INDUSTRIAL DEVELOPMENT FUND
1.0 The Fund is in local currency (RTGS) and is managed as a revolving facility, meaning that as other beneficiaries repay, the reserve being built becomes available to others.
The Fund targets corporates who are either existing or new who are into manufacturing and value adding activities across the country and priority is given to those who are able to exploit our local currency to export or have the potential to do so or to import substitute.(Refer to Eligibility section for more details)
2.0 Application Process
Customers must first satisfy themselves about their eligibility and availability of funds before initiating the application process which begins with obtaining or down loading a list of application requirements and application form which could alternatively be obtained from IDCZ offices.
Completed applications will be submitted to the IDCZ for processing after payment of a non-refundable application fee of US$150 or its equivalent at the auction rate.
The applicants will be expected to comply with all the stipulated application requirements and the Corporation will not accept incomplete applications.
3.0 Loan Limits and Basic Terms
The minimum loan amount is currently the equivalent of US$50 000 at the applicable auction rate and the maximum is US$600 000 at the same auction rate. The loan tenure is currently 12 months for working capital and 24 months for capital expenditure.
Interest rate of 35% p.a currently applies with a once-off upfront administration charge of 2% of the loan amount all of which are reviewable from time to time.