1. Who is financing the funds on behalf of the client?
Financing of the funds is done by Severn Funding and Investment Limited having a data-bank of investors.
2. How is the interest calculated and charged?
Interest is calculated and is charged on a monthly basis
3. What are the documents required to get a Loan?
a. Business Summary including history, goals, challenges, and use for funds; Projection of income and expenses, first year broken down bi-monthly.
b. Company Financial statements and tax returns up to two years (not less than 6 months for startups)
c. Business Loan Application Letter on your company’s Letterhead.
4. What are the documents required to open a funding account?
a. Normal trading & DP account opening forms.
b. Counter-signed Loan Agreement.
c. Account KYC Document.
d. Duly filled and signed Account opening form.
5. What are the account opening charges incurred for availing the Account facility?
a. Normal charges incurred at cost for opening account with Severn Funding and Investment Limited.
6. How many days does it take to open the account?
On submitting the completed set of documents the account opening process takes around 4 – 7 working days.
7. Why is the delay in opening a Funding account as compared to Normal Trading Accounts?
A detailed credit risk appraisal of the client is done and also an account with Bank has to be opened – which may take more time from the bank.