ABSA SME Business Loan: How to apply for up to GHS1,000,000

The Amalgamated Banks of South Africa Limited (Absa) has a new credit facility called the ABSA SME Business Loan. This is a product for all businesses of all sizes. It focuses on small and medium businesses in Ghana.
The bank is offering up to GHS1,000,000 in loans to businesses to help them expand. The up to GHS1,000,000 SME loan has just a 10% per annum interest rate, making it one of the lowest in Ghana today. If you are an SEM owner, you have to consider applying for this Absa SME Loan to access an incredibly low interest rate of 10% p.a.
Types of SMEs and business owners who can apply for the ABSA SME loan
This special offer is available to women SMEs, agribusinesses, youth-owned businesses, and fintechs that are seeking to expand their businesses and create jobs for the youth, especially women.
Features of the ABSA GHS1,000,000 SME Loan
- Women-owned SMEs, youth business owners (up to 35 years), agribusinesses (businesses within the agricultural value chain), and fintech can access unsecured loans of up to GHS1,000,000
- Collateral will be required for loans above GHS1,000,000
- Applicants must be willing to participate in a capacity-building program or provide evidence of participating in one organized by a credible institution
- Identified successor who is ready to take over the business in your absence as the business owner
- Capacity to employ additional staff
- Businesses can access up to GHS11,000,000 in loans with collateral
- The interest rate of 10% per year is applicable
- Get up to 24-month repayment period
- This program is only available to existing Absa SME clients
Who qualifies to apply for and access the ABSA SME Loan?
- Actively operate a business account with Absa Bank to qualify for a capacity-building opportunity
- For collateral-free loans, actively operate a business account with Absa Bank for a minimum of 3 months in addition to 12 months’ bank statements from the previous bank
- Participation in entrepreneurial and financial management training organized by Absa or a credible institution
- Business should be registered with the Registrar General’s Department
- Capacity to employ additional staff
- Identified successor who is ready to take over the business in your absence as the business owner
- No adverse findings on credit reference bureau
Documents required for the ABSA SME Loan
- 3 years audited financials
- Projected cash flows
- Bank statements (where applicable)
- Appropriate security
Absa account holders
- One passport photo
- Company physical address confirmation (if previous address has changed)
- National ID card or passport (non-Ghanaian)
- Certificate of registration
- Signed Absa account opening pack (sealed)
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Absa account holders
- One passport photo
- Company physical address confirmation – (utility bill or introduction by Absa customer)
- Certificate of registration
- Signed Absa account opening pack (sealed)
Call +233 26 224 5160 or +233 20 257 2753 or download the application form to get started. You can also Download the application form here
Visit the nearest Absa branch for more information.