youthfund.go.ke Take 254 Loan Kenya : Youth Enterprise Development Fund
Name of the Organization : Youth Enterprise Development Fund
Type of Facility : Take 254 Loan
Country : Kenya
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Website : http://www.youthfund.go.ke/
Download Forms : http://www.youthfund.go.ke/downloads/
Take 254 Loan :
Description:
Product – Design (Features-terms and conditions eg repayment period, frequency, benefits) Purpose
Related : Youth Enterprise Development Fund Agri-Vijana Loan Kenya : www.statusin.org/7090.html
To provide working capital for youth in film making business. The loan will be for pre-production, production and post-production.
Approach:
The loan will be available to individuals, registered groups, partnerships and companies owned and run by the youth.
Features & Qualifications:
Must be registered with the relevant government body.
For business entities membership composition must be at least 70% youth (18-34 years).
A clearly outlined technically and financially sound business project proposal must be availed.
The maximum amount available for this loan is Ksh. 25M
The loan will interest at a rate of 8% flat rate and processing fee of 3% chargeable at disbursement.
Applicants must submit completed loan proposal forms. The loan will be advanced for film making business activities only.
Loan Amount:
The maximum available for this loan will be Ksh. 25M
Mode of Loan Disbursement:
Based on the production schedule by issue of cheque or direct credit to the applicant’s bank account. However, the lender will at times disburse loan proceeds to the applicant’s identified service providers or agents.
Repayment period:
For loans between Ksh.500,000-Ksh.10 Million, the grace period will be 2 Months and the project must be completed in 4 Months
For loans >Ksh.10 Million-Ksh.25 million, the grace period will be 3 Months and the project must be completed in 6 Months
Maximum repayment period will be 72 months (6 years) after the respective grace period.
Security:
Script Copyright assignment
Cash flow assignment
Chattels Mortgage over business assets
Deeds of Guarantee
Land &Landed property
Ksh.500,000– 5 Million
Copy right
100% assignment of cash flows and Deeds of Guarantee
>5Million – 10Million
30% from land & chattels
70% from copyright
100% assignment of cash flows and Deeds of guarantee
>10Million – 25 Million
50% from land & chattels
50% from copyright
100% assignment of cash flows and Deeds of guarantee
Mode of Repayment:
Minimum monthly installments and bullet payments depending on the income flows to be made though YEDF bank account
Interest rate: 8% per annum on the amount
Processing Fee: 3% of the principal amount
Documentation : Documents required will include;-
Application form:
Logline
Synopsis (max.200 words)
Treatment (max.1000 words)
Cvs,copies of ids
Security documents
Other relevant documents
About Youth Fund :
The Youth Enterprise Development Fund is a state corporation under the Ministry of Public Service, Gender and Youth Affairs. It was gazetted on 8th December 2006 and then transformed into a State Corporation on 11th May 2007. The Fund is one of the flagship projects of Vision 2030, under the social pillar.
Its strategic focus is on enterprise development as a key strategy that will increase economic opportunities for, and participation by Kenyan Youth in nation building. The Fund seeks to create employment opportunities for young people through entrepreneurship and encouraging them to be job creators and not job seekers. It does this by providing easy and affordable financial and business development support services to youth who are keen on starting or expanding businesses.