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How To Apply For LPO Financing From Women Enterprise Fund

Kenyans247 / Kenyans247 / General / Business / How To Apply For LPO Financing From Women Enterprise Fund (62 Views)

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How To Apply For LPO Financing From Women Enterprise Fund by Kenyans247(m): Fri Aug 2019 09:36pm
This is a product tailored to serve women by increasing their capacity to respond and adequately service tenders thus meeting supply requirements. The loan will be available to individual women owning enterprises or women-owned companies.

Features
The loan has a one-off administration fee of 5% of the loan amount with a tenor of 90 days. The loan amount financed is 60% of the LPO loan amount with a maximum borrowing amount of up to 2 million per individual borrowing.

Eligibility
In order to qualify for the lpo financing product:

A company must be registered with the relevant government body, with companies, groups and partnerships membership composition must be at least 70% women and 30% men (or 100% women).

A valid Local Purchase Order/Local Service Order duly signed and stamped by the procuring entity ie. public institutions (listed in the public procurement and disposal Act).

A duly signed Letter of Undertaking and acceptable collateral as per Fund’s Credit Policy. Acceptable collateral are bank guarantee, shares or motor vehicle. Letter of assignment duly executed by the borrower (Supplier) to the Procuring Entity committing payment to WEF account.

Customer account details, in addition to a certified copy of the letter by the supplier (loanee) to the procuring entity requesting payment through Women Enterprise Fund.

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Requirements
To apply for the loan, one requires:

A fully completed loan application form, copies of National IDs and PIN Certificate for all borrowers, and company in case of a Limited company along with two most recent passport-sized photographs.

One also requires business/company registration certificates, recent bank statements for the last 6 months, copies of proposed securities and recent valuation report (for all amounts).

Resolution to borrow in case of a Limited Company capturing amount, purpose, payment period and security offered (must be sealed), borrower’s personal guarantee/ directors’ (if company) and customer account details form – (sealed in case of Ltd co.)

In addition to the above, one requires Cr 12 in case of a Ltd company is also needed, articles and memorandum of association for Ltd companies, audited accounts for the last 3 years for companies (for amounts above Kshs 500,000), copy of AGPO certificate, sketch map to business premise/residence (project visit report in case of construction) and also a copy of CRB clearance and report.

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