Our Services

Our Company has just launched a financial derivative service, code-named BUSINESS SUPPORT FUND (BSF). This is a financial support service operated by BSG MULTISTREAM LTD. The main focus of the BSF is to provide credit facilities and soft loans to deserving persons in order to support their businesses or trade for further growth.

Requirements
- To qualify for this BSF, the only requirement is that the prospective beneficiary must have a shop, a store, a workplace, office or business premises. The premises must belong exclusively to the beneficiary, or if s/he shares with another person, s/he must be a majority owner.
In other words, the beneficiary must have an existing business, because the Fund is to support a business to grow. No credit facility will be advanced to any individual who does not have a shop, store, or workplace no matter how credible the individual appears.

Fund Deployment
- Please note that whatever amount is given under the BSF must be entirely deployed towards the growth, expansion or development of the existing business or trade.
The credit facility is not permitted to be diverted to any other use, e.g., to settle debt, to pay for house/shop rent, to buy household properties, to acquire landed properties, to pay for school fees, or to carry out a ceremony or other non-business related activities. All these are prohibited under the BSF.

The fund advanced to the beneficiary MUST be used only for business purposes, e.g., to buy more goods or stocks for the existing business, to buy a new equipment for a business, to clear goods from a warehouse, to finance LPO, etc.

Guarantors
- Guarantors are required for ALL credit facilities under the BSF. The requirements for each Guarantor also varies with each category of loans. For example, an applicant for BSF of less than N50,000 is only required to provide a Guarantor who will simply provide an ID card and utility bills, without more. On the other hand, a Guarantor for a facility of N250,000 may be required to provide a collateral security to guarantee the repayment, in addition to some other requirements. A full details of our checklist is available here.

Inspections
- But for any amount from N50,000, it is mandatory that the Company’s representative must visit the beneficiary’s house. This representative is almost always the Marketing Executive alone or in company with an Account Officer/Business Development Officer (BDO).
The purpose of such a visit is to verify and confirm that the beneficiary indeed lives there and is known very well at that address.
It is also a requirement in certain categories of facilities that the house of the Guarantor must be visited and verified. Where required, the home of the Guarantor will be visited and an inventory of all the assets in that home taken, especially where such assets are to be used as collateral security.

It is taken for granted that the Company must visit the Customer’s place of business. This is mandatory, since the purpose of the facility itself is to support the business. And in certain categories of facilities, an inventory of the goods, equipments or machineries at that place of business will be taken, if they are to be used as collateral security for the facility.

Collateral Security
- The facility to be given is most times without collateral security, especially for any amount below N100,000. But collateral security must be provided for certain categories of facilities. Because it is a grant, the mission is to provide easy access to credit facility to the beneficiaries.
And for those beneficiaries who are faithful and consistent in their repayment, the BSF will be a regular source of funding year-in year-out for them. And the more faithful they are, the more they are able to access higher amounts.

Talking about collateral, the categories of acceptable collateral security are already listed in the Checklist for Requirements.

In most cases where we require collateral security, we do collect these properties from the Guarantors or beneficiaries.
For household or business properties, we only take inventory of the assets and require the Guarantor/Beneficiaries to sign a change of ownership and Consent Agreement. We do not pack any of these unless and until the Guarantor/Beneficiary defaults in repayment.

For assets like landed properties, we will collect the original documents of title/ownership from the Guarantor/Beneficiaries.

For motor vehicles, the vehicle must be parked with us until full repayment.

For share certificates, we will require that these be deposited with us, after verification with CSCS.

For jewelries, we collect them after verification of their genuineness and true value. (A photograph of the jewelries must also be submitted.)

In all cases, please note that the value of any collateral security accepted must be thrice the amount of loan to be awarded.

Processing of facility:
Our projection is to have all facilities below N100,000 approved within 48 hours of submission of all the requirements.
For facilities above N100,000, we project that the facilities will be released within 4 days. But we do not make any promise as to the exact date when any facility will be released.

In addition to the above, we also operate the Esusu savings schemes and other business support programs for our customers.

In all situations, our integrity is sancrosant. Honesty is our watchword.