Personal Commercial
Everyday Banking | Borrow | Invest
 
Commercial Banking
Business Services  

Republic Start-Up Loan

TOTAL FACILITIES

Up to $250,000
PURPOSE OF LOAN
  • Working Capital Needs
  • Purchase of Machinery/Equipment 
  • Acquisition of Factory and Office Facilities 
LOAN LIMITS
  1. Working Capital
    • Overdraft or term Loan 5%-8% of Estimated Annual Sales.
    • Revolving loans - 75% of Working Assets.
  2. Machinery/Equipment/Fixed Assets - Maximum - 75% of cost. 
TERM
  • Overdraft - on demand with annual review. 
  • Revolving loans - 3 to 6 months Repayment.
  • Term Loans - Up to 5 years Repayment.
INTEREST RATE
  • Rates for Overdrafts/Revolving Loans are reviewed annually
MORATORIA
On capital repayments of up to 1 year
REPAYMENT
PROVISIONS
Depending on circumstances:-
  1. Fixed monthly instalment
  2. Interest only with provisions for periodic lump sum payments in line with projected cash flow.
FEES/CHARGES
  1. 25% discount on all Fees in first year. 
INSURANCE
PROTECTION
Insurance acceptable to the Bank
SECURITY
  • Mortgages
  • Debenture
  • Mortgage Bills of Sale
  • Chattel Mortgages
  • Assignment of Contract Funds
  • Charge over marketable securities and readily realisable assets
  • Assignment of Insurance covering insurable assets for full value
  • Keyman/ Life/ Group life insurance on principal(s)
  • Director’s Guarantees
FINANCIAL DATA
  • Business Plan
  • Cash Flow Forecast
  • Periodic Management Accounts
  • Annual Accounts
  • Directors’/Guarantors’ statements of affairs
  • All income must be deposited to an account with Republic Bank (Grenada) Ltd.
 
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