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Small Business Loans

Eatonhill Investment Ltd (“the Lender”), owners of VendorCredit mobile application (“VendorCredit”) approves this time loan (“Facility”) to eligible and interested customers under the following terms and conditions.

Facility Amount: As may be approved by the Lender.

Purpose: To finance working capital gaps.

Tenor: As approved by the Lender (maximum of 60 days)

Facility Fees: 1% flat on total facility amount to be paid up front.

Verification Fees: 1% flat on total facility amount to be paid up front.

Interest Rate: The interest rate for the facility shall be 9% per month/30 days, which shall be subject to review from time to time in line with the prevailing market conditions. Any change in pricing of the Facility notified by the Lender to the Borrower shall be binding on the parties.

Kindly note that the interest rate and Facility fees are exclusive of Value Added Tax of 5% which would also be borne by the borrower.

Late Repayment Fee: 1% flat per day on any unpaid sum (i.e. Principal and Interest).

Repayment Source: Payment of the discounted invoice and/or any other source acceptable to the Lender.

Repayment: Bullet repayment of principal and interest at maturity

Support: Signed Commercial Bank Cheque issued by customer in favour of Eatonhill Investment Ltd.

Executed Remita - Irrevocable Standing Payment Order in favour of Eatonhill Investment Ltd, to transfer principal, interest and VAT at maturity.

Commencement Date: This Facility shall commence upon draw down or on the date of disbursement notwithstanding the date on the offer letter

Availability: This Facility shall be available for utilization only upon satisfactory compliance with the conditions precedent to draw down

Conditions Precedent to Draw Down:

The Facility shall become available for utilization upon satisfying the following conditions

  1. Acceptance of all term and Conditions

  1. Submission of Board resolution committing to abide by the terms of all facilities granted to the borrower.

  1. Board resolution executed by the Directors of the company, indicating its willingness to borrow funds over time from the Lender through its mobile application – VendorCredit and nominating an officer who will be responsible on transacting on their behalf.

  1. Receipt of Facility fees.

  1. Signed Commercial Bank Cheque issued by borrower to the Lender.

  1. Executed and activated Remita direct debit mandate/standing order for the principal and interest upon maturity.

The Lender reserves the right to withhold further disbursement, recall or cancel the facility for reasons of default or non-compliance with the Covenants hereunder and the occurrence of any or all of the following events:

  1. If the Borrower fails to utilize the facility for the purpose for which it was granted.

  1. If the Borrower shall commit any breach or fail to observe or perform the other obligations on its part as contained in this offer letter or fails to keep to the agreed repayment terms consistently for one month or more.

  1. If it is discovered that there was a material misrepresentation of facts by the Borrower with regards to the purpose, utilization of the facility and the collateral.

  1. All cost incurred by the Lender to perfect documentation and in the enforcement of the agreement and recovery in the event of default by the Borrower shall be to the account of the Borrower (where necessary).

  1. The Lender may vary some or all the terms and conditions of the offer to reflect the prevailing conditions in the financial markets or as directed by regulatory authorities.

  1. If any interest due on the facility is not paid on the date thereof, same shall immediately be added to the principal sum outstanding and shall accordingly attract interest at the rate herein stated.

  1. The renewal/re-issuance of facilities shall be subject to the lender being satisfied that the facility was properly utilized and liquidated or the balance paid down by 100%.


Notwithstanding anything herein before contained, the facility or balance thereof and other monies herein covenanted to be paid whether by way of interest or otherwise shall become immediately due and payable on the demand being made in respect of such on the occurrence of any of the following events:

  1. If the Borrower shall fail to pay any sum outstanding as and when due.

  1. If the Borrower commits any breach or fail to observe or perform the other obligations on its part contained in the offer letter.

  1. If any representation or warranty given or made by the Borrower in this Agreement or in any notice or certificate or statement, delivered or made pursuant herein is inaccurate in any respect when made or delivered.

  1. If the Borrower stops or suspends or is deemed to be unable to pay its debt or admits in writing its inability to discharge its obligations as they fall due.

  1. If the Borrower proposes or declares any moratorium on the Borrower’s debt in respect of the facility.

  1. If any extra-ordinary situation arises such that the continuance of the transaction in the opinion of the lender makes it impossible for the Borrower to discharge its obligations.

  1. If any execution or distress is levied upon or against the properties of the Borrower and not discharged within seven days.

  1. If there should in the opinion of the Lender be a material adverse change in the financial condition of the Borrower;

  1. If any government consent required by law for the validity, enforceability or legality of this offer letter or the performance of the terms thereof ceases to be or is not for any reason in full force and effect. In any such event and at any time thereafter if any such event shall be continuing, the lender shall by written notice to the Borrower, declare that, that portion of the facility outstanding has become immediately payable whereupon the same shall become so payable together with interest accrued thereon.

COVENANTS: The Borrower hereby covenants with the Lender as follows:

  1. That the chequing account/current account/direct debit account would be sufficiently funded up-front to absorb interest and principal when due.

  1. The Borrower undertakes that whilst any amount is outstanding under this facility, it shall provide the lender with any other information as regards his / her business affairs as the Bank may from time to time require.

  1. That the Borrower hereby irrevocably and unconditionally undertakes to provide the Lender with the Borrower’s Tax Identification Number (TIN) and all other relevant information including without limitation, the Borrower’s Name, Registration Number, Address amongst others for the purpose of retaining such information on the Credit Risk Management System (CRMS) portal.

  1. That the Borrower hereby irrevocably and unconditionally undertakes to provide the lender with the Bank Verification Number (BVN), Name, Address, Date of Birth, Gender, amongst others for the purpose of retaining such information and data on the CRMS portal.

It is a condition of this offer that the Borrower shall make payment of all taxes, including without limitation; Land Use, Land Charges, Land Registration, PAYE, Withholding Tax, Capital Gains Tax (CGT), Business Premises and all other government related payments to the relevant government account with the Lender only.


The Borrower represents and warrants that:

    1. The Borrower has the right to accept this facility and has taken all necessary actions to authorise same upon the terms and conditions herein.

    1. The Borrower is not in default or under any obligation in respect of any borrowed money that the acceptance of this facility will not be or result in a breach of or default under any provisions of any other agreement to which the Borrower is a party.

    1. All consents, licenses, approvals, authorisations of any governmental authority, bureaux or agency, etc required in connection with the execution, delivery, performance, validity or enforceability of this loan facility shall be obtained by the Borrower and the originals thereof delivered to the Lender and the conditions contained therein or otherwise applicable thereto shall at the appropriate time be complied with or fulfilled by the customer. The cost of obtaining such approvals etc. shall be borne by the Borrower.

    1. It is agreed that the facility herein granted shall be cancelled and the outstanding sums shall become payable forthwith upon demand thereof if any event or series of events (including without limitation, any material adverse change in the business, assets or financial condition of the Borrower) occurs, which in the opinion of the Lender may affect the ability or willingness of the Borrower to repay the facility.

    1. No legal action or suit shall be instituted howsoever, instigated and/or sustained by the Borrower against the Lender jointly or severally without first giving the Lender a ninety (90)-day prior written pre-action notice of the Borrower’s intention to so proceed against the Lender, such notice to be served at the Lender’s registered office address”.


If the Lender has determined that the introduction of or change in any applicable law or government or other regulatory authority charged with the administration thereof or court of competent jurisdiction makes it apparent that it is unlawful or illegal for the Borrower or the Lender to fund or maintain or perform their obligations as contemplated by the terms of this Offer Letter, the Lender shall forthwith give notice of such occurrence to the Borrower and the commitment shall forthwith be cancelled or discharged and the Borrower shall on the next succeeding payment date or such earlier date as may be required repay to the Lender the

Principal amount so disbursed together with accrued interest, if any, and other amount due to the Lender hereunder.


Failure or delay by the Lender in exercising any remedy, power or right as a Lender shall not be considered as a waiver or impairment thereof nor shall it affect or impair any such remedies, powers or rights in respect of any default.


This offer elapses if not accepted within 7 (Seven) days from the date of the offer and if upon acceptance the conditions precedent in the offer are not met within 14 (Fourteen) days from the date of the offer or such other period as the Lender may determine.


By choosing to proceed, you have agreed to these terms and conditions