Frequently Asked Questions

Everything You Need To Know

General

What currency does Clove Financial transact in?


Clove Financial currently offers loans in the following curencies:

US Dollars (USD)
Bahraini Dinars (BHD)




How is Clove Financial different from a bank?


Clove Financial provides support to SMEs that are underserved by the general banks and financial institutions.




How does Clove Financial lend money?


Clove Financial facilitates loans to SMEs by directly working with its partners to arrange for the required funding.




Why Clove Financial?


Clove Financial is well established in the Middle East & North Africa (MENA) region. We work closely with the large regional banks, financial institutions, government organisations and regulators to provide simple, reliable and hassle free funding options for SMEs.




How secure is privacy and data protection?


We take reasonable measures, including administrative, technical, and physical safeguards to protect your information from loss, misuse, unauthorized access, disclosure, alteration, and destruction. These security measures include firewalls, data encryption, physical access controls to our data centers, and information access authorization controls. Your information is securely sent to us with at least 128 bit-encryption over the Transport Layer Security (TLS) protocol. This creates an encrypted connection between your browser and us so that any sensitive information you provide can be securely transmitted.





SMEs

What's the eligibility criteria?


You must be a corporation or limited liability partnership registered with the Accounting and Corporate Regulatory Authority in your home country, have a bank account in either Singapore, Bahrain or United States and preferably have been in operations for at least two years.




What kind of projects can I get funds for?


Presently, Clove Financial focuses on providing working capital financing. Clove Financial aims to broaden its financing options to include invoice financing, purchase order financing, debit cards, mobile wallets and remittance.




How much can I borrow?


Clove Financail offers loans in the range of USD 5,000 - USD 50,000.




What documents do I need to provide to make a funding application?


Documents required include: - Memorandum and Articles of Association - Certificate of Good Standing
- Certificate of Incorporation
- Authorised Signatory List - Statutory Registers of Members, Directors, Officers, Charges - Annual Financial Statements (if any)
- Any Regulatory License - Certified Copy of Valid Passports




What's the facility application process?


The SME will need to register on the platform. Once registered, the SME is required to submit a funding application on the platform, which will then be reviewed by Clove Financial. Upon approval, we will then post a funding request on the platform for registered investors. If the funding request is subscribed and funded to a certain threshold, the facility is then executed and funds will be transferred to the borrower.




How soon do facilities get approved?


Upon receving the required documents, Clove Financial typically requires two business days to approve an application.




How soon can I receive funds?


Typically within 48 hours upon approval, funds are dispersed to the borrower's nominated bank account.




What's the repayment period?


Working Capital Financing – Repayment period is principal + interest every month for 6, 9 or 12 months. Invoice Financing – Principal + Interest in a bullet repayment at the end of 30, 60 or 90 days – depending on the facility tenure. Purchase Order (PO) Financing – Principal + Interest in a bullet repayment at the end of 30, 60 or 90 days – depending on the facility tenure.




Will my business info and financials be made public?


Borrower's details are kept strictly confidential. Documents shared with our funding partners are addtionally kept strictly confidential.




What if I default on a payment?


Late penalties apply for over due amounts until the loan is paid in full.





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