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Productive/Business Loans |
Our productive loans can be used by members to generate income, create or sustain employment, and provide goods and services for the local & export markets.
Let us help you grow your small business or bring an idea to life.
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Low interest rate
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No loan processing fees. No hidden charges
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100% financing up to $150,000
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Grace period of up to three (3) months on payment of principal, if needed
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Up to ten (10) years to repay
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Loan protection coverage up to $150,000 at no cost to you
Call to make an appointment. with our Business Development Officer
Here's a checklist of items you'll need to provide us with:
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Business financial statements ( for existing businesses)
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Business plan including cash flow projections for 3 years for loan amounts over $20,000
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Certificate of Incorporation or Business Registration certificate
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A minimum of 10% of the loan request as Security savings
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Invoices (documentation) to support your application
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Details of security being offered
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Details of your liabilities and commitments (loans, hire purchase, household expenses)
- NCCU passbook(s) and photo identification (eg. Social Security Card or passport)
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if the approved loan is $77,000 and more or if you are 50 years and older, a medical examination is necessary for loan protection coverage.
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For loans for Agricultural Land:
In addition to the above, the following are needed.
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A letter of intent to sell from the property owner or real estate agent
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Current market Valuation of property
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Plan of the land
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Copy of vendor's Certificate of Title and if necessary, a letter from a bank or lawyer indicating the title can be released
Mortgage Loans for Businesses
NCCU also funds mortgage loans for commercial building construction or purchase. The minimum amount will be $50,000
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Loans 