Overview
The loan targets Ugandan youth aged between 18 and 35 years and it is a short to medium term loan designed for the purpose of financing business expansion. The loans support business ventures owned by young entrepreneurs and the eligible sectors include manufacturing, agro-processing, primary agriculture, fisheries, livestock, health, transport, education, ICT, tourism, construction, printing and service contractors among others.
Product Features
Interest charged on declining balance.
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Minimum amount of UShs 100,000.
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Maximum amount of 5,000,000 for individuals.
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Minimum loan amount of UShs 500,000 and maximum amount of 25,000,000 for companies and partnerships.
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Maximum loan period of 4 years for development and 2 years for working capital loans
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Repayment through regular and equal monthly, bi-monthly, quarterly or staggered instalments (including principal and interest) based on the nature of business and cash flow.
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Grace period maximum of one year applicable on a case-bycase basis.
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Benefits
Helps youth with capital to improve their businesses, thus creating employment.
Less stringent terms and conditions than normal loans.
Moderately low interest rate.
Easy loan processing.
Requirements
Current or Savings Bank account.
Completed loan application form
Payment of loan processing fees
Trading license
Existing enterprise, at least 3 months old.
Must have or open an account with Centenary Bank.
Additional Requirements Based On Type Of Legal Entity:
(a) Individuals:
Proof of existence of a business
Proof of identity like birth certificate, national ID, passport, voters’ card, utility bill or parents’ bill, Local Council letter or tenancy agreement.
Guarantors who must be persons of good repute within the local community.
Financial card
(b) Companies:
Certificate of Incorporation.
Certified Memorandum and of Association.
Trading license.
Shareholder personal guarantees
Financial Cards of Directors.
(c) Partnerships:
Partnership Deed.
Financial Cards of Partners.
Valid identification (national ID, passport, voters card