From Business Overdrafts to Working Capital Finance, Local Purchase orders and more, Vista Bank offers a comprehensive range of Loan and Advance products and services to suit every need.
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Business Loans
What are Business Loans for?
Businesses require an adequate amount of capital to fund startup expenses or to pay for expansions. As a consequence, companies take out business loans to gain the financial assistance they need. This is a debt that the company is obliged to repay according to the terms and conditions agreed.
What you'll need:
- Request letter
- Guarantor information
- Collateral
Features and benefits:
- Repayment is by fixed installment over an agreed period of time
- Highly competitive interest rates
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Business Overdrafts
What is a Business Overdraft for?
This service allows for additional flexibility when the need arises. Funding is provided to customers on the basis of their receivables for a period of time not exceeding one year.
What you'll need:
- Copy of TIN certificate
- Cash flow projections to cover proposed repayment period
- Management/company profile
- Audited financial statements
- Market information indicating main suppliers, client product lines and competitors
- Application letter stating amount, purpose and duration i.e. 3, 6, 9 & 12 months maximum
- Board resolution to borrow (i.e. Limited Liability Company)
- Repayment source and program
- Collateral
- Perfected security documents
Features and benefits:
- Interest is charged on the amount overdrawn
- A negotiation fee applies
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Cheque Discounting
What is Cheque Discounting for?
Cheque Discounting is the advance payment of post-dated cheques.
What you'll need:
- An functional account
- Instant cash
Features and benefits:
- Recipient can receive funds before the due date
- Competitive interest rates apply on withdrawn amount
- If dishonoured upon clearing, the full amount is debited
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Bonds and Guarantees
What are Bonds and Guarantees for?
A bond acts as a financial guarantee that a bank will complete on a contract in the event that the customer fails to do so. A performance bond is usually issued by a bank or insurance company to guarantee satisfactory completion of a project by a contractor. Bonds are usually offered to assist customers to bid for contracts with government or other private institutions.
A Tender or Bid Bond is usually for between 3%-5% of the contract value, and the aim is to guarantee that the contract will be taken up if it is awarded. In the even that there is failure to deliver the services or goods to the buyer, the bond will be “called” and the buyer can receive financial compensation from the bank.
- A performance bond is usually issued to guarantee satisfactory completion of the project by the contractor
- The bank undertakes the full refund of any advance payments made if the work is unsatisfactory
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Local Purchase Orders
What is a Local Purchase Order for?
Local Purchase Order financing is designed to meet the working capital needs of contractors and vendors of reputable organisations.
What you'll need:
- Application letter
- Board resolution to borrow (i.e. LLC)
- LPO confirmation letter
- Payment domiciliation letter
- Security documents
- Guarantee forms
- Copy of the LPO
Features and benefits:
- Provides access to working capital finance and increased liquidity
- Increases ability to carry out orders within a stipulated time frame
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Asset Based Finance
What is Asset Based Finance for?
Asset based finance is a specialised method of providing companies with working capital and term loans that use accounts receivable, inventory, machinery equipment and real estate as collateral. It is essentially any loan to a company secured by one of the company’s assets.
What you'll need:
- Client’s application letter
- Board resolution to borrow (i.e. LLC)
- Report on goods for warehouse
- Signed guarantee forms
Features and benefits:
- Insurance cover on stock, equipment and building
- Valuation report on equipment, machinery and building
- Valid business registration
- Leased developed properties within the greater Banjul
- Increase wallet share and business
- Secured overseas transactions guaranteed
- Swift turnaround time
- Use of business cash for other investments
- Negotiable interest rates
- Business advisory services
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Working Capital Finance
What is Working Capital Finance for?
Working capital financing is a form of support the bank provides to expanding and growing businesses (which must also be an existing customer) with limited working capital to enable growth.
What you'll need:
- Client’s application letter
- Board resolution to borrow (i.e. LLC)
- Memorandum & articles of association (or Articles of Partnership)
- Security documents (i.e. Land Certificates, Title Deeds, Certificate of Ownership, Vehicle Insurance, Stock Hypothecation)
- Company’s Annual Accounts and Reports
- Guarantor who has to be a customer of the bank
Features and benefits:
- Insurance cover on stock, equipment and building
- Valuation report on equipment, machinery and building
- Valid business registration
- Leased developed properties within the greater Banjul
- Increase wallet share and business
- Secured overseas transactions guaranteed
- Swift turnaround time
- Use of business cash for other investments
- Negotiable interest rates
- Business advisory services
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Project Finance
What is Project Finance for?
This relates to the financing of both new and existing projects. Customers (who must have an existing business relationship with the bank) are required to provide a viable business plan before financial assistance can be considered.
What you'll need:
- Application letter
- Board resolution to borrow (i.e. LLC)
- Building plan
- Architect’s drawings
- Bill of quantities,
- Certificate of occupancy
- Detailed feasibility (i.e. for factory projects)
- Details of security arrangements
Features and benefits:
- Insurance cover on stock, equipment and building
- Valuation report on equipment, machinery and building
- Valid business registration
- Leased developed properties within the greater Banjul
- Increase wallet share and business
- Secured overseas transactions guaranteed
- Swift turnaround time
- Use of business cash for other investments
- Negotiable interest rates
- Business advisory services