YOUTH ENTERPRISE LOANS
INDIVIDUAL LOAN
TARGET MARKET
- Individual youth aged 18-35 years in business or those who want to venture into business.
OBJECTIVES
- Socio-economic empowerment of youths.
CUSTOMER BENEFITS
- Access start-ups capital.
REQUIREMENTS
- National IDs.
- Business profile for existing enterprises/business plans for start-ups.
- Bank statement for existing business.
- Letter of consent from guardians and their National ID.
- Identification letter from village Head or local leader in an urban location.
- Sketch map to place of residence and business premises.
- Letter of personal guarantor.
- Passport size photo (color).
- Police clearance report.
THRESHOLD
- Mwk 1,000,000.00 to Mwk 30,000,000.00.
TENURE
- 6 to 24 Months.
- Minimum grace period of 1 month may be granted.
RATES/TARIFFS
- Interest – 4.8%
- Processing and Admin fee – 4.5%.
COLLATERAL REQUIREMENTS
- Registered land.
- Vehicles.
- Equipment.
- Household chattels.
GROUP LOAN
TARGET MARKET
- Groups of 5-10 youth (including graduates, school leavers, school dropouts with business Interests).
OBJECTIVES
- Socio-economic empowerment of the youths.
CUSTOMER BENEFITS
- Accesss start-ups capital members can access the loans through group solidarity.
REQUIREMENTS
- National IDs for all members.
- Group constitution.
- Cross-guarantorship.
- Business profile for existing enterprises/business plans for start-ups.
- Bank Statement for existing business.
- Letter of consent from guardians and their national ID.
- Identification letter from village Head or local leader in an urban location.
- Sketch map to meeting place and residence of leadership (chairperson, secretary and Treasurer)
THRESHOLD
- First time borrower Mwk 1,000,000.00 to Mwk 10,000,000.00.
- Second time borrower Mwk 10,000,001 to Mwk 20,000,000.00.
- Third time borrower Mwk 20,000,001.00 to Mwk 30,000,001.00.
TENURE
- 6 to 24 Months.
- Minimum grace period of 1 may be granted.
RATES/TARIFFS
- Interest – 4.8%
- Processing and Admin fee – 4.5%.
COLLATERAL REQUIREMENTS
- Mutual guarantee.
- Individual members pledge collateral to leadership.
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