1. LOAN FUND CRITERION
The following criterion will be applicable for the disbursement of funds:
- The loan amount ranges between R5 000 and R100 000.
- The fund is open to businesses in the Western Cape Province ONLY. The registered business address must be within the Western Cape borders. Proof of residential address must accompany the application.
- A once off initiation fee of 2% will be applied to all loan transactions.
- An administration fee of R50 per month or a portion thereof will be charged.
- An interest charge of 8% per annum will be applied to all loan amounts.
- An interest rate of 18% per annum will charged on all late payments. This will commence on the date following the agreed repayment date.
- All applicants must produce the required documentation in order to access the fund.
- All applicants must be 18 years or older.
- No applicant may apply for two or more loans simultaneously or while there is still an outstanding balance on another loan account.
- There must be a valid contract in place for all applications.
- The adjudication committee will confirm validity of the contract with the relevant Supply Chain Department.
- All applications must reach Casidra before the contract commences.
- The repayment period shall not exceed the tender/contract period. A full cash flow projection must be submitted for the contract period.
2. LOAN FUND EXCLUSIONS
The fund will not support:
- the financing for the purchase of vehicles
- the financing for the purchase of or renovations to fixed property
- the financing of illegal activities
- the financing for the purchase of alcohol/drugs
- the financing of any activity/project found to be immoral and offensive.