Co-op Bank Business Accounts: There several business accounts at the Co-operative Bank that you can open and grow your business. Today, Bizna Kenya takes a look at some of these accounts:
1). Business Current A/C.
The Business Current Account is designed to offer convenient means of managing transactions and payments for businesses.
ACCOUNT OPENING REQUIREMENTS
- Minimum opening balance Kshs 5,000/= for individuals and Kshs 10,000/= for registered businesses
- Original and copy of ID and referee for individuals
- Original and copy of ID for each signatory for companies
- Original and copy of KRA PIN certificate
- Originals and copies of Memorandum and Articles of Association, Registration Certificate and Directors’ Resolution to open an account with Co-operative Bank for companies
2). SME Bizwise
It’s an account for business people finding business solutions. As a Bizwise account holder, you have access to our SME Bizwiswe loan where you can borrow up to 50 million shillings.
ACCOUNT OPENING REQUIREMENTS
- Open this account for only KShs. 2,000 and enjoy cash deposits, internal standing orders,
- monthly account statements all free
- No maintenance fee
- You pay KShs.35 on cash withdrawals.
- Issuance of cheque book at an affordable fee
- Co-opnet ( enjoy our online banking services)
- Agency banking
- Mobile banking
3). Business Current Account
This is a customized current account to support co-operatives various operational functions like:
• Main operations
• Special Projects Funds
• Collection account (receiving account for customer/ debtor payments)
• Disbursement account (e.g. Payments to suppliers and payroll processing)
FEATURES
• Minimum opening balance Kshs 5,000/= for individuals and Kshs 10,000/= for registered businesses
• Original and copy of ID and referee for individuals
• Original and copy of ID for each signatory for companies
• Original and copy of KRA PIN certificate Originals and copies of Memorandum and Articles of Association, Registration Certificate and Directors’ Resolution to open an account with Co-operative Bank for companies
4). Biashara Plus
Credit facility to Small and Micro Enterprises.
Features
- Loans available from KShs.5,000 to 2 million
- Repayment period is12 to 24 months
- Interest is tiered and depends on amounts borrowed.
- Appraisal fee is at a Flat Fee of 2.5% of approved amount
- Rebate – Incentive of 20% of the total interest is refunded to the prompt borrowers
5). LPO Financing
This is the advancing funds against Local Purchase orders that suppliers will have received from buyers, to supply certain goods.
Features
- Maximum Loan – 60% of input cost of servicing LPO
- Minimum loan – Kes 50,000
- Maximum Tenor – 4 months.
- Maximum Limit – Maximum exposure to a customer on LPO financing will be 70% of 3 months’ total turnovers from the issuer of the LPO.
- Availability – Facility will revolve for 12 months upon which supplier will be reviewed for renewal Pricing LPO Advance Fee 3% p.m. on the funds advanced LPO Advance Commission 1% of funds advanced Communication fee Kes. 1,500 Extension fee (Advance fee + 1%) p.m. upon application Penalty fee 5% p.m.