SKILLED MEN ARTISAN LOAN
INDIVIDUAL LOAN
TARGET MARKET
- Individual men who have acquired skills from different institutions and programs such as TEVETA, Colleges and technical school, Government internship.
OBJECTIVES
- To contribute to the creation of jobs to idle skilled graduates.
- Encourage entrepreneurial partnership.
CUSTOMER BENEFITS
- Access capital for establishing business.
- Get self-employed and employ others.
REQUIREMENTS
- National ID
- Color passport-size photos
- Partnership Deed
- Business Registration certificate.
- Personal Guarantor
- Guardians consent for collateral and loan.
- Letter form local leader
- Sketch map to residence of place of business.
- Certificate of competence for the skills professed.
THRESHOLD
- Mwk 3,000,000.00 to Mwk 30,000,000.00
TENURE
- 6 to 36 months
- Minimum grace period of 1 month may be granted.
RATES/TARIFFS
- Interest rate – 4.8%
- Processing and Admin fee – 4.5%
COLLATERAL REQUIREMENTS
- Personal guarantor
- Institution guarantor e.g., TEVETA, SMEDI or other where possible.
- Equipment
- Association guarantee where applicable.
GROUP LOAN
TARGET MARKET
- Groups of size 3 to 10 men who have acquired skills from different institutions and programs such as TEVETA, Colleges & technical schools, Government internships.
OBJECTIVES
- To contribute to the creation of jobs to idle skilled graduates.
- Encourage entrepreneurial partnership.
CUSTOMER BENEFITS
- Access capital for establishing business.
- Get self-employed and employ others.
REQUIREMENTS
- National IDs for all members
- Group constitution
- Cross-guarantorship.
- Identification letter from village Head or Local leader in an urban location.
- Sketch map to meeting place and residence of leadership (chairman, secretary and Treasury, Discipline Enforcer)
- Certificate of competence for the skills professed (for artisans’ start-ups)
THRESHOLD
- Mwk 3,000,000.00 to Mwk 30,000,000.00
TENURE
- 6 to 36 months
- Minimum grace period of 1 month may be granted.
RATES/TARIFFS
- Interest rate – 4.8%
- Processing and Admin fee – 4.5%
COLLATERAL REQUIREMENTS
- Institution guarantor e.g., TEVETA, SMEDI or other where possible.
OPENING HOURS
MONDAY – FRIDAY
7:30 AM – 4:30 PM
CONTACT US
NATIONAL ECONOMIC EMPOWERMENT FUND
P.O BOX 779, LILONGWE
PHONE # : +265 999 941 333 | +265 999 938 333
EMAIL: info@neef.mw