following loan categories determine the term:
Minimum loan amount: $100,000
Maximum Term: 36 months
Mode of Settlement:
a. Monthly principal and interest payment
b. Pay monthly interest for the first year and monthly principal and interest from the second year forward.
Recipients:
Members who maintain the required share capital deposit, are willing to establish a Power Savings Account, and are engaged in business are eligible to borrow.
Documentary Prerequisites
- Additional funding for an existing company
1.1 Current-Year Business Permit/License
1.2 Most recent income tax returns or other proof of income related to the type of business conducted
- To obtain startup capital
2.1 A permit and a basic business plan
2.2 Evidence of income from sources other than the proposed business
- If the loan amount is more significant than $100,000:
2.1 Comprehensive disclosure of assets, liabilities, and income and expenses on the “Personal in 1st Generation Financial Group.”
Contracts with customers/exporters or any evidence of a customer/supplier relationship, such as invoices, delivery receipts, etc.
2.3 List of commercial references (contact persons, addresses, tel. no. of at least three suppliers and customers)
- Any form of government identification
