Frequently Asked Questions

Q. What types and terms of loans does ICBG guarantee?‎

ICBG may guarantee the following:‎

  • Short term loans (less than one year) to support working capital, and‎,
  • Medium term fixed asset acquisition loans of one to five years.‎

Q. Is a grace period for repayment applicable?‎

The grace period is decided by the bank and subject to the cash flow projection.‎

Q. Do I have to pay any loan guarantee fee?‎

The bank pays a 2% loan guarantee fee that may be passed on to the borrower. ‎

Q. Are there any other fees payable?

All applications must be accompanied by a US$100 non refundable application fee. ‎

Q. What is the maximum loan guarantee coverage?‎

ICBG guarantees up to 75% of the approved loan. ‎

Q. What is the maximum amount of loans that can be guaranteed by ICBG?

ICBG will guarantee loans between USD 5,000 and USD 250,000 (denominated in either ‎US Dollars or Iraqi Dinars)‎

Q. Are personal guarantees and collateral required for loans guaranteed by ‎ICBG?‎

The ICBG loan guarantee program supports cash flow based lending. However, the ‎participating banks or ICBG may require personal guarantees and suitable collateral. ‎

Q. What are the interest rates chargeable on ICBG guaranteed loans?‎

Interest rates are a matter of commercial negotiation between the bank and the ‎borrower. However, ICBG urges its participating banks to apply the prevailing market ‎rates.‎

Q. Where can I find technical assistance to help me with my loan application ‎or in developing a business plan?‎

The loan officers from the participating banks are trained and available to assist with ‎these items.‎

Q. Where and how can I get an application form?‎

You can obtain an application form;