Who can apply for a Business Loan?
What loan amount can I apply for?
How long does it take to process a Business Loan?
Will I pay interest on my Business Loan?
When do I pay back my Business Loan?
Do I have to save with ProCredit in order to qualify for a loan?
Business owners who have been in operation for at least 6 months are eligible for Business Loans. Your business may or may not be registered.
Our Business Loans starts from GH¢ 10,000. Loan amounts are granted according to your investment plan and capacity.
Loan amounts ranging from GH¢ 10,000 to GH¢ 60,000 can be disbursed within 7 days. Loan amounts above GH¢ 60,000 can take a maximum of 10 days, depending on the loan amount and the requisite credit analysis involved.
Yes, interest is charged on loans, depending the amounts taken. Monthly interest rates range from 3.5% to 5.80%, and are calculated on the outstanding principal balance. Apart from an administrative fee, there are no other charges.
For loan amounts that increase your working capital, you may pay back comfortably between 12 and 24 months. If you however invest in fixed assets, we can extend this period to 36 months. Repayments are usually in equal annuities, but we can tailor a repayment schedule to your business cycle. Production companies may be granted a grace period of up to 3 months due to the nature of their business.
No, however, your business must have been in operation for at least 6 months.