SIDO extends credit facilities in two programs.These are the National Enterpreneurship Development Fund (NEDF) and Regional Revolving Fund (RRF) for individuals and group loans.
NATIONAL ENTERPRENEURSHIP DEVELOPMENT FUND (NEDF)
FEATURES
Loan Amount: 500,000 Tsh- 5,000,000Tsh
Repayment Period: up to 3 years depending on the type and size of the project.
Repayment Model: Monthly instalments
Interest rate: 18% per annum for prodution sectors (Declining method)
Interest rate 22% per annum for non production sectors (Declining method)
Service Charge: 2% of the loan amount
CONDITIONS/REQUIREMENTS
i. Applicant must be an adult citizen of Tanzania
ii. The Project seeking funding must be legally registered
iii. The place of residence of the prospective borrower must be permanent and well known by local authorities.
vi. The borrowing entrepreneurs must possess occupancy status to the proposed project site.
v. The entrepreneurs seeking for SIDO loan must be known by local leaders and they must be ready to verify the existence of the entrepreneur and the enterprise
vi. The borrowing entrepreneur must have the capability and willingness to repay the respective loan.
vii. The borrowing entrepreneur must possess or be ready to open a valid bank account in the name of the respective business.
viii. Applicants must have two guarantors
ix. The Security shall cover at least 125% of the loan amount.
BENEFICIERIES
Both, Start ups and existing businesses.
REGIONAL REVOLVING FUND (RRF)
FEATURES
Loan Amount: 500,000Tsh - 6,500,000Tsh
Repayment period:up to 3 years depending on the type of the project
Repayment Modal: Monthly instalments
Interest rate: 22% per annum for production and non production sector (Declining method)
Service Charges: 2 % of the loan amount.
CONDITIONS/REQUIREMENTS
i. The project seeking fund must be legally registered.
ii. The place of residence of the prospetive borrower must be permamnent and well known by loal athorities.
iii.The borrowing enterpreneurs must posses occupancy status to the proposed projet site.
iv.The enterpreneurs seeking for SIDO loan must be known by local leaders and they must be ready to verify the existance of the enterpreneur and the enterprise.
v.The borrowing enterpreneurs must have the capability and wilingness to pay back the loan.
vi.Applicant must have two guarantors
vii.The Security shall cover at least 125% of the loan amount.
BENEFICIERIES
Both, Start up and existing businesses.
SOLIDALITY GROUP LENDING
FEATURES:
Loan Amount:100,000Tsh-500,000Tsh
Repayment Period:6 months - 1 year
Repayment Model: Weekly, Monthly
Interest rate: 18% per annum
Service Charges: 2% of loan amount
Loan Savings: 20% of loan amount
CONDITION/REQUIREMENTS
1. Age of Client: Minimum 18 years
2. Nationality: Must be citizen of Tanzania
3. Ownership of business: Clients must own Small /Medium Enterprises.
4 Legality: The business should be lawful
5. Personal Character : Ready to form Solidarity (Self -Formed) groups and guarantee each other within a group
6.The Security shall be a weely/monthly savings and moveable household properties.
BENEFICIERIES
SMEs, both start ups and existing businesses.
