Getting business loans from banks Wema Bank (5)

Emeka Anaeto, business editor

We came to the second section of this discussion on Wema Bank's credit-oriented credit line. As a follower of what was discussed in the first section, which consisted of four parts, the key information was that the bank has special offers or services for small businesses.

The offer begins with the opening of a special account called myBusinessAccount, which is classified into three, namely bronze, silver and gold, each of which carries different requirements. We also discussed, in our publication last week, the awards attached to this special account.

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In this section, starting today in the fifth part of the Wema Bank SME credit lines chain, we focus on specific loan packages and what is required to receive them.

First, the bank says that the purpose of its SME lending packages is to increase the working capital of your business to help it grow, and possibly save you from the stress of starting a business without sufficient capital.

The bank has three categories of loans for SMEs: express loans, negotiable overdraft and CBN SME loans.

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Wema express credit

The bank says this loan package is designed to increase the working capital of an existing business in order to promote its growth.

Its features and advantages are as follows:

Available to business owners who manage their current business account as described above; The fund amount starts from N100,000 to a maximum of N1 million; The loan amount is 80% of the average credit turnover for six months in a business account; The object is valid from 3 to 12 months and resumes after cleaning; A minimum or no security deposit is required for an advance; Easy access to working capital for business growth; Flexible loan repayment pegged to cash flow; Competitive interest rate and; Access to all electronic products of the bank.

Next week we will review the documents required to apply for this loan package.

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