Ithala’s Business Finance Unit is responsible for facilitating the development and empowerment of KwaZulu-Natal-based business enterprises, in addition must be promote job creation in the province.
In meeting this objective, the unit offers a wide range of products and services, all geared to assist business owners with the necessary finance and requisite skills to operate and grow sustainable enterprises for a better business future.
Enterprise Development Fund
- Lending rate of between 4% to 7%
- 51% minimum black ownership
- Lending rate linked to prime
- 26% minimum black ownership or level 4 BBBEE
Click on the link below to view Business Funding Limits
- Business must be registered with CIPC or properly constituted Partnership, Trust or Sole Proprietor.
- Members/Shareholders of the business in possession of a valid SA ID.
- The business must be SARS registered as a taxpayer and provide a valid tax clearance certificate.
- Main business operations or primary place of business must be within KZN
- Business impact must benefit KZN economy or people domiciled in KZN;
- Good standing with existing creditors.
- The business’s economic activity must have a demonstrable socio-economic impact.
- The business or project must demonstrate financial viability.
- The members/shareholders of the business must not be un-rehabilitated insolvent and not be under debt review or administration order
- The business must not be engaged in any illegal activity.
- At least one partner, member or shareholder must be involved in the management of the business at senior or executive level.
- Copy of Identity documents of all members/spouses/shareholders/directors
- Proof of residential and postal address for members/shareholders/directors not older than 3 months
- Proof of Business address not older than 3 months. Note that should the business not have a bill in its name confirming the business address, an affidavit can be done by the director / shareholder at a local police station confirming the business address
- Proof of Telephone and Cellphone Numbers for members/shareholders/directors and for Business entity not older than 3 months. Note that should the business not have a telephone bill in its name, an affidavit can be done by the director / shareholder at a local police station confirming the telephone number
- Marriage certificates/ANC Agreements/Divorce Orders for members/shareholders/directors
- Copy of the lease agreement if property is leased or title deed if property is owned
- Signed Personal Statement of assets and liabilities for all members/shareholders/directors
Proof of Telephone and Cellphone Numbers for members/shareholders/directors and for Business entity not older than 3 months. Note that should the business not have a telephone bill in its name, an affidavit can be done by the director / shareholder at a local police station confirming the telephone number
- Registration certificates if business trades as Pty Ltd or Trust (CIPC Document)
- Joint Venture Agreements/ Shareholders Agreements/ Member Agreements
- Proof from company auditor indicating shareholding allocation/completed affidavit/share certificates
- Organizational Chart and Shareholding Organogram
- Relevant License/ Permits to operate in said industry
- CVs on all members/shareholders/directors/key staff
- Original Valid Tax Clearance Certificate
- Comprehensive business plan / Business Profile
- BEE Certificate
- Financial Statements of your existing business (es) for the last three years (if applicable)
- Cash flow projections for 5 years, including income statement and balance sheet (first year reflected monthly)
- Latest Management Accounts (Income Statement, Balance Sheet and Cash Flow Statement with notes)
- Debtors and Creditors Age Analysis as at Management account date
- Breakdown of income sources
- Latest Twelve months’ Original Bank Statements of business
- trading account (Bank Stamped)
- Statements at management account date for all liabilities
- Original completed Ithala Application forms signed by each member/shareholder/director
- List of equipment to be financed and a breakdown of the utilization of the finance (2 quotations to be provided, indicate preferred)
- Proof of own contribution (if applicable)
- Ithala Development Finance Corporation will take all forms of security available to secure transaction at hand
- However, there is NO requirement for 100% collateral coverage;
Security shall include:
- Security over assets financed;
- Surety Bonds over properties
- Cession of investments
- Cession of income/debtors;
- Personal guarantees from sponsors/promoters;