Project

Tailored to contractors and businesses that require funds to execute projects with a defined scope and timeline.

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Guide to Aptic’s project financing.

This loan product supports businesses by providing capital for project-related expenses, with repayment structured around project completion and payment schedules.

  • Loan Application Process:
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  • Step 1: Customer submits the application form along with required documents, including project contract, financial statements, business registration documents and collateral.
  • Step 2: Aptic reviews the project scope, verifies cash flow, and assesses the value of collateral to determine loan amount eligibility.
  • Step 3: A project financing agreement is drafted, detailing terms, conditions, and repayment schedule based on anticipated project milestones.
  • Step 4: Upon approval, customer signs the loan agreement, provides the logbook (or other collateral), and funds are disbursed.
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  • Interest Rates & Fees:
    • 4% interest rate based on frisk profile and project details.
    • Processing fee of 3% of the loan amount.
    • Additional fees for legal documentation and collateral valuation.
  • Loan Repayment:
    • Repayment terms aligned with project payment milestones or upon project completion.
    • Monthly or lump-sum replayment options based on project payment schedules.
    • Early repayment allowed without penalties, offering flexibility for contractors who receive early payments.
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  • Loan Amount: Based on project size, typically up to 70% of the contract value or the assessed value of collateral.
  • Loan Term:3 months, aligned with the project timeline.
  • Interest Rate: Fixed rates, competitive based on the risk profile and project details.
  • Collateral: Primarily secured by the logbook of a motor vehicle or other business assets, depending on the nature of the project.
  • Processing Time: Approval and disbursement within 3 business days, ensuring timely access to funds for project commencement.
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  • Contractors: Businesses with awarded contracts needing funds to commence or continue project work until payment milestones are met.
  • Businesses with Project-Based Revenue: Companies that undertake project-specific work with defined deliverables and payment schedules.
  • Suppliers and Subcontractors:: Entities providing goods or services for larger projects and requiring upfront financing to fulfill contracts.
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  • Project Verification: Valid, signed contract for the project, with a clear scope of work, timeline, and payment terms.
  • Documentation Requirements:
    • Detailed project plan and budget.
    • Copy of Identification documents(IDs) and KRA PIN of the business owner(s).
    • Bank and/or MPESA statements for the past 12 month to verify cash flows.
    • Business registration documents, such as certificate of incorporation and trading license.
    • Valuation and logbook of a vehicle or other acceptable business assets for collateral.
    • Proof of project insurance, where applicable.
  • Collateral: Vehicle logbook or other high-value business assets, as required.
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  • Project Monitoring:Periodic check-ins on project progress to ensure that funds are being used as agreed and that the project is on schedule.
  • Collateral Management: Securing the logbook or other assets ensures that Aptic has a recovery option in case of default.
  • Cash Flow Assessment: Evaluation of bank/ Mpesa statements to confirm the borrower’s ability to repay the loan upon project completion.
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  • Timely Access to Funds: Fast processing and disbursement, allowing businesses to commence projects without delay.
  • Alignment with Project Milestones: Loan repayment structures that align with project timelines, ensuring flexibility and reduced pressure on cash flow.
  • Secure Financing with Minimal Disruption: Using business assets as collateral ensures businesses can leverage existing resources without risking long-term assets.
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