In the ever-evolving landscape of business, access to funds for growth and expansion is essential.
United Bank for Africa (UBA) recognizes this need and offers a loan product in addition to the Working Capital Loan Scheme and it is called the “SME Asset Finance Loan”; a financial solution tailored to empower registered SMEs in various sectors.
In this article, we won’t only focus on how to get the UBA Bank asset finance loan but also discuss in detail, its features, eligibility criteria, and the application process.
Table of Contents
How UBA Asset Finance Loan Works
UBA’s SME Asset Finance Loan is designed to provide funding for purchasing new assets and equipment, enabling businesses to enhance their operations and propel growth.
This versatile loan is available to registered SMEs across a range of sectors, including Professional Firms & Service Providers, Food & Drink, Wholesale/Retail Trade & Key Distributors, Agri-Business, Green Economy & Fintechs, Exports, Educational Institutions, and other viable businesses.
Features of the UBA Bank Asset Finance Loan
1. Flexible Loan Amount: With the UBA SME Asset Finance Loan, businesses can secure funding ranging from ₦4 Million to ₦50 Million. This substantial loan amount empowers SMEs to acquire the assets and equipment necessary to drive productivity and expansion.
2. Adaptable Repayment Period: The loan comes with a repayment period that ranges from a minimum of Twelve (12) months to a maximum of Thirty-Six (36) months. This flexibility allows businesses to align their repayment schedule with their cash flow patterns.
Requirements for Application of the UBA Bank Asset Finance Loan
UBA Bank has outlined two(2) specific criteria that eligible businesses need to fulfill to access the Asset Finance Loan:
1. Business Registration: The applying business must be registered with the Corporate Affairs Commission (CAC) and operational for at least one year, demonstrating a commitment to sustained operations.
2. Banking Relationship with UBA: To be eligible for the Asset Finance Loan, the business should maintain a banking relationship with UBA for a minimum of three months. This requirement ensures a certain level of familiarity and understanding between the bank and the business.
Application Process on How to Get the UBA Bank Asset Finance Loan
Applying for the UBA Asset Finance Loan is a straightforward process designed to cater to the needs of SMEs:
1. Contact UBA’s SME Team: Initiate the application process by reaching out to the SME Team at the UBA branch nearest to you. These experienced professionals will guide you through the application journey.
2. Consultation and Documentation: The SME Team will provide guidance on the required documentation and any additional information needed for the loan application.
3. Application Submission: Submit your completed application along with the necessary documentation to the SME Team.
4. Review and Approval: UBA’s experts will review your application, considering factors such as your business’s financial health and eligibility.
5. Loan Disbursement: Upon approval, the loan amount will be disbursed, providing your business with the financial support required for asset acquisition and expansion.
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Final Thoughts on Obtaining a UBA Asset Finance Loan
The UBA Asset Finance Loan stands as a testament to UBA’s commitment to empowering SMEs and fostering business growth.
With features like a flexible loan amount, adaptable repayment period, and eligibility for a variety of sectors, the UBA Asset Finance Loan serves as a catalyst for businesses aiming to elevate their operations and achieve new milestones.
By fulfilling the outlined requirements and following the straightforward application process, SMEs can leverage UBA’s support to seize opportunities and navigate the path to success.
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