BUSINESS LOAN CHECKLIST* 

(Approved collateral: motor vehicle, property, CSV on insurance policy, stocks/bonds) 

  •  Financials prepared by a Certified Chartered Accountant & stamped 
    • Income & Expenditure Statement ( minimum 2 years) 
    • Balance Sheet 
    • Cash Flow Statement and Cash Flow projections (for at least three years) 
    • Print out of savings/current account transactions for at least 12 months OR updated bank book 
    • Aged receivables ( where applicable) 
  •  Documentation to support loan purpose 
  •  Business plan 
  •  Business registration certificate & Articles of Association (if applicable) 
  •  Letter of Good Standing (obtained from the Office of the Registrar of Companies 
  • TCC
  •  Completed Application Form with contact information of two relatives & two references (non-related)  
    • Tax Registration Number (TRN) Card [ business & individual] & Valid ID (Driver’s License, Voter’s ID, COK ID) 
    • Qualifying Shares
    • Passport size photograph
    • Recent utility or any other bill in member’s name with current address (Proof of Address)
    •  Assignment of life insurance policy (if required)

Guarantor (if applicable) 

  1.  IF SELF-EMPLOYED: Financials prepared by a Certified Chartered Accountant & stamped 
    • Income & Expenditure Statement
    • Balance Sheet
    • Cash Flow Statement and Cash Flow projections (for at least three years)
    • Credit reference
    • Print out of savings/current account transactions for at least 12 months OR updated bank book
  2.  Tax Registration Number (TRN) Card [ business & individual] & Valid ID (Driver’s License, Voter’s ID, COK 
  3. ID) Passport size photograph
  4. Signed guarantor form witnessed by a Justice of the Peace
  5.  Recent utility or any other bill in guarantor’s name with current address (Proof of Address)

*CONDITIONS APPLY

ONE STOP MICRO LOAN CHECKLIST* 

  • Applicants must be permanently employed to a company on the approved COK Sodality listing and be confirmed in the position for at least 1 year 
  • Repayment amount or full salary via salary deduction only 
  • Job Letter stating salary, position, length of employment; plus last two months pay slips 
  • Tax Registration Number (TRN) Card and Valid ID (Driver’s License, Voter’s ID, COK ID) 
  • Passport size photograph 
  • Completed One Stop Loan application form with contact information of Relative not living with member and an external reference (non co-worker) 
  • Recent utility or any other bill in member’s name with current address (Proof of Address) 
  • Qualifying shares – minimum of $5,000 
  • Upfront Payment – minimum 1 month 
  • Guarantor required under certain conditions* 

 Guarantor 

  • Job Letter stating salary, position, length of employment; plus last two months pays slips 
  • Tax Registration Number (TRN) Card and Valid ID (Driver’s Licence, Voter’s ID, COK ID) 
  • Passport size photograph 
  • Signed guarantor form witnessed by a Justice of the Peace 
  • Recent utility or any other bill in guarantor’s name with current address (Proof of Address)

MICRO LOAN APPLICATION CHECKLIST

  • Maximum Loan – $1,000,000.00 (First time borrowers without credit history or collateral not exceeding $500,000.00)
  • Must be a COK member
  • Preferably member’s should own the business & be in operation for at least one (1) year. Startups are assessed on a case by case basis.
  • If business is registered, a copy of the business Name Certificate is required
  • Relevant licences and permits applicable to business activity (e.g. Food Handler’s Permit, Spirit Licence, Transport Authority Permit)
  • Valid ID (Driver’s License, Voter’s ID, Passport, COK ID) and Tax Registration

Number (TRN) card

  • Two (2) Passport size photograph pictures
  • Two references (J.P., Minister of Religion, Principal, Lawyer, Police Officer of Gazzetted Rank (Inspector and above), Employer (HR Department or Immediate Supervisor
  • Qualifying Shares – 20% of Loan amount & applicable Processing Fees
  • Letter &/or invoice supporting purpose of loan
  • Completed Sales & Purchase form/Product Sampling form or cash flow projection
  • Completion of Business and Residential Inspection Form along with photographs of the operation
  • Proof of Address ( e.g. recent utility bill, letter from JP, postmarked correspondences, site visit from Credit Union Officer) – Only site visit required for repeat members

New Borrowers – Statement of account on existing or previous loans with COK or other financial institutions

NB: References must be addressed to COK Sodality Credit Union —-66 Slipe Road, Kingston 5.



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