This product enables Family Bank customers to finance Local Purchase Orders (LPOs) and Local Service Orders (LSOs) therefore ensuring that our customers deliver quality products and services to their customers at the required time.
This is against letters of assignment/undertaking by the procuring parties to pay Family Bank, to the account of our customers supplying the goods or providing the services.
- Repayment period: Maximum of 6 months
- The business loan application completed in full
- Board resolution approving the borrowing (in the case of a company).
- The Local Purchase Order/Local Service Order duly signed and stamped by the procuring entity
- Letter of undertaking/ assignment by the procuring entity
- The Local Purchase Order must be drawn by a reputable organization
- Certified copy of PIN Certificate.
- Certified copy of National identity card