Contracts and Invoicing
Contracts financed by Grants MFB are those with a short duration of payment with direct supply.
Applicants are advised to choose products under this category if the following criteria are met
Scenario/Condition | Acceptable response |
Amount needed | Not material |
Awarding company to domicile proceeds with Grants MFB | Yes |
Disbursement of funds to be made directly to supplier | Yes |
Availability of equity contribution | Yes |
Tripartite agreement between Awarding company, Grants MFB and contractor | Yes |
Availability of collateral | Yes |
Conditions
Applicant can access up to N5,000,000
which can be spread up to 12 months
Eligibility
- Promoter
and or Busness owner - Business
must be in existence for a minimum of five years - Evidence
of steady income stream from business - Evidence
of various contracts done and prompt payment returned
Documentation required
- Account opening form for new customers
- Loan form
- Application form stating amount, duration and purpose
- Valid id and recent passport
- One year salary statement of account
- Post dated cheques for duration of loan
- Two guarantors with their latest payslip and office UD if under IPPIS. Post dated cheques for duration of loan if not
- Collateral