LPO financing through the Women Enterprise Fund

0

If you are a woman in Kenya, the opportunities for you to access capital for your business are endless.Today, we take a look at one of the benefits that the Women Enterprise Fund offers women led companies, or those that have at least 70% ownership by women. 

LPO financing is a product tailored to serve women by increasing their capacity to respond and adequately service tenders thus meeting supply requirements.

ELIGIBILITY CRITERIA FOR LPO FINANCING

  • Company must be registered with the relevant government body
  • For 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)
  • Maximum amount available for this loan is Kshs. 2 Million per individual borrowing
  • Duly signed Letter of Undertaking and acceptable collateral as per Fund’s Credit Policy. Acceptable collateral are bank guarantee, shares or motor vehicle
  • Customer account details
  • A one off administration fee of 5% of the loan amount
  • Tenor of 90 days
  • Certified copy of the letter by the supplier (loanee) to the procuring entity requesting payment through Women Enterprise Fund
  • Amount financed is 60% of LPO amount

LPO Application Documentation Checklist

1 Fully completed loan application form
2 Copies of National IDs and PIN Certificate for all borrowers, and company in case of a Limited company
3 Two most recent passport sized photographs
4 Business/company registration certificates
5 Bank statements for the last 6 months
6 Copies of proposed securities and recent valuation report (for all amounts)
7 Resolution to borrow in case of a Limited Company capturing amount, purpose, payment period and security offered (must be sealed)
8 Borrower’s personal guarantee/ directors’ (if company)
9 Customer account details form – must be KCB account (sealed in case of Ltd co.)
10 Cr 12 in case of a Ltd company
11 Articles and Memorandum of Association for Ltd companies
12 Audited accounts for the last 3 years for companies (for amounts above Kshs 500,000)

 

You can contact them at their offices located at NSSF Building, Block A, Eastern Wing, 11th Floor  or email info@wef.co.ke. You can also call them on +254 0714606845-6

All the best!

Read: how to come up with a business plan

0
Share.

About Author

I am an entrepreneur learning to write about my journey. I enjoy golf, watching F1, cooking and neo soul music. Let's make entrepreneurship a fun topic to talk about.

Comments are closed.