• Financing Rate: as per List of Bank charges 

• Tenure: Maximum 5 years

• Grace Period: Negotiable

1. Covering letter detailing the requirement for financing

2. Duly filled and signed Application Form

3. Board Resolution authorizing the request for financing and stating the authorized signatories.

4. Profile of the business and members of key management team.

5. Registration Certificate of the business entity Copy of Memorandum of Association and Articles of Association (copy of the partnership agreement if a partnership)

6. Company Profile sheet from Economic Ministry confirming company’s shareholders, directors and company secretary (not older than 10 days)

7. ID card copies of Directors / Shareholders (if shareholders are registered companies, all documents from 6 to 11 is required)

8. Net worth statements of all Directors

9. Financial Documents

   Last three years' Audited Financial Statements.

   Current year’s Management Accounts

   Ageing reports of Trade receivables, Trade Payables, and Inventory (as per management accounts)

10. Projected Financials

    Income Statement Projections with detailed notes (for 1 year)

    Monthly Cashflow Projections (should be prepared using direct method)

11. List of major customers and suppliers.

12. Bank statements of last 06 months (other banks)

13. MIRA Tax Clearance Report (not older than 10 days)

14. Details of all suppliers applicable under this facility (template attached).

15. Quotation from the Seller (must include payment and delivery terms).

16. If the seller is an individual, ID card copy of the seller & MIRA Tax Clearance Report of the seller is required.

17. Details of Collateral

    Registry copy

    Registry/ID card copy of owner(s)

    No objection letter (to mortgage) from owner(s), in case of third-party mortgage

Additional documents may be requested during evaluation process

1. Covering letter detailing the requirement for financing

2. Duly filled and signed Application Form

3. Profile of the business and members of key management team.

4. Documents verifying existing business income

   Last 12 months’ income records from the existing business (original record book, any other document (agreement, invoices), which verifies current operation)

   Letter from island Council to verify the business activities of the customer.

5. Documents verifying customer’s other sources of income:

   If salaried; employment letter, 6 month bank statement and salary slip

   If rent income; Agreements of tenants or lease agreements (if any), and bank statements (other than MIB) which verifies the income

   Any other supporting and verifying documents of any additional income earned

6. Bank statement of the applicant(s) for the last one year

7. Quotation from the Seller (must include payment and delivery terms).

8. If the seller is an individual, ID card copy of the seller & MIRA Tax Clearance Report of the seller is required.

9. Tax Clearance Report of the applicant(s)/ company from MIRA (not older than 10 days from the date of application submission).

10. Cash flow projections for the requested financing tenure with valid assumptions (monthly breakdown of year 1 and yearly projections for the remaining years)

11. Collateral Details

12. Copy of title of the property. Letter from island Council confirming the built up area of the property (if not mentioned in the title)

    ID card copy of the owner(s).

    No objection from the owner(s) to mortgage the property, in case of third party mortgage

Additional documents may be requested during evaluation process