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.
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:
Memorandum of Association and Articles of Association
Maximum borrowing power certificate
Audited final accounts for registered companies and partnerships