SME Loan

SME Loan

Empowering SMEs Business Potential

At ICB, we understand how much of hard work goes into establishing a successful SME. We also understand that your business is anything ‘’small’’ and as demanding as ever and as your business expands and enters new territories and markets, you need to keep pace with the growing requests that come in, which may lead to additional working capital requirement of purchasing new, or updating existing plant and equipment, or employing new staff to cope with the demand.

  • Applicable to small and medium Enterprises (SMEs) that have been in existence for three (3) years or more

  • Partially secured, cash flow based, short term working capital loan

  • Loan tenor of 3, 6 and 12 months

  • SMEs can gradually become eligible for term loans with ICB

  • Applicable to SMEs that have a credit turnover in current account of TZS 120 million per annum from the date of application out of which at least TZS 60 million in the last six months

  • Trade Facilities – Letters of Credit, Collection of Trade Bills, Bank Guarantees, Solvency Letter, Bid Bonds

  • Business viability in terms of sales turn over and cash flow projection will determine qualification for SME loans

  • Loan amount – Minimum TZS 5 million and Maximum TZS 30 million

  • Competitive interest rates

  • Loan available in TZS currency only

  • Collateral as pledge of Fixed Deposit or Cash Cover to the equivalent of a minimum of 25% of the loan amount requested and joint & several personal guarantees of partners or directors & shareholders as applicable

  • Please refer to ICB Tariff Guide for fees and charges related to this product

  • Tanzanian citizens only, aged between 18 to 60 years old

  • SMEs engaged in trading activities and are operating a current account with the bank for the past 12 months.

  • Sole Proprietorship/Partnership duly registered

  • Limited liability companies duly incorporated

  • At least three years experience in operating same or similar business

  • Business should have stable cash flows to meet the monthly obligations of the business

  • Applicants must have proper accounting system and also shows the capability of operating business profitably.

  • Applicants must have a premise (owned or rented)

  • The borrower must have business license/permit from local authorities in his or her own name