The main two general lending requirements are - having a profitable business and having a good credit history. Secondly, you have the product specific criteria. Firstly, you have general lending criteria - that apply to all credit facilities that Unity offer. Lending criteria fall into two categories. To get a loan with Unity Bank - you will need to meet several different lending criteria. Qualifying for a Unity Bank business loan You can borrow funds for an initial 1 year period (renewable afterwards). The amount lent, depends on your capacity to repay. A forward contract may be required for this facility. In other words, agribusinesses that operate on a large scale - producing commodities or marketing them. This scheme mainly provides funds for commercial farmers. Funds can be borrowed for up to 24 months. The credit facility covers the production, processing and marketing of agricultural commodities - for example, crops, livestock and fish. Through this scheme, Unity Bank meets the funding requirements of farmers groups. Unity Farmers Co-operative Finance Scheme The facility tenor ranges from 1 to 2 years. As collateral, 20% of the assets value must be saved in your account. To be eligible, cooperatives must have been registered for at least 6 months. The facility is a form of asset financing - with which farmers can acquire machinery. This credit facility is targeted at farm cooperative societies. Unity Farmers Co-operative Leasing Scheme Collateral may or may not be requested, before Unity issues the LC. This enables Nigerian importers and trading companies, to import from almost anywhere in the world. Unity Bank offers trade financing services, in the form of a letter of credit (LC). It’s a great way to maintain your cash flow, and it gives you a backup source of funds - for any emergency expenses. It allows you to overdraw your account, up to a certain pre-defined limit and for a specific period of time. Overdraftīusiness overdrafts are a form of working capital finance. Any credit extended comes with covenants. Here, Unity mainly finances manufactured products, raw materials and general goods. Funding and types of business loans available through Unity Bank Inventory FinancingĬredit facilities offered through Unity Bank’s inventory financing division - are aimed at businesses focused on the retail, and consumer aspect of the Nigerian economy. Unity has a particular focus on SMEs and Agribusiness. The Bank offers a wide range of financial services - to individuals, businesses and organizations. It has its headquarters in Victoria Island, Lagos, and has a further 200 business offices - spread throughout the country. Unity Bank is one of Nigeria’s leading commercial banks - founded in 2006.
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