This loan facility is suitable for your working capital and shorter financing requirements of your business.
This type of loan is repaid in installments of between six and thirty six months.
Security can be a limiting factor when you want to access credit quickly. Corporate bodies and SME find it difficult to arrange for security especially when into start up ventures or when all available security has already been mortgaged.
In recognition of this BOA gives you the option to discount accepted invoices. BOA will advance you funds against these invoices allowing you to continue with your business as the bank waits for settlement of the invoice on your behalf.
Whether you are a supplier who has issued an invoice to a large company or a large company invoicing a number of distributors, Bank of Africa offers a flexible solution that eases your cash flow.
- BOA Non-recourse invoice discounting product program that will handle open account transactions, for suppliers to large local and multinational corporate companies.
- Discounting is also possible for large corporate companies that sell their products through a network of distributors.
- Non-recourse invoice discounting is one trade solution, with Bank of Africa discounting commercial invoices for buyers and suppliers on a without recourse basis.
- Access to financing without security.
- Ease of processing credit with a pre-arranged credit.
- Reduces corporates level of accounts recievable making you able to present a healthier balance sheet.
- Facilitates your sales on an open account basis.
- Saves you the hustle of bills of exchange and saves you stamp duty payable on such instruments.
Overdraft facilities are available on Bank of Africa business current accounts, giving you access to additional funds (up to a specified limit) to help you manage your day to day cash flow needs. They run for upto 12 months and are renewable.
Features and benefits
- An overdraft facility is the ideal way to cover temporary cash flow requirements and short term working capital needs.
- Cash is immediately available.
- Interest is only charged on the used portion of your overdraft.
This is a credit facility to a supplier to enable them meet a supply order that they have from a known buyer. The facilities include advances, guarantees and letters of credit, as the situation may demand. The bank will deal with suppliers who meet certain performance criteria and buyers who meet accepted risk profile.
- Enables suppliers fulfil their orders without provision of security