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LOANS
Q. WHAT SERVICES DO YOU PROVIDE?
A. Loan financing
Loan packaging and monitoring
Project evaluation
Technical Services and Training -
Business Advice/Consultancy
Institutional Strengthening
Q. WHO IS ELIGIBLE FOR A NDF/J LOAN?
A. Small-scale operators, many of whom would not be able to obtain loans through the banking system. To qualify:
- your business project must be a viable one;
- you must be of good character;
- you must meet our credit and collateral requirements;
- you must be directly responsible for the management of the business and have a financial input in it;
- you must be willing to accept Technical Service and Training.
Q. HOW DO YOU GET A NDF/J LOAN?
A. Visit one of our offices on Monday to Thursday between 9:00 a.m. and 4:00 p.m. The initial interview is the first step in applying for a loan.
- you will be interviewed and your project discussed.
- If accepted, you must complete an application form.
- A Project Development Officer will then visit the business location as part of the feasibility assessment which will be undertaken. On completion of the assessment, the loan proposal is prepared and submitted to the Credit Committee for approval.
Q. WHAT TYPES OF COLLATERAL MUST YOU HAVE?
A. In order to secure the loan, the following will be accepted:
- land and building
- motor vehicles
- machinery and equipment
- cash value on insurance policies
- cash on fixed deposits
- business assets including any of the above
- a company or person who will pledge security for you.
Q. WHAT TYPES OF PROJECTS DO YOU FINANCE?
A. All viable and feasible projects in any sector of the economy- manufacturing, agriculture and services, are financed by the Foundation.
Q. WHAT ARE YOUR INTEREST RATES?:
A. Interest rates depend on the source of financing and the sector in which the project falls. However, rates range from a low of 9.5% to 28%. NB: NDF/J loans are approved for the exact amount needed, and prices must be listed in detail.
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Q. WHO IS ELIGIBLE?
A. Micro and small business operators within the sector partnerships, limited liability companies and sole traders who meet the Foundation's credit assessment criteria.