corporate borrowing

Overdraft

An overdraft is a fluctuating short term facility that is customized to meet your short-term financial needs for working capital purposes. It is linked to your business current/transactional account and you can use as much as you need, up to your limit.

What does it offer me?

Convenience: once approved the facility is available and can be used whenever required - for the agreed period subject to review.

The approved limit is loaded on your Business current account.

The facility remains available even if you don’t use it.

Is affordable and one of the least expensive forms of short-term finance.

Repayment terms, if need be, are negotiable with a relationship manager.

Interest is charged based on use.

Evaluation principles are based on cash-flow assessment.

Collateral is based on conditions of grant.

Period is 12 months (annual review).

Qualifying Criteria

Existing customers who have existing business accounts with Bank BIC Namibia and prospective new customers.

What do I need to apply?

Visit your nearest Bank BIC Namibia branch with the following documentation:

  • Cash-flow projections.
  • Latest signed Annual Financial statements and year to date management accounts.
  • Bank statements (new customer).
  • Personal Assets and Liabilities statements (members or directors).

Business Loan Account

Suited to Business Account holders looking to raise capital to inject into a business for growth or expansion purposes, acquire assets or additional business opportunities, or finance other business-related expenditure over a medium to long term.

What Bank BIC Namibia Business Loan offers:

Terms of between 12 months, 5 years or 10 years.

Automatic payments by debit order from your Business Account.

Amortising capital balance, to pay less interest over time.

A set interest rate, linked to the bank lending rate, for the term of the loan, so that you can budget and plan accordingly.

What documents do I need?

A Business Loan Finance application form

Latest Signed Financial information (annual financial statements and year-to-date management accounts).

Projections (cash flow statements, income statements and balance sheets).

If you do not have a Business Account with Bank BIC Namibia:

10 Months' bank statements.

Signed financial information (annual financial statements and year-to-date management accounts).

Projections (cash flow statements, income statements and balance sheets).

A business plan to demonstrate the viability and sustainability of the business.

Should your application be successful, you are required to open a Business Account with Bank BIC Namibia.

Legal: Only after signing the business loan agreement and collateral documentation (if required), will the loan facility be made available for utilization.

Commercial Mortgage Loan

Suited to customers wanting to own their own commercial or industrial building from which their business operates (owner occupied property) or to customers that wish to obtain commercial or industrial properties for investment purposes (tenanted property). Also suitable to developers of property (commercial and industrial).

What does it entail?

A loan term from 5 to 10 years (can be extended up to 15 years maximum) with amortising instalments.

A variable interest rate linked to the bank lending rate.

What can I do with this?

You get a deal structure as per your specific requirements.

You can structure finance that is based on the cash flow of your business or other secure sources of income or a combination of both.

Vehicle and Asset Finance

Vehicle and asset finance facility provides short-to medium-term funding to buy moveable assets, such as cars, trucks, motorbikes and moving equipment for your business. We offer competitive and flexible terms for both individual and business customers. Assets that may be financed include new or used.

What does it offer me?

Assets may be financed for up to a maximum of 60 months (five years).

Competitive interest rates apply.

What do I need to apply?

Visit your nearest Bank BIC Namibia branch the following documents:

  • Completed application form.
  • Certificate of incorporation.
  • Certificate to commence business.
  • Audited latest signed financial statement or year to date management accounts.
  • Cash flow forecast for the term of the facility.
  • Profit and loss projection for the term of the facility.
  • Last 10 months’ bank statements.
  • Suretyship of guarantors.
  • Company resolution to acquire the assets.
  • Proforma invoice for asset to be acquired.

Qualifying criteria

Businesses with operations in Namibia.

Rates and fees will be provided upon application

Bank Guarantees

A Bank Guarantee is a written undertaking in which the bank agrees to make stipulated payments on your behalf should you fail to fulfil or carry out specified terms of a contract. Guarantees may also be issued for of the purchase of fixed property and against cash cover. Any demands for payment under a guarantee are to be made in writing.

What does it offer me?

Enables you to bid for contracts that call for guarantees and to buy fixed property where a guarantee is usually a prerequisite.

You may avoid paying in advance or lodging cash cover to secure a purchase or contract If cash cover is lodged with the bank under a pledge, you will be paid interest on the investment.

Guarantees may continue for a specified period. Wherever possible a definite or determined expiry date or a clause, specifying a period of notice or withdrawal, is included in the guarantee.

The party in whose favour the guarantee is issued is entitled to specify the wording of the document and must be acceptable to the bank. At your request, we will draft the wording of the document.

Qualifying criteria

Individuals with a registered business registered in Namibia.

Individuals who plan to start a business.

Registered Business who was awarded contracts with a reputable Institution.

What do I need to apply?

  • Copy of purchase contract if applicable.
  • Copy of performance contract if applicable.
  • Copy of tender if applicable.
  • Request to issue Guarantee by Bank.
  • Signed financial statements or year to date management accounts.
  • Certificate of incorporation.
  • Certificate to commence business.
  • Cash flow forecast for the term of the facility.
  • Profit and loss projection for the term of the facility.
  • Suretyship of guarantors.
  • Company resolution to acquire the Guarantee.

Rates and fees: The charges imposed by the bank are risk related and include an establishment fee, a postage fee and risk-related charge payable half yearly in until the guarantee is cancelled.