Business Loans

Our business loan approval process typically takes 24-48 hours once all required documentation is submitted. For Startup Booster loans and smaller amounts, funding can be as quick as same-day after approval. Growth Accelerator and Equipment Financing loans may take 1-3 business days for disbursement, depending on the loan amount and complexity. We prioritize efficiency while ensuring proper assessment of each business application.

Most of our business loans don't require traditional collateral. Startup Booster and Growth Accelerator loans are typically unsecured, though we may request a personal guarantee from business owners. For Equipment Financing, the equipment itself serves as collateral. For larger loan amounts (typically over 1 million), we may require additional security such as business assets, inventory, or other collateral depending on your business profile and credit history.

Yes, our Startup Booster loan is specifically designed for newer businesses, including those operating for less than a year. While traditional lenders often require 2+ years in business, we understand the unique challenges facing startups. For businesses less than 6 months old, we'll need a comprehensive business plan, proof of existing operations, and possibly a higher interest rate to offset the increased risk. As your business establishes a track record, you can graduate to our other loan products with better terms.

We understand that many small businesses in Africa don't maintain formal financial statements. In such cases, we can work with alternative documentation to assess your business's financial health, including:

• Bank statements for the last 6 months
• Mobile money transaction records
• Sales records and receipts
• Inventory records
• Supplier payment history

Our team is trained to work with businesses at various stages of formality, and we can provide guidance on improving your financial record-keeping as your business grows.

Yes, we encourage early repayment of business loans as it can save you money on interest charges. Unlike many traditional lenders, Mkopo Express does not charge early repayment penalties on our business loans. You can repay the full loan amount at any time, or make additional payments above your scheduled installments. When you make an early repayment, we'll provide an updated statement showing your new loan balance and, if applicable, adjusted repayment schedule.

As part of our commitment to business success, we offer complementary business advisory services to our loan clients:

• Startup Booster clients receive basic business mentorship, including assistance with business plan refinement and financial management guidance.
• Growth Accelerator clients receive more comprehensive advisory services, including market expansion strategies, operational efficiency consulting, and financial planning support.
• All clients gain access to our business resource center, networking events, and industry-specific workshops in major cities where we operate.

These services are designed to enhance the impact of our financing and improve your business's chances of sustainable growth and success.