We use a different model to lend to credible businesses, including startups.
That is not to say you don't require a bank account to borrow from us, because it's mandatory for loan or equity applicants to have a bank account with any of the 23 BoG regulated universal banks before any disbursements can be sent to you, if funding is approved.
The requirement below must be read together with Hosting For Loan.
A. Why this requirement?
Public Sector Salaried Workers and Private Sector Salaried Workers obviously do not need to have a website to borrow from us. But it is mandatory for all business loan applicants to have a website for their business. No website for your business, No Lending from us!
There are several reasons why we insist on this requirement with all our business-purpose loans, including but not limited to the following....
• Loan Application and Processing
We are unable to start and process your business credit application until you have a website for your registered business - you cannot even make a loan application, let alone submit it for processing, if your business website address has not been added to our database. Any Know Your Client (KYC) starts with information provided on your business website.
The modern kind of business we want to finance should have a website for their business, whether you have a collateral or not. Whilst not all businesses with a website, can be credible, it helps us rid our system off fraudsters and fabricated identities (including but not limited to: website 'clones'). With easy access to the internet has come a flood of people who could and will waste time if you let them.
This useful filter enables us to know the serious/genuine businesses from the 'fakes' that abound on the internet, and social media particularly. As a no upfront fee direct lender receiving hundreds or enquiries and loan applications, our time is one of our most valuable resources. We can't afford to waste it on what seems important but isn't. We can't let anyone else control our schedule and invade our boundaries and draining our resources unchecked.
Warning: If you have no real business, it is useless setting up a website just to attempt to gain 'fraudulent access' to apply, as its almost always going to be detected and loan application certain to be declined. Genuine businesses that set up a website may be guaranteed lending subject to the risk limit.
• 'Soft' Collateral
The idea behind our mandatory website requirement for any business borrowing from us, is to lower the barrier to access to cheaper, quicker long-term capital - depending on your kind of business and how your website is structured and/or works, you could borrow against your website alone without having to put forward any hard asset(s). Note however, that there is a limit to how much you can borrow with your website alone.
The truth is, the only way to start promoting a business is by building a professional website. An effective website is the cornerstone of your company — it houses important information, and your customers expect you to have one, and we insist you have one when borrowing from us. No website for your business, No loan from us.
• Hard Assets Collateral Due Diligence
If your loan amount requires the provision of adequate physical collateral, we would only initiate the due diligence on the provided collateral free-of-charge if your business has a website and have met our requirement as stated below. Conducting mandatory due diligence on your provided collateral costs money and other resources, and we cannot pre-finance such a venture on just any tom, dick and harry business based on just claims.
• Proprietary Credit Scoring Systems & Algorithms
Sikamaster's lending platform uses an algorithm that works behind the scenes to interpret and evaluate borrower information and credit risks, including but not limited to web data analytics.
• Proprietary Loan Underwriting Model
Algorithm-based, fair and responsive. Without a website for your business added to our database, we cannot underwrite your loan.
• Guaranteed Lending Strategies
All the reasons above and more, are part of the reasons why we remove all uncertainties in the minds of borrowers, applying for a facility with us. If your information confirms your credibility, you can be guaranteed a loan with us, with no stress. Learn more.
• Sign of Commitment / Equity
Already committing to setup a website, proves to us, how determined you are in growing your business. Serious businesses have a website for their ventures in this century.
• Business Sense
If we are going to expend resources to verify and validate your provided information, it's got to be for a credible business or company.
B. Meeting this requirement
In line with the reasons why we insist on a website for your business, the following outlines how you are required to setup a website for your business to qualify to apply for a loan with us.
1. Already have a website?
If you already have a website, you need to move it to the servers of any of our webhosting partners.
Kindly note that server hosting fees apply just like you may have paid for your current hosting, but the migration of your website files to that of the servers of PC24 Store Ghana is free-of-charge.
You can only point your nameservers to any of the following (in order to be automatically added to our database to enable you proceed with your loan application) -
Customised / Private nameservers in your domain name or any format can still be setup for you free-of-charge, after the initial setup on our default nameservers.
2. Don't have a website?
If you do not already have a website, kindly setup a webhosting account with PC24 Store (Ghana Division)
Transferring Your Domain Name(s)
Since all business websites, act as part of security of the borrowing business against which all loans are secured, you are required to transfer all domain names to our custody within 24 hrs of receiving our first tranche of loan disbursement.
Why use our partners
1. Earlier implementation of this requirement, which initially did not restrict use of our partners only, saw fraudsters, setup webhosting accounts with other hosting providers, with stolen debit/credit cards to satisfy our requirement, only for their websites to be suspended for chargebacks on those stolen cards they used --- hence a restriction on using any of our hosting partners only.
2. All prospective business borrowers who have gotten loans from us are expected to maintain an active website for their businesses at all times for the entire duration of the loan repayment period.
3. It makes it easy for us to confiscate your assets (including both your website and any physical collateral any loan was secured against), if you default on your loan repayment (post- repayment-assistance)
4. It makes it feasible and workable to monitor web analytics of business borrowers.
5. It makes business sense to keep your webhosting business with a sister company, if we are going to part with resources to do due diligence on your application, as well as processing and subsequent funding.
- Our choice of a webhosting account with a sister company is an admission of the difficulties new or startup businesses have in accessing capital. Owning a website is far cheaper than having to build long periods of deposit/transaction history with a traditional bank in the hope of securing a small business loan, if you get lucky.
- We make it mandatory for startup businesses looking to borrow from us, to have a website hosted with a sister company as stated above. Proverbially, using 'one stone to kill so many birds'.
- There are no upfront loan application fees when borrowing from Sikamaster Loans, but there are webhosting account setup fees to cover server space costs that PC24 Stores LLC charges before setting up your webhosting account, just like what any webhosting company like Hosting24 or Hostgator will charge you for hosting account setup.
C. Your Website Format
See here for details on the kind of information you need to provide on your website.