The Secretariat is able to complete the entire process in 10 days from the date all the information is furnished by the applicant and due diligence is complete.
Application Assessment & Approval Process
1. Confirmation of Receipt of Application via phone or email.
This is to establish initial contact and assure applicants, that their applications have been received by the Secretariat. This will also be a means of confirming applicants contact channels.
2. Initial Screening & Due Diligence
This is to determine whether the Secretariat would be able to assist the applicant with the requested support. This starts with making an appointment with applicant for a face-to-face interview. The applicant will be given a list of documents to present on or before the interview. The interview is based on our wide-ranging due diligence checklist. Where necessary, the face-to-face interview is used to assist applicants complete the required information. The essence of this interview is to assess the applicant’s business model, ability to generate cash flow and repay loan, experience, entrepreneurial flair, management style, project management skills, professional and ethical conduct, credibility, commitment, etc.
3. On-Site Due Diligence
An onsite due diligence is conducted to assess the environment and social impact of project to be funded.
4. Credit Assessment
Once all the information is collated the application is assessed per the applicant’s credit history and the business’ ability to generate cash flow and repay the loan in both quantitative and qualitative aspects. Quantitative aspects relate more to the business’ financial performance. Qualitative factors considered include enquiry into the management’s technical expertise and experience, existence of market for the goods or services, competition and market conditions. Also, to be considered during the assessment process is capital the applicant puts toward the proposed project. In cases where it is deemed necessary, collateral requirements will be considered.
The Secretariat relies on Technical Advisors and the Approval Committee to adjudicate requests for funding. The approach allows for an in-depth consideration as well as a forward-looking approach to funding requests.
5. Compilation of Reports
Once all the information has been assessed, a credit report is compiled for consideration by the Approval Committee.
6. Assessment Committee
The Approval Committee sits weekly to consider and approve applications.
7. Contracting and Disbursement
Once application has been approved by the Committee, applicant is contacted for contract signing. Credit is extended through our partner financial institution.