Talanta Loan

August 17, 2017

Talanta Loan

Support young people in the Creative/Performing Arts

About The Loan

The Youth Enterprise Development Fund provides The loan targets youth in the Creative/Performing Arts. The applicant may be an individual, registered group, partnership and companies owned and run youth. The Applicant may use the loan for working capital or to purchase talent related equipment:

 

Loan Details
Loan amount: Min- Max Kshs. 100,000 – 2,000,000
Management Fee 5% (this loan is interest free)
Repayment period: 12 months
Grace period: 1 month

Repayment period:

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

Amount financed:

  • 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

Repayment period:

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

Qualifications:

  • 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.
  • For companies, groups and partnerships membership composition must be at least 70% youth (18-34 years).
  • 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.

Requirements:

  • Dully filled application form which is available at any Youth Fund office
  • Copy of contract
  • Invoice/quotations
  • Two most recent pass port affixed at the right corner of application
  • Copy of security document
  • Resolution to borrow in case of a Limited Company capturing amount, purpose, payment period and security offered (must be sealed)
  • Customer bank account details and/or vendor bank details
  • Cr 12 (for limited companies)
  • Copy of business registration certificate/certificate of incorporation
  • Articles and Memorandum of Association
  • Partnership deeds
  • Copies of id and pin for all borrowers and guarantors
  • Duly filled guarantee forms and witnessed by a lawyer
  • Guarantor certified 6 months bank statements
  • Pin certificate for the Company in case of a Limited Company
  • Copies of relevant licenses
  • Business records and copy of previous contracts if any
  • Certified 6 months bank statement
  • Certified loan statement if any
  • Audited report accounts for the last 2 years in case of the Limited Company

Security:

  • Must have 2 guarantors who must provide bank statements, one of whom must be operating in the industry.
  • Collateral
    • Up to Kshs. 300,000 chattels and Asset to be purchased
    • Above Kshs. 300,000 conventional securities
  • Equipment being purchased
  • Letter of undertaking
  • Bank guarantees
  • Land and landed property