Enterprise Development Fund

• Lending rate of between 4% to 7%
• 51% minimum black ownership

IDFC Fund

• Lending rate linked to prime
• 26% minimum black ownership or level 4 BBBEE

Click on the link below to view Business Funding Limits

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.

FICA

• 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

ENTITY DOCUMENTS

• 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 DOCS

• 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

OTHER

• 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;