Organization : Saudi Industrial Development Fund
Facility : Apply for E-Loan
Country : Saudi Arabia
Website : http://www.sidf.gov.sa/en/Pages/default.aspx
SIDF Apply for E-Loan
To Apply for E-Loan first you have to Register your Account for that enter the below details,
Related : SIDF Apply for Non-Borrowing Certificate Saudi Arabia : www.statusin.org/41805.html
1. Enter Username
2. Enter Password
3. Enter Confirm Password
4. Enter Email
5. Select Do you have a loan with SIDF? Yes or No
6. Click on the Next button
Documents Required For Loan Disbursement
** 5The borrower submits to SIDF request for loan disbursement during the implementation of the project. The request should be supported by submission of required information on the costs of the project.
** Documentation required for loan disbursement shall be delivered to credit officer who is assigned by the Fund to manage the project and sign the Order Note in the SIDF offices for the full disbursed amount.
** Borrower is required to submit the guarantees stipulated by the loan agreement, LD verifies and approves that these guarantees are satisfied. Disbursement-related special conditions should also be satisfied (if any).
** For disbursement of the amount assigned to finance M&E, following documentation should be submitted :
a. Copy of the contract for M&E supply and respective invoices.
b. letter of credit from the borrower’s bank, along with certified invoices and detailed specifications.
c. Certificate of final delivery and certificate of origin.
d. Bill of lading and customs clearance documents.
** For disbursement of the amount assigned to finance buildings, following documentation should be submitted :
a. Copies of the signed contracts and detailed schedules of quantities.
b. Bank financial statements on bills for the work already implemented and receipts of cash payments.
c. Work progress report.
The competent SIDF officer shall make a site visit to the project to verify conformity and ensure quality of implementation. Borrower is also required to submit an official letter from his bank certifying the open of the required letter of credit (L/C), detailing the value and term of credit, validity of L/C, name of the beneficiary.
L/C should contain the bank’s undertake to cover the credit by transfer the amount provided by SIDF only, and not to amend the maturity date except under SIDF prior consent.
FAQs
1. Who is eligible to apply for Fund loan?
They are individuals, establishments, sole proprietorship and Saudi, foreign and joint-venture companies. They should be commercially registered in the Kingdom and granted an industrial license allowing them to conduct industrial business in the Kingdom. However, certain industries are no longer financed by the Fund. The SIDF website is furnished with pertinent details.
2. What are SIDF conditions for disbursement of the final 20% of the loan?
When a request submitted for disbursement of 80% or more of the loan, the project is in its final stage of implementation, and prior to disbursement of the final 20%, borrower should prepare and submit a detailed Arabic and English list of all project’s fixed and existing assets, such as buildings, M&E, cars and furniture, as they are virtually on the ground.
The list shall be reviewed by the Audit Division and forwarded then to LD for finalizing the mortgage notarization. Disbursement of the final (20%) of the loan also stipulates borrower’s compliance with all industrial safety, environmental and protection requirements, and the SIDF Safety Unit is satisfied that all safety and prevention equipment are in place.
3. Can the loan application be cancelled after signing the loan agreement prior to loan disbursement?
Yes, by a written request from the borrower, justifying the reasons for such cancellation. SIDF may cancel, reduce, or amend the loan commitment, and modify the maturity schedule accordingly.
4. Can the name, ownership or legal entity of the project be amended/changed after the loan approval?
Yes, in special cases the Fund may approve the change of the project’s name, ownership or legal entity upon submission by borrower of accepted and convinced justifications, provided that the borrower not enters into any legal or regulatory obligations prior to obtaining a written consent from the Fund to the project new ownership, and the SIDF legal procedures and respective requirements are duly completed.