Commercial Loans
These are loans available to members to fund a business or commercial venture, whether it is a start-up or an existing one. Commercial Loans offered by the CFI has 2 forms, namely:
Business Loan
This is a term loan for a maximum period of 5 years and the loanable amount is determined not only on the applicant’s capacity to pay but also the business performance as well as securities offered. One feature of this loan is the option given to the borrower to ask for a moratorium in the payment of principal for a period of 1 year.
Revolving Credit Line
This is a type of loan where a member is allowed to access money up to a pre-determined credit limit and once the member pays an outstanding principal balance, the money is once again available for use.
In a revolving credit line, a minimum monthly payment will be required to maintain the credit for each billing cycle.
The Billing cycle starts on the 8th day of the month following the drawdown.
