This product targets clients with substantial collateral securities like land titles, land agreements and motor vehicle log books to pledge against their loans.
This is the type of loan augmented to benefit people with small businesses but who cannot easily access credit facilities due to lack of collateral securities.
A community solidarity group can be formed with a minimum of five members and maximum of thirty members who have been operating a business for at least one year in the same locality.
Members in the solidarity group co-guarantee each other in their respective subgroups. It denotes that if a member defaults on his/her installment, the rest of the group members are responsible to pay the installment and entire outstanding balance.
See here for Additional info
SMEs is an acronym for Small to Medium Enterprises. SME loan is focusing on registered businesses of small and medium sizes. We need security, certificate of Registration and copy of memorandum and articles of association.
This product is designed to benefit farmers fully engaged in primary agriculture especially growing of food crops, cash crops, raring of animals and poultry. However, a loan can be paid in a lump-sum in the specified period or broken down into instalments a borrower can pay in the due course of the loan period using his/her alternative sources of income to reduce on the loan before its mandated maturity period.
Clients who wishes to acquire assets for income generating purposes or productive in nature can take on this facility. The purchased asset can act as its own security because the receipt or formal document of ownership is retained by Sseguku Microfinance Ltd (lien) until the loan is paid back fully with interest and the said document is surrendered to the owner (borrower).