Enterprise Loan

Essentials

The AERO Small Business Loan was developed in response to a growing trend of persons wanting to generate extra income for themselves and starting small business ventures. As we endeavor to serve member entrepreneurs, loans and services are being made available.

The Small Business Loan is offered in 6 ranges at an interest rate of 1.25% on the reducing balance:

• Up to $10,000.00, for a maximum period of 18 months
• Up to $20,000.00, for a maximum period of 24 months
• UP to $30,000.00, for a maximum period of 36 months
• Up to $40,000.00, for a maximum period of 42 months
• Up to $50,000.00, for a maximum period of 48 months
• Over $50,000.00 and up to $200,000.00 for a period not exceeding 108 months

Consideration for loans over $200,000.00 subject to collateral

Initially small loans of $10,000.00 will be granted depending on the member’s pattern of borrowing and repayments, ability to repay, cash flow, business experience (startup vs. long-term) and our knowledge of the member.

Interest rate

Loans can be either secured or unsecured; however unsecured loans will carry a higher rate of interest of 1.50%.

Requirements

• Projected Cash Flow for 12 months
• Six (6) months Bank Statements or Credit Union Statement.
• Certificate of Registration/BIR Certificate/VAT Certificate/NIS Registration Certificate
• Recent Financial Statements (not older than six (6) months)
• Supporting documents for the purpose of the loan
• Business Plan for loans over $50,000.00
• Any other document that may be necessary for example signed contract for a job.
• Two forms of ID
• Collateral in the form of cash/shares, near cash securities, equipment or property may be required. Where equipment or property is used as collateral it must have valuation from a reputable valuator.
• Bank Standing Order/Salary Deduction/Over the counter providing the member has a timely record of monthly repayment amounts over a 12month period

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How much can I borrow?