| Facility Amount
|| N500,000 (Minimum) and N2,000,000 (Maximum)
|| 1-3 Months (Prepayments are encouraged where applicable)
|| Equal monthly interest and principal repayments
| Interest Rate
a. Personal guarantee of Partners/proprietors/directors backed by statement of net worth
b. Undated cheques covering 130% of the loan amount.
| Other Features
|| Domiciliation of all collections through all channels and irrevocable undertaking not to move account
during the tenor of the facility is required.
An easy and convenient financial solution for short term funding required for business activities (building up of inventory and Bridge finance).
The product is only available to SMEs who are customers of the Bank and are actively selling their products and services on the GTBank SME MarketHub.
- Customer’s business age must be 3 years and above and must have been on the GTBank SME MarketHub for at least a period of 6 months.
- Qualified customers can access One month average monthly sales proceeds on the MarketHUB considering total sales in the last 12 months subject to minimum and maximum loan amount earlier stated.
Q1: What is Hub Advance?
A: Hub Advance is a revolving time loan targeted at SME corporates who are merchants on the SME MarketHub.
Q2: What type of facility is Hub Advance?
A: It is a revolving time loan for augmenting the cashflow needs of SME merchants on the SME MarketHub.
Q3: What is the minimum and maximum tenor for Hub Advance?
A: The minimum tenor is 1month and maximum tenor is 3 months
Q4: What is the minimum and maximum loan amount?
A: The minimum loan amount is N500,000 and maximum amount is N2,000,000.
Q5: Who can benefit from Hub Advance?
A: Merchants on the SME MarketHub who have spent a minimum of 6months on the Hub.
Q6: Which SME segment can benefit from Hub Advance?
- Home & Electronics
- Clothing & Accessories
- Food & Beverages
- Health & Beauty
Q7: What are the criteria for a customer to access the loan?
- Age of business should be ≥ 3 years (at least 6 months of which must be as a merchant on the SME MarketHub)
- Customer must have been operating business account with the Bank for at least 1 year
- Customer must have generated a minimum of 10 transactions with a minimum of N1MM in the last 12 months
- Customers can access a maximum amount equal to average monthly sales calculated over 12 months
Q8: What is the pricing on Hub advance?
A: Highly competitive
Q9: What is the repayment frequency?
A: Clean out cycle every 3months, prepayment is allowed without penalty.
Q10: What is the security for the facility?
A: Clean. No collateral.
Q11: How can the merchant apply for this loan?
A: Customer logs on to GAPSLITE, navigate to Loans and select Hub Advance.
Q12: What documentation do the Bank require for Hub Advance?
- Personal guarantee of Partner/proprietors/promoters/directors backed by statement of net worth.
- Undated cheques of any Bank covering 130% of the loan amount (please note that it is a Single Cheque which can be GTBank or Other Bank’s Cheque).
- Irrevocable undertaking by the merchant/customer to domicile all collections during tenor of the facility in the Bank.
Q13: Is there equity contribution.
Q14: Can a Saving Account holder on SME MarketHub request for the facility?
A: No, Corporate Accounts only.
Q15: What is the source of repayment?
A: Customer’s business proceeds from customer’s account.