FAQs SME LokalBoost

1. Does the client need to be an existing MauBank customer?

We can take applications from Non-MauBank customers subject to established business, have evidence of operations, and Bank statement from another Bank to be submitted. Ultimately to open account with MauBank.

2. If the current financial statement /MRA shows an annual turnover of less than RS 30M, but a projected cash flow is more than RS 30M, will the client benefit from the scheme?

Yes, actual turnover to be taken into consideration. One of the objectives of the scheme is meant to provide financial support for business expansion. At time of assessment, actual turnover to be taken into consideration.

3. Is the offer restricted to one of above product or client may avail for more than one product?

The panoply of products is made available to SMEs based on their business needs. A client may avail of more than one product. Subject to not exceeding the agreed limit per product.

4. If the client has started business under individual name in the past and now incorporated a company. Will it be treated as a start-up?

No, as far as we have evidence of past track record, same can be used to establish business.

5. Does the facility need to be disbursed during campaign period to benefit from the scheme?

Yes, as far as possible, however we will have a buffer time of another 3 months to disburse the file approved during the campaign and client will benefit the special offer if application is made during the campaign period as mentioned above.

6. Can a customer apply for multiple facilities within the scheme?

Yes, but not exceeding the agreed limit per product.

7. Can we refinance existing facilities held with other financial institutions under this SME LokalBoost Scheme?

Yes, refinancing is allowed from other Bank/ other financial institution.

8. What if the client does not have a MRA return or financial statement?

Based on business activity and account turnover, we may consider. Evidence of business and repayment capacity to be established. Site visit to be effected to ensure business.

9. What if the client does not have banking records for business turnover?

At least MRA return / FS to be submitted. Client to be advised to bank business dealings at MauBank for clarity of business.

10. What type of security/collateral can an applicant provide to the bank?

• Any of the following subject to credit assessment.
• Fixed charge on property belonging to borrower or guarantor of the borrower.
• Floating charge on borrower /or guarantor
• Cash collateral

Or any other security acceptable to the bank.

11. For specialized machinery and equipment, it may not have registration number, will the client benefit from lease facility?

For those equipment/ machinery, we shall consider under business loan instead of lease facility.

12. What if the equipment needs to be imported?

The Bank may consider import loan cum lease facility. Import loan to be disbursed to pay for the equipment against any security given to the Bank and once the equipment is in Mauritius, the Bank may proceed with lease agreement and settle the import loan.