Hello everyone, welcome to Built Financial Technologies. Thank you for joining me for today's video. In today's exercise, I'm taking you through how businesses can apply for loans on the Built accounting platform.

Before, a business can qualify for a loan on the Built accounting platform, there are some basic requirements that the business must meet. The business must be registered with the Registrar General’s department. The business must also be actively operating for at least six months and using the Built accounting software for at least three months. Built currently does not provide loans for startup companies.

On asset loans, businesses will pay a monthly interest rate of 7% for their first loans assessed. There will be a monthly interest rate of 5% on subsequent loans assessed. For loan period, there is a minimum tenure of three months and a maximum of 10 months for loans assessed. Loans granted span between a 1000 cedis and 15,000 cedis.

There is also the option of asset financing and Adwuma loan. To apply for a loan, you click on financial services, which is located on the Built menu. You continue by clicking on Thrive Micro Credit. You click on Apply Now and you indicate the details of the person applying for the loan.

You indicate your first name, your last name, your email address, and phone number, as well as your relationship to their business.

You would have to also upload any national ID of yours. When you're done, you click on continue. Here, you will indicate all the relevant details that relate to the business. You indicate the business name, business location, the type of business and you select whether or not the business has an insurance. Indicate the number of full-time employees, the nature of business, the average number of customers per month, and the average revenue from a customer per month.

You also indicate the business email and the business phone number. Also, indicate whether or not the business has a bank account, how many years the business has been operation, and whether or not they have existing loans.

You then upload a business certificate here, you indicate a type of ownership of the business premises and give you a brief description of your business question. You indicate the amount of loan requested on each page, the use of the funds that is whether you're using it to open a new location, for advertising, to purchase equipment and other options.

Also, indicate the repayment period for the loan which is normally a maximum period of 10 months, and indicate how helpful this loan facility will be to your business. Indicate how you're going to make the repayment to Built. Click on agree terms and conditions and you click on continue and submit.