A Bankable business plan or proposal with Cash flow projection for 12-24 months (2 copies)
A minimum equity contribution is 15% of total cost (business) or proof of past investment into the business (ongoing business concern).
Statement of Financial position (Balance Sheet), Statement of profit/loss and other comprehensive income (Trading & Profit and Loss Account) for the past three years or any part thereof (for ongoing business concern only-management accounts).
Bank & Ecocash Statements for the past six months and a bank report
Documents to confirm legal status of your business e.g. Certificate of Incorporation, Articles of Association, Memorandum of Association, CR14 of the Directors, constitution, CR6 showing proof of the registered company’s address, registered partnership deed x 2 copies.
Relevant operating license where necessary x 2 copies.
Proof of operating premises x 2 copies.
Proof of ownership of pledged collateral/security x 2 copies. Guarantor’s affidavit is required. Guarantor’ age should be 65 years and below.
Pro-forma invoices of items to be bought.
Trade References from previous and current creditors.
Director’s Curriculum Vitae.
Certified Photocopy of the Director’s Identity Cards (ID or passport, a drivers licence is not acceptable) and Proof of residence x 2 copies.
Passport size photos x 2.
Company Resolution indicating willingness and authority to borrow.
Interest rate is 2.5%per month for all facilities excluding Order Finance & Salary Based LoansInterest rate for Order Finance is at 5% per month & Salary Based Loans is 2.5% per month Establishment fee is 5% of loan amount for all facilities excluding Order Finance Establishment fee is 10% of loan amount for Order Finance Loan Tenure:12-24 months
Small & Medium Enterprises Development Corporation