Support young people in the Creative/Performing Arts
About The Loan
The loan is available to youth in the Creative/Performing Arts. The applicant may be an individual, registered group, partnership or companies owned and run by youth. The applicant may use the loan for working capital or to purchase talent related equipment.
Youth can access up to Kshs. 2 Million. It has no interest but a management fee of 5% of the loan amount will be deducted at disbursement. Loan amount up to Kshs. 300,000 will be secured using chattels and assets to be purchased. Loans above Kshs. 300,000 will be fully secured using conventional securities. Youth must have 2 guarantors one of whom must be in the industry.
The repayment period is as follows
- Contract financing: Maximum of 6 months
- Equipment and accessories purchase: Maximum of 2 years
- Budgeted recording, production or performance: Maximum of 3 months
- For film: Not more than 70% of the value of the contract
- For equipment and accessories: Not more than 70% of the cost
- Budgeted recording, production or performance: 90% of the budget
- Must be registered with the relevant authorized body (e.g for music, Music Copyright Society of Kenya).
- Must have a valid contract where applicable
- For music, must have evidence of recorded audio or video or evidence of work in progress.
- Must have a budget accompanied by invoices or quotations where applicable.
- Undertaking by contracting entity to pay the proceeds to Youth Enterprise Development Fund
- Must have 2 guarantors who must provide bank statements, one of whom must be operating in the industry. In the absence of this, the applicant must provide a conventional security.