Import Duty Finance
This is a short term facility offered to importers of permissible goods and services with proven track record in the business to bridge funding gap in the payment of import duties and charges. It is designed to assist the importers in preventing them from suffering demurrage charges.
Features
Beneficiary must be an entrepreneur with an existing/viable business in Lagos.
Facility amount not less than N500, 000.00 and not exceeding N5 Million.
A low initial deposit of N20, 000.00 is required to open a corporate account with the bank.
A maximum tenor of Twelve (12) months, however clients can be availed facilities for up to 24months if it is an intervention fund.
Key-man insurance is applicable on all facilities.
The borrower will issue post-dated cheques covering principal and interest payable to Addosser MFB.
Monthly repayment schedule with post-dated cheques.
Loan application fee of between N2, 500 if the loan does not exceed N2 million and N5, 000 for loans in excess of N2 million
Borrower must have satisfactory credit rating as verified on the credit bureau platforms