Overview
This is an individual empowerment program for small business owners who dream of expanding their businesses.
Features
- Interest and fees: The cost of borrowing.
- Collateral: Security, guarantor, or group guarantee.
- Repayment structure: Weekly, monthly, or seasonal installments.
- Grace period: Time before the first payment.
- Eligibility: Requirements to qualify.
Benefits
- Access to growth capital: Loans give businesses the funds to expand.
- Improved cash flow: Working capital financing covers day-to-day costs.
- Ownership retained:
Eligibility requirements
- Business age: Operating for 6 to 12 months (start-ups may use group loans).
- Valid business: Legal, with a fixed location.
- Repayment capacity: Enough regular income to cover installments.
- Credit record: Clean history or character references.
- Security: Collateral, guarantor, or group guarantee.
- Savings contribution: Compulsory savings or 10 to 20 percent of the loan.
- Documents: ID, passport photos, proof of address, business plan.
- Age and residency: 18 or older, within the service area.