The Start Up Investment Loan is a loan created to encourage Members to invest in savings whilst acquiring funds for other means. With the Start Up Investment Loan, get cash in hand and a head start on savings for the future.
Requirements:
- Member must be 18 years and over
- Permanently employed
- Persons employed via contract can be granted this loan once the loan period falls within the contractual period.
- A minimum share requirement of $500.00
- Loan will be for a minimum period of 24 months and maximum period of 48 months.
- Loan will be offered in tranches of $5,000.00; $10,000.00; $15,000.00; $20,000.00; $25,000.00 and $30,000.00
Funds will be disbursed as follows:
- $5,000.00 -$2,500.00 Cash in Hand; $2,500.00 Shares
- $10,000.00 - $5,000.00 Cash in Hand; $5,000.00 Shares
- $15,000.00 – $7,500.00 Cash in Hand; $7,500.00 Shares
- $20,000.00 - $10,000.00 Cash in Hand; $10,000.00 Shares
- $25,000.00 - $12,500.00 Cash in Hand; $12,500.00 Shares
- $30,000.00 - $15,000.00 Cash in Hand; $15,000.00 Shares
Required documents for this loan:
- Share requirement based on length of membership and relationship with Credit Union
- Job Letter
- Recent salary slip
- Evidence of Income/Expenditure (Self Employed)
- Bank Statements – 12 – 18 months (Self Employed)
- Supporting Documents as per request.