Business Loan

  • Target Group: Entrepreneurs, businessmen, farmers, groups, Institutions, partnership, companies
  • Savings mode: Open an account with Fosa and operate for 6 months or provide a certified bank statement for the last 6 months. Where one provides a certified bank statement from another Financial Institution one must transfer the cash balance to the Sacco.
  • Applicant to save 30% of loan amount applied as non-withdrawable business deposits in FOSA.
LevelDuration
1st Loan12 months
2nd Loan24 months
3rd Loan36 months
  • Loan entitlement equals FOSA business deposits times 3
  • Save in BOSA 0.05% of loan amount approved
  • Provide acceptable collateral security e.g. land title deed, vehicle log book, and or third party guarantee.
  • For companies and partnership the following additional documents will be required:
  1. Registration certificate
  2. Memorandum of Association and Articles of Association
  3. Maximum borrowing power certificate
  4. Audited final accounts for registered companies and partnerships
  • Other Terms and Conditions
  • Form fee kshs 100.00
  • Insurance fee of 2% of approved amount.
  • Appraisal fee of 2.5% of approved amount