Lending Criteria

terms_MEGA

Our lending criteria requires the following:

  • Historically Disadvantaged Individuals;
  • South Africa citizens and persons with permanent residence in possession of a valid identity document;
  • Individuals who are at least 18 years or older;
  • Applicants with access to land (leased, communal, usufruct or own) and/or access to production facilities;
  • Applicants must be actively involved in the operation and management of business;
  • Viable SMMES and co-operatives or entities with good prospects of profitability;
  • Applicants with a reasonable credit record;
  • Applicant’s ability to repay the loan;
  • Applicant must table a minimum financial contribution of 10 % (assets can be considered as financial contribution)
  • Businesses must be registered with the Companies and Intellectual Property Commission (CIPC), with the exception of emerging / small-scale farmers;
  • Funding shall be biased towards enterprises with a potential to create job opportunities;
  • The business entity and its promoter shall not have been put under judicial management;
  • Initiation fee (1% of the loan applied for – maximum of R5 000 excluding VAT) is not applicable to co-operatives working under the Comprehensive Rural Development Programme (CRDP).