SKILLED YOUTH ARTISAN LOANS
INDIVIDUAL LOAN
TARGET MARKET
- Individuals who have acquired skills from different institutions and programs such as TEVETA, Colleges and Technical schools, Government internship.
OBJECTIVES
- To contribute to the creation of jobs to idle skilled graduates.
- Encourage entrepreneurial partnerships.
CUSTOMER BENEFITS
- Access capital for establishing business
- Get self-employed and employ others.
REQUIREMENTS
- National ID.
- Colour passport-size photos.
- Partnership Deed.
- Business Registration Certificate.
- Personal Guarantor.
- Guardians consent for collateral and loan.
- letter from 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 – 4.8%
- Processing and Admin fee – 4.5%.
COLLATERAL REQUIREMENTS
- Personal guarantor.
- Institution guarantor e.g.,TEVETA, SMED or others where possible.
- Equipment.
- Association guarantee where applicable.
GROUP LOAN
TARGET MARKET
- Groups of size 3 to 10 who have acquired skills from different institutions and programs such as TEVETA, Colleges and Technical schools, Government internships.
OBJECTIVES
- To contribute to the creation of jobs to idle skilled graduates.
- Encourage entrepreneurial partnerships.
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 2,500,000.00 to Mwk 30,000,000.00.
TENURE
- 6 to 36 months.
- Minimum grace period of 1 month may be granted.
RATES/TARIFFS
- Interest – 4.8%
- Processing and Admin fee – 4.5%.
COLLATERAL REQUIREMENTS
- Personal guarantor.
- Institution guarantor e.g.,TEVETA, SMED or others 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