ProjectShelve IOU

As a guarantee of sales of vendor products on ProjectShelve, vendors can now access loan in form of IOU on ProjectShelve. The IOU has no pay back duration, vendors will only repay IOU whenever sufficient sales are made to pay back. The amount you can access is based on the number of active products you have on your store. Vendors with 100 and above products on their ProjectShelve store are qualify for IOU. A vendor with 100 and above products can access IOU of N20,000. Vendor with 200 and above products can access IOU of N40,000, and so on... Vendor with 1000 and above products can access IOU of N200,000. The more products you have listed, the higher the loan amount you qualify for.

IOU Requirements

The following are the requirements to access an IOU on ProjectShelve:

1.    Minimum of 100 Products on the Vendor Store

Vendors must have at least 100 active products listed in his/her store to qualify for the minimum IOU. This requirement ensures that vendors have a substantial inventory to generate sufficient sales for repayment.

2.    All Products Must Be Activated

Vendors with deactivated or rejected products are restricted from accessing IOU. All products in the store must be active. Vendors should wait for the approval of newly submitted products, address any issues with rejected products, and resubmit them for approval. Only stores with fully activated products are eligible.

3.    No Duplicated Products

Before IOU approval, the vendor’s products will be scanned for duplicates. If duplicate products are detected, the IOU request will be rejected, and the duplicate products will be deactivated. Vendors are encouraged to maintain a clean and organized product catalog.

4.    No Pending IOU

Vendors with unpaid IOUs cannot request another loan. The pending IOU must be cleared before a new one can be requested. However, vendors can immediately request a new IOU as soon as the previous one is fully repaid.

By adhering to these requirements, vendors can seamlessly access the IOU system, empowering them to boost their business operations and achieve their sales goals.

IOU Repayment

IOUs on ProjectShelve are repaid only when the vendor generates sufficient sales, and the Current Balance is adequate to cover the IOU repayment. There is no fixed repayment period, offering vendors the flexibility to focus on growing their sales without immediate repayment pressure.

Additionally, vendors manually repay their IOU at any time through their dashboard, provided the Current Balance is sufficient. This ensures that vendors maintain control over their financial obligations while enjoying the benefits of increased working capital to enhance their business performance on ProjectShelve.

IOU Interest

A small interest of 10% is applied to IOU on ProjectShelve. The interest ensures that the platform can sustain and continue offering financial support to vendors. With this minimal charge, vendors gain access to flexible financial assistance while maintaining an affordable repayment structure tailored to their sales performance.

Process to Access IOU

An eligible vendor can access IOU on ProjectShelve by following below procedure;

1.    On the Vendor Dashboard click on ‘Request IOU’

2.    Click ‘Request IOU’

3.    Input IOU Amount and Bank details

4.    Submit Request

5.    Your IOU request will be approved and payment made into the account provided within 24Hours.

How to Repay IOU

When vendor Current Balance is sufficient to repay IOU, vendor on the Request IOU page, click Pay IOU and submits. The IOU is immediately deducted from current balance. Vendor can chose to make a fresh IOU request immediately.