These loans are extended to both Individual Customers and Group Customers. The business must be legal and must have existed for at least six months and above.
These loans are extended to both Individual Customers and Group Customers. The business must be legal and must have existed for at least six months and above.
There are requirements that are supposed to be met before you secure a commercial business loan, and these are as follow;
Uganda Microcredit Foundation will need to do some KYC on the people applying Commercial Business Loan. We will need to know the names, date of birth, Country of residence and more.
We will require all the group members to present a letter of recommendation from the local authority of the areas where they stay, for example a letter from the chairman LC1.
The following collaterals are needed depending on the customer type say group or Individual. Log Books, land sales agreements, Land Tiles, chattels among others.
Individual customers must have two loan guarantors and group clients co-guarantee them salves plus one external guarantor.
