Sierra Leone

Loans & Advances

  • Vista Bank - Sierra Leone
  • SME Banking
  • Loans & Advances

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.

  • Business Loans

    This is specially intended for businesses that need additional working capital for expansion.

    What you'll need:

    • Repayment is by fixed installment over an agreed period of time
    • Highly competitive interest rates
  • Business Overdrafts

    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 a year.

    What you'll need:

    • Purpose of the facility
    • Company profile
    • Management profile
    • Copy of TIN Certificate
    • Cash flow projections to cover the proposed repayment period
    • Audited Financial Statements
    • Business/Project Plan
    • Market information indicating main suppliers, client product lines and competitors

    HOW TO APPLY

    • 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 programme
    • Perfected Tangible Collateral

     

    FEATURES AND BENEFITS:

    • Debit Interest charges are on the amount overdrawn.
    • Management and Processing fees of up to 2% upfront
  • Cheque Discounting

    This is an advance payment of post-dated cheques.

    Features and Benefits:

    • Recipient can receive funds before the due date
    • Competitive interest rates apply on withdrawn amount
    • If dishonoured upon clearing date, the full amount will be debited by the bank
    • Signing of Indemnity by the customer for the cheque
  • 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 (Limited Liability Company)
    • Copy of the LPO
    • O. confirmation Letter
    • Payment Domiciliation Letter
    • Security Documents
    • Guarantee forms

    Features and benefits:

    • Increases the ability to carry out an order without a stipulated time frame
    • Access to working capital finance
    • Increases liquidity
  • Working Capital Finance

    This is designed to support the working capital finance needs of businesses.

    Security:

    • Tangible Collateral security (Landed Property)
    • Guarantor who has to be a customer of the bank

    Features and benefits:

    • Client’s Application Letter
    • Board Resolution to Borrow (Limited Liability Company)
    • 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
    • Three years audited financial statements
    • Projected cash flows
  • Bonds and Guarantees

    This is offered to assist customers to bid for contracts with government or other private institutions. A Tender or Bid Bond is usually to guarantee that the contract will be taken up if it is awarded. In the event that there is failure to deliver the services or goods to the buyer, the bond would 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
    • The Bond is 100% collateralised (Security)
  • Project Financing

    This is a structured finance scheme for new and existing large-scale infrastructure (building and road construction), energy, procurement and supply projects. Financing is based on projected cash flow of the business. The customer is required to provide a viable Business Plan before financial assistance is considered. Financial assistance is accorded to those who have a business relationship with the bank.

    Security:

    • Adequate and substantial collateral security

    Requirements:

    • Client’s Application Letter
    • Board Resolution to sought out facility (Limited Liability Company)
    • Business/Projects Proposals
    • Signed contract agreement from both parties
    • Payment Domiciliation Letter
    • Detailed feasibility (i.e. for factory projects)
    • Details of Security arrangements

    Potential Customers:

    • Small and Medium sized Enterprises
    • Private Corporate Bodies
    • Government Institutions
    • Non-Governmental Institutions (NGOs)
    • Learning Institutions
    • Religious Organisations
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