Commercial Borrowing

Minimum Documentation Requirements are:

Sole Trader

• Certificate of Registration.
• NIS Compliance certificate
• NI 184 NIS form to validate the number of employees
• Two (2) forms of valid National Identification
• Proof of Address for Owner (not older than 3 months)
• Evidence of Trading Address (if different from the proof of address above)
• Audited Financial Statements/ Management Accounts for the last three (3) years
• Cash Flow Projections for one (1) year along with assumptions (refer to First Citizens Cash Flow Template)
• Personal Financial Statement (refer to Personal Financial Statement Template)
• List of current and aged Receivables and Payables
• Proof of registration with the FIU (as applicable for a listed business)
• License/permit to operate the type of business (as applicable)

Partnership

• Certificate of Registration.
• NIS Compliance certificate
• NI 184 NIS form to validate the number of employees
• Two (2) forms of valid National Identification
• Proof of Address for Owner (not older than 3 months)
• Evidence of Trading Address (if different from the proof of address above)
• Audited Financial Statements / Management Accounts for the last three (3) years
• Cash Flow Projections for one (1) year along with assumptions (refer to First Citizens Cash Flow Template)
• Personal Financial Statement of each Partner (refer to Personal Financial Statement Template)
• Partnership Agreement (If none exists, this must be stated in the letter of request)
• Borrowing resolution
• List of current and aged Receivables and Payables
• Proof of registration with the FIU (as applicable for a listed business)
• License/permit to operate the type of business (as applicable)

Limited Liability Company

• Two (2) forms of valid National Identification for all Directors and Account Signatories.
• Certificate of Incorporation / Continuance
• Articles of Incorporation / Continuance
• NIS Compliance certificate
• NI 184 NIS form to validate the number of employees
• Notice of Directors and Secretary
• Notice of Address
• Company By-Laws (If none exists, this must be stated in the letter of request)
• Proof of registration with the FIU (as applicable for a listed business)
• License/permit to operate in type of business (as applicable)
• Information on identity of shareholders holding 20% or more of paid up share capital including one (1) form of valid national identification
• May be evidenced on the Company’s last filed Annual Return, or the letter of request signed by the Company Directors and/or Secretary stating this information
• Audited Financial Statements/ Management Accounts for the last three (3) years
• Cash Flow Projections for one (1) year, along with assumptions (refer to First Citizens Cash Flow Template)
• Company Resolution
• This represents the signed consent of all Directors & Secretary (or quorum of Directors) of the Company to open an account at the Bank, and affixed with the common seal/ stamp of the Company (if prescribed for use in the Company’s By-Laws). It must indicate the names of the authorized account signatories, their specimen signatures and specific signing authorities
• Personal Financial Statement of Shareholders holding 20% or more of paid up share capital (refer to Personal Financial Statement Template)
• Borrowing resolution
• Up to date Annual Returns
• List of current and aged Receivables and Payables

First Citizens Bank reserves the right to request any additional information/documentation if deemed necessary.

Each borrower is individually accessed based on a number of factors such as business sector, purpose, credit history, business performance, ability to repay, nature and strength of collateral and stability of business operations.

The Credit Check Fee is the fee customers are charged to check their credit history and current loans.

The standard Negotiation Fee is 1.5% of the loan amount and is paid by the borrower to close the transaction.

The Deed of Release Fee is a Legal Fee paid to release properties held as collateral for a vehicle loan. This fee is paid at the end of the Loan.

The Mortgage Bill of Sale is a recurring Legal Fee. This fee is paid by the customer every three (3) years.

Where the borrower is proposing collateral that requires an assignment by way of mortgage or chattel, additional fees will apply and we remain guided by the preparing attorney.

Fees can vary depending on the value of the facility.

Rates for Commercial Loans are dependent on the purpose of the loan and the proposed risk associated, and can vary between Prime -1.25% and Prime +4.00%.

The Prime Lending Rate refers to the interest rate at which banks lend money to borrowers. This interest rate can fluctuate based on Central Bank policies and economic conditions. The current Prime Lending Rate (as at May 2024) is 7.50%.

• Commercial Mortgage – a long term facility to help with the purchase of property (land or land & building) and the construction or renovation of a building to be used by the business
• Commercial Overdraft – to assist with managing the daily operations of the business and working capital financing
• Corporate Credit Card – a line of credit to assist with daily operating expenses incurred by the business and foreign and local transaction payments
• Commercial Instalment Loan – utilized for purchase of private use vehicles (Non Commercial Vehicles purchased for Directors/Owners/Sole Trader)
• Commercial Demand Loan – utilized for all other commercial purposes such as purchase of Commercial Vehicles/Equipment, Debt Consolidation, Investment, Inventory etc.