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!
