We are now on the third portion of this series on MSMEs’ getting business loans from banks in which we have focused on the offers from Stanbic IBTC Bank. We have discussed just one offer which is what they call SME Overdraft. It should be re-emphasized again that this discussion is by no means exhaustive of all there is in the item or product, meaning that it could serve as basic information while more information could be obtained by visiting the bank. Naira We now turn to what the bank calls, Business Loan for SMEs. The Business Loan provides funds which you can repay over one to five years. You repay the loan in monthly set installments. The bank says this is aimed at working with the business owner to achieve whatever the business plans or goals are. This clearly indicates the primary importance of a sound business plan in this offer. We shall be focusing on the business plan soon. But the bank says the business loan could be fixed or revolving. We shall be discussing the differentiating characteristics of the two also in our later editions. Where you use the loan to buy an asset such as production equipment, that equipment would be owned by the bank until you repay the loan in full and then the asset becomes yours. The bank says the repayments are structured to suit your business’ cash flow. In addition, the bank also says you’ll get access to affordable insurance for your loan, meaning that the loan comes with an insurance packaged to fit into your cost of business. Next week we discuss some basic requirements for accessing this business loan.