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Enterprise Bank introduces cooperative loan scheme

By on March 11, 2015

Enterprise Bank has introduced a loan scheme for trade unions and cooperative societies in private and public organisations.

The lender said the move was in line with its commitment to continually meet the needs of its growing clientele across the country.

The product, named “Union & Cooperative Loan Scheme,” offers credit facilities to employees who belong to the same union or cooperative association in an organization.

The bank announced in a statement that subscribers to the loan, which features a reasonable interest and a group life assurance, would access various sums, which are available with repayment tenures of up to three years.

According to the statement, the scheme has been carefully created for associations and unions in organisations like local governments, government agencies, schools, health institutions and companies among others.

Such organisations are expected to provide the bank with a level of guarantee to ensure monthly deductions from the members of the borrowing association throughout the tenor of the facility among others.

Enterprise Bank was recently acquired by Heritage Bank.

 

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