SEFA considers all applications for finance, however, the enterprise must have a business plan. SEFA can assist with drawing up the plan through the other support it offers.
To be considered for finance, you must:
- You are to be South African citizen or a permanent resident
- You need to have a registered entity, including sole traders with a fixed physical address
- Fall within the required legal contractual capacity
- Be domiciled in South Africa
- Be compliant with generally accepted corporate governance practices appropriate to the client’s legal status
- Have a written proposal or business plan that meets sefa’s loan application criteria
- Demonstrate the character and ability to repay the loan
- Have provided personal and/or credit references — if available
- Be the majority shareholder and the owner-manager of the business
- Provide relevant securities/collateral
- Have a valid Tax Clearance Certificate
Who does not qualify for finance?
SEFA considers all applications at any stage of the business, with collateral or not. However, there are some entities that fall outside the scope of businesses that the agency funds. These are:
- Labour brokers
- Manufacturing and selling of ammunition
- Tobacco, alcoholic beverages, gambling and sex trade
- Non-profit organisations
- Political organisations
- Persons under debt review
- Unrehabilitated insolvent shareholders and/or directors of applying entities
- Primary agriculture (except cash crops and the applicant must have an off-take agreement)
- Property development