Introducing the Polaris Health Sector Loan
December 6, 2019
Polaris Health sector loan – Polaris bank is a future determining bank that is passionate about the Health sector in Nigeria and is willing to support the sector achieve the desired growth needed to transform it, hence the introduction of the Polaris Health Sector Loan.
Are you an SME in health sector, Private hospital/clinics, Medical Diagnostic Center or Pharmacist? Here is an opportunity for you to end your search for funding options.
Polaris health sector loan is targeted with a view of meeting your funding needs.
Eligibility Criteria for Pharmacies
1 ) Pharmacy must be duly registered with Pharmaceutical Council of Nigeria (PCN) and state chapter of Association of Community Pharmacists of Nigeria (ACPN)
2) Pharmacy owner must be a qualified pharmacist.
3) Letter of introduction from state chapter of Association of Community Pharmacists of Nigeria (ACPN) recommending you as their member for the loan.
4) You must have been in line of business for a minimum of 2 years and established a banking relation with Polaris bank or any other bank for a minimum of 12 months.
5) You must have Audited Financials or Management Account for the year preceding the loan application. At the minimum, management account be made available.
6) Positive CRMs and two positive credit bureau checks.
Eligibility Criteria for Hospitals
1 ) Applicant must have necessary professional certification (Professional license to practice by Nigeria Medical and Dental Council and practicing license from Ministry of Health and/or relevant licensing bodies as applicable to each state.
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2) Applicant must have registered with state Health Management Board and obtained other requisite regulatory criterion required to operate health services.
3) Registration with pre-approved HMO will increase eligibility amount and comfort.
4) Applicant must have been in line of business for a minimum of 2 years and established banking relation with Polaris bank or any other bank for a minimum of 12 months.
5) You must have Audited Financials or Management Account for the year preceding the loan application. At the minimum, management account be made available
6) Positive CRMs and two positive credit bureau checks
Pre-Condition- Pharmacy specifics
- Current annual premise license evidencing that pharmacy is duly registered with PCN, where current annual license is being processed, evidence of all payments made for license renewal shall be acceptable.
- Copy of practicing pharmacy license of the owner or resident pharmacist with professional qualification and licensed to prescribe drugs and evidence that at least one shareholder should be a pharmacist.
- Letter of introduction from the State Chairman of the Association of Community Pharmacists of Nigeria in the state of domicile (not applicable for asset finance)
Pre-Condition- Hospital and Diagnostic Centers and laboratories specific
- Evidence of necessary professional certification
- Evidence of registration with the State’s Health Management Board and requisite regulatory certification required to operate a health service entity
- For laboratory Diagnostic Center that are used as shared/group service among other hospitals and laboratory, evidence of collaboration i.e MOU to be provided.
- Loan application letter
- Board resolution accepting facility and nominated officer (s) to accept loan on behalf of the company
- Submission of executed offer letter detailing the terms and conditions of the facility
- Executed loan agreement form
- Receipt of pro-Forma invoice of the asset to be financed from the bank’s approved vendor
- Irrevocable domiciliation of company’s revenue into the company’s account with Polaris bank
- Payment of all up-front fees and all necessary cost of insurance premiums.
- Evidence of equity contribution in customer’s account (for asset finance)
- Execution of personal guarantee by the promoter of the company supported by the authorized statement of net-worth
- Receipt of positive credit report from 2 credit bureau and CRMs on the company and the promoters of the company
- Execution of necessary documents for perfection of security provided by the company to include required document for registration of collateral on National Collateral Registry.
- Submission of letter of authorization to debit the company’s account for all cost of insurance premiums.
- Valid email address and phone number.
- Terms and conditions apply
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