Christmas Trade Loan

Features:

Purpose: Primarily for purchase of stock for festive period but may also be used for holiday pay and other business expenses related to the festive season.

Amount: K25,000 to K100,000 – Small and Medium Enterprises (SME) - K10,000+ per month in sales K100,000 to K1,000,000 – Corporate Clients - K500,000+ per month in sales

Term: Maximum term 6 months

Application Fee: Waived

Monthly Loan Fee: Waived

Interest rate: SME- 4.2% to 5.2% fixed per month depending on lending risk profile Corporate – 3.0% to 4.2% fixed per month depending on lending risk profile

Repayment: Interest only paid monthly, followed by lump sum clearance at expiry of agreed term

Assessment and Decision: within 72 hours of receipt of all required information

Application requirements:

• Last two years signed financial statements
• Year to date Management Accounts up to at least 30th June 2019
• Accountants letter confirming that Salary and Wages tax and superannuation contributions are current
• Asset and Liability statement for all Directors and shareholders holding more than 30% interest +
• Last three months Bank Statements on trading account +
• Last three month loan and lease statements +

+ May not be required for corporate customers defined as applicants with minimum K500,000 in monthly sales.

Application Pre-qualification

• Clear Credit history on the borrower, Directors and shareholders holding more than 30% interest +
• Must have been trading for 5 years
• Last two years must have traded profitably (non-cash add backs allowed)
• Debt Service Charge Coverage of 1.35x calculated as: EBITD/Debt Service Charge
• As a minimum Directors and shareholders holding more than 30% interest must provide a personal guarantee +

+ May not be required for listed companies or major corporate clients depending on lending risk profile.

How to Apply

Either email your application to: businesslending@nationalfinance.com.pg OR lodge in person at our Head office located in Kunai Street Hohola (opposite RSPCA).

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