Wegagen Bank has inaugurated its tallest Headquarters
building, the most distinctive figure in Addis skyline with
its elegant architectural design built in the melting
pot of the city opposite to Addis Ababa Stadium.
Reinventing the iconic
The New Light in the Sky
Prosperity (SME) Account
This account is intended for small and medium enterprises, associations, unions with in which they are entitled to credit facilities for working capital, purchase of equipment or machineries, vehicle, and residential house or commercial building depending on their saving amount.
The account holder should initially deposit 20% of the value of the loan i.e. for working capital and purchase of asset.
For working capital, additional 30% should be saved over a period of 6 months or more. Then, the Bank shall provide loan for the remaining 50% against collateral or NGOs guarantee.
For purchase of vehicles ,machineries or equipment, or business premises additional 20% should be saved over a period of one year or more and then, the Bank shall provide loan for the remaining 60% of the value
The loan repayment period is 1-3 years for Working Capital, 5-7 years for Vehicle or Machineries or equipment, and 5-10 years for business premises.
All the requirements for account opening and credit facilities stipulated in the Bank’s procedures apply
The financed assets shall be held as a collateral
Features and Benefits
The customer shall maintain both saving
and current account simultaneously; the latter being used for check payment purposes.
The interest rate for the loan
is as per the Bank’s credit terms and tariffs
Individuals running Small and Medium Enterprises