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Getting business loans from banks Wema Bank (3)

In the last two editions of this column we outlined some basic features of Wema Bank’s small businesses loan package, ‘myBusiness Account’ in the three variants – Bronze, Silver and Gold.

Naira

For a quick recap, we noted that the BRONZE requires a minimum account opening balance of N10,000.00 (Ten Thousand Naira), while the SILVER package goes for N25,000.00 (Twenty-five Thousand Naira), and the GOLD package attracts N100,000.00 (One Hundred Thousand Naira) for the account opening.

Moving on to other requirements is documents the bank requires from the prospective beneficiary. The beneficiary would be required to complete an account opening form which can be downloaded from the bank’s official website.

You are also required to present a copy of valid ID (Driver’s Licence, National ID Card, International Passport or Voter ID Card); Copy of utility bill (PHCN bill, Waste bill or Water bill issued within the last three months); Two passport photographs and; Two references.

Related documents

Since the loan package is for companies not individuals, the bank would ask for the following company related documents: Your Business/Company registration documents (e.g., Partnership agreement, Business Name registration certificate, Certificate of Incorporation; as applicable to business type); Memorandum and Articles of Association; copy of Forms CO2 & CO7; Resolution of the Board of Directors to open this special account (where applicable). You are required to sign this form at the beginning of the relationship with the Bank, stating your acceptance of the terms and conditions of the package.

There are other extant requirements for the operation of this account, which includes: Evidence of registration with the Special Control Unit on Money Laundering of the Federal Ministry of Trade and Investment (where applicable); Provision of Tax Identification Number (TIN) (where applicable); and Search Report.

Again I sense that not a few small business owners would be hard pressed over these requirements and I also believe the bank would have been reasoning in that direction. Hence the benefits of the account are equally high and we shall be presenting the benefits in our next edition.

 


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