Bayport Financial Services: Products

B. MEDIUM-TERM 12- to 24-month loan terms

These loans are similar to the ones in category A in terms of what they're used for, but again require more capital than the client can afford from a short-term loan, e.g. putting a roof on the house, or covering needs that re-occur annually.

• Education: Preschool care, primary, secondary or tertiary education is a huge need. Funding for school fees uniforms and provisions for school, can be borrowed and repaid over 12 months. A graduate child of a typical family is often considered to be the hope and future of the family and assisting these children will help to uplift future generations
• Annual agriculture: Many agricultural businesses have annual seasonality and require annual funding to ensure that the client take full advantage of these opportunities
• Farming: Acquisition of cattle or livestock for breeding or dairy production or activities such as bee keeping may require longer-term borrowings to get off the ground
• Business loans: Some business opportunities require capital amounts best afforded with a medium-term loan, e.g.purchasing a motorbike to offer boda-boda transport services to generate income
• Asset acquisition: Certain lifestyle assets require this type of loan
• Mobile phone with airtime on contract: This product over 24 month gives the client a bundled package of a phone and airtime for 24 months on a contract basis

C. LONG-TERM 36- to 60- month loan terms

These loans are also similar to the ones in category B in terms of what they are used for, but again require more capital than the client can afford from a medium-term loan, e.g. buying the land to build a house on.

• Vehicle finance: Transport is a challenge for many families and these longer-term loans can help with the purchase of a vehicle
• Housing finance: A first home for a family represents safety, security and a sense of belonging. Whether buying land or building a house, the longer-term loan makes it possible to do much more in a short period of time. The money saved by no longer paying rent or by receiving rental from a tenant should offset the cost of the loan
• Business loans: From setting up IT training centres, investing in farming machinery, kitting out a hair salon or dressmaker's shop, setting up a local trading operation buying product cheaply at source and transporting to more lucrative markets, we see the entrepreneurial spirit of Africa thrive. The more capital business people can borrow over the longer term, the more meaningfully they can conduct their ventures. It is this form of credit more than any other that can drive the African economy forward.