Get access to FHC loans to support your business
IF YOU’RE like most business owners, you probably started your enterprise out of a heartfelt belief that you could provide a better product or service or in order to make a living and provide for your family. That’s a reasonable approach, yet some entrepreneurs may be selling themselves short because they are not maximizing the longterm financial potential of their enterprise. Here are some tips from Jason Ferguson, Manager of the Micro & Small Business Loans Unit (MSBLU) at First Heritage, on why you should pursue or continue your entrepreneurship journey and how FHC Credit Union can help you to grow your business with funding.
WHY SHOULD SOMEONE PURSUE ENTREPRENEURSHIP?
Entrepreneurial endeavours are often birthed out of a natural drive and passion for business. These pursuits have the capacity to add substantial value to society by bringing to the fore new products and services that meet the needs of other citizens and concurrently, create employment opportunities for others.
However, starting a business or growing one is a major challenge for most individuals. This often stems from knowledge gaps and a lack of funding. The FHC Micro & Small Business Loan Unit seeks to close these gaps for our members through numerous partnerships and innovative products.
WHAT ARE SOME ELEMENTS FOR CONSIDERATION TO ENSURE FOR A SUCCESSFUL APPLICATION?
• Proper financial statements
• Good credit history
• A clearly defined business plan
• Well maintained sales/ purchases log
• Bank records reflecting business cash flows
• Be tax compliant
• Register your business
WHAT SECTORS DO FHC’S MICRO & SMALL BUSINESS LOAN UNIT FINANCE?
• Retailers & Wholesalers
• Transportation
• Agriculture
• Restaurateurs
• Mining and construction
• Manufacturing
WHAT ARE THE AVAILABLE LOAN OPTIONS?
• Flexi-biz Micro loans $30,000.00 – $500,000.00 (secured & unsecured)
• Signature-biz small business loans starting from $500,000.00
• DBJ Funded Loans for small & medium sized businesses (no limit)
Flexi-biz Loan Features:
• Flexible repayment terms (weekly, monthly, revolving)
• Moratoriums
• Security accepted
• Household appliances, machinery and equipment, Motor vehicles, Property, Investments, Life Insurance Policies & Cash
• DBJ Credit Enhancement Fund (CEF)
• This facility covers any legitimate business purpose
Signature-biz Loan Features
• Flexible repayment terms (weekly, monthly, revolving)
• Moratoriums
• Security accepted
• Machinery and equipment, Motor Vehicles, Property, Investments, Life Insurance Policies & Cash
• DBJ Credit Enhancement Fund (CEF)
• This facility covers any legitimate business purpose
HOW CAN SOMEONE APPLY FOR THE MSB LOAN?
For starters, the prospect must be a member of the FHC Family and the requirements for membership are:
• ID,TRN & Passport sized photo
• Recent Proof of address
• Account opening amount (minimum $3,650.00)
• Two Character References
SMALL BUSINESS LOAN REQUIREMENTS
• ID & TRN
• Proof of address (utility bill in your name or letter from a J.P. stating that you reside at that address)
• 2 passport sized photos
• Proof of purpose of the loan (invoices / quotations, etc.)
• Character reference letter from a J.p./pastor (addressed to the Credit Union)
• 10% of loan amount in your account
• Financial statements and cash flow projections for three (3) years from a chartered accountant
• Business registration
• 12 months bank statements
• Item(s) to be used as collateral (security documentation)
• Tax Compliance Certificate
For more information on FHC Credit Union’s Micro and Small Business Loans you can email info@fhccu.com , call to speak to a representative at 876-929-5142 or visit the credit union’s website at www.fhccu.com .