how to apply lpo financing from women enterprise fund
Last updated on June 9th, 2023 at 09:47 pm
It is a product designed to serve women by increasing their ability to respond and serve customers effectively and meet supply needs. It is therefore important to understand how to apply lpo financing from women enterprise fund.
The loan carries a one-time administration fee of 5% of the loan amount with a term of 90 days.
The approved loan amount is 60% of the LPO loan amount with a loan limit of 2 million each.
To benefit from LPO financial products:
- The business must be registered with the relevant government agency.
- The composition of companies, organizations and partnerships must be at least 70% women and 30% men (or 100% women).
- Local purchase order/payment process signed and stamped by the buyers, ie. public companies (listed in the law on public procurement and services).
- A letter of commitment in good faith and a guarantee accepted in accordance with the Fund’s credit policy. Acceptable collateral is a bank, stock or vehicle guarantee.
- A letter signed by the borrower (supplier) to buyers paying on the WEF account.
- Customer account details, in addition to a copy of the letter from the supplier (beneficiary) to consumers requesting payment from the Women’s Enterprise Fund.
To apply for a loan, you must:
- A complete copy of the loan application form,
- a copy of the National ID and
- PIN certificate for all borrowers, and
- companies in the case of limited companies, and
- two recent passport photos. Other requirements are
- business/company registration certificate,
- recent bank statement for the last 6 months,
- issued name printout and
- recent price report (for all incomes).
- The decision to lend money in the case of a company with limited liability enters the money,
- the object, the period of payment and the security provided (must be closed),
- the guarantee of the borrower / directors (if and company) and
- Client account details form – (check mark in case of Ltd.)
- In addition to the above, Cr 12 is required in the case of Ltd companies,
- Articles of association and
- certificate of incorporation for Ltd companies,
- audited accounts for the last 3 years for companies (for capital exceeding Kshs 500,000) ,
- a copy of the AGPO Certificate,
- a sketch of the commercial / residential premises (work visit report if the house is under construction) and
- a certificate and report of the CRB.