Have you ever found yourself in a financial crisis situation of any kind? Or you are in need of urgent financial assistance for your company or Business. You don’t need to worry about those anymore because the GroFin loan has you covered.
We will take an in-depth look at what is GroFin, how to get a Loan from GroFin, Its requirements, benefits, Interest Rate, and others.
What are GroFin loans?
GroFin Loan is a leading social impact SME financier that helps provide loans to small and medium businesses in order to help them succeed. GroFin was founded in 2004 and since then has provided loans worth over $860millions in loans to more than 1,350 businesses in 14 countries across Africa and the Middle East.
GroFin’s mission is to help provide jobs and promote economic growth through its unique blend of loan financing and business support. GroFin loans are within the range of $50,000 and $1.5 million, with a typical loan term of 3-5 years.
Headquartered in Mauritius, they offer financing and support to over 14 countries in Africa, Nigeria being one of the countries and the Middle East. GroFin also has the support of about 34 international institutions, they also have different Private funders who have helped commit about $540 million to their funds.
Requirements to Collect A Loan from GroFin
In order to collect a loan from GroFin, there are some criteria as a business owner you have to meet in order to qualify.
Below are the requirements needed to qualify for a loan from GroFin:
- Your Business must be based in the following countries. Nigeria, Kenya, Ghana, Ivory Coast, Uganda, Rwanda,. Zambia, South Africa, Tanzania, and Egypt. GroFin only lends money to the countries listed above.
- Your business should have been In operation for 2 years or more with good financial records.
- A viable business plan and use of funds. GroFin focuses on small businesses with high potential.
- Cannot access desired financing through traditional or commercial banks.
- The business must belong to you.
- Your company must have collateral to cover less than 50% of the requested loan amount.
- Your GroFin loan should not be more than 30% of existing debt if any.
- Willingness to participate in GroFin’s business support programs.
- Strong corporate governance and compliant operations.
Meeting all these requirements helps demonstrate that the business has the potential, integrity, and need for GroFin’s financing and mentorship model. The requirements aim to ensure responsible lending and positive impact.
GroFin Loan Interest Rate
GroFin’s interest rates depend on different factors like the location, the type of loan, and others. Typically, its range is between 12-18% per annum.
How Much Can You Borrow From GroFin?
GroFin is there to help grow businesses and their offers can go as high as $50,000 to $1.5 million. All these depend on the country and the type of loan you want for your business.
How Fast Can Your Loan Be Approved?
This process also depends on the Country you reside in. The type of loan you want also depends. Your capacity to submit the necessary papers can also affect how quickly your funds will be disbursed.
How To Apply For GroFin Loan
The entire application process for GroFin financing is very straightforward and can be completed online. Follow these key steps in order to proceed with your application.
Ensure your business meets GroFin’s lending criteria like your location, revenues, viability etc. Visit their website at www.grofin.com to review requirements and proceed.
Go to GroFin’s online loan application portal and create an account for your company. Have financial records ready and other documents ready.
Provide Information i.e Input your details on your business operations. Details like your financials, ownership, desired Loan amount, reason, and purpose. The loan could either be for Business Support, a Women Entrepreneur loan, or others. Upload any required documents asked.
Complete all sections and submit the application form online. A representative from GroFin will contact you. GroFin will conduct an initial assessment of your eligibility and request any additional documents needed from you.
If approved, a GroFin loan officer will do a Field Visit i.e. visit your business premises for further evaluation. After this, You will now proceed and Sign the agreement. You will be presented with a customized loan form from GroFin for your consent based on due diligence.
Your business bank account by GroFin will receive the approved loan amount by Grofin after you sign the loan agreement. Aside from financing, GroFin provides mentoring, training, and other resources to help aid your business growth.
GroFin Loan Contact Address
GroFin Address varies on the Country’s location. The GroFin office in Nigeria is located in Lagos State. Follow the following address to locate GroFin:
Pacific Plaza on the 15th Floor, close to, Chief MKO Abiola Way, Plot 1401, Central Business District, Ikoyi, Lagos, Nigeria. You can also contact GroFin via phone using any of the Phone Numbers below.
+234 12 6.2 58 271
+234 12 62 58 270.
To reach them via email, use the email address [email protected].
GroFin mainly specializes in loans and business assistance to small businesses in Africa and the Middle East making them one of the best lending and fast loan companies for SMEs in Nigeria and Africa as a whole. Try GroFin Today and see how they can help propel your business to new heights.