Tourism Economic Stimulus Fund 2020 for Kenya Hotels & Establishments
The government of Kenya has rolled out an economic stimulus programme through the presidential address on the 8 point stimulus economic stimulus programme on 23rd May 2020 by injection of 38 to Tourism Finance Corporation for the soft loans to hotels and related establishments to help restore the Tourism sector from Covid-19 pandemic.
Therefore the Tourism Finance Corporation (TFC) invites hospitality interested investors to apply for the Tourism 2020 recovery stimulus soft loans online by complying with he following:
Who is eligible to apply for Kenya Tourism Economic Stimulus Fund 2020
- 10-20 employees
- 20-50 employees
- Over 50 employees
Businesses applying for the stimulus package must have been in existence for at least 3 years and provide audited accounts for last 3 years.
Are there parties or industries in the tourism sector that are not eligible?
- Minors
- Bankrupt personsPersons of unsound mind
- Buy offs/Refinancing
- Any company with a petition for winding up or notice for receivership has been served or auction proceedings had been instituted
- Persons adversely listed by a CRB; Exemptions will be granted upon satisfactory proof of clearance of the outstanding loan and an objective determination of the subject client’s credit worthiness
- Persons whose sources of funds cannot be conclusively determined in line with the Anti-Money Laundering Act
- Facilities that were not operational and or closed before COVID-19 pandemic
- Businesses carrying out gaming and Gambling activities
- Applicants requesting for buy offs of existing facilities
- Persons convicted of a criminal offence or economic crimes
- Businesses manufacturing weapons and are involved in war-related activities,
- Businesses in gambling and betting sectors,
- Brothels and related businesses
How do I apply for the facility?
The Applications must be submitted within the stipulated 21 days effective after the date of opening via the online application portal that has been developed.
Advertisement outlining loan application procedures will be available in the electronic, print and online media inviting interested parties to apply for stimulus package within the specified period.
Do I need to attach any documents in my application?
- Copy of completed Stimulus Application Form
- Copy of Business Plan/Feasibility study
- Copy of the Certificate of Incorporation
- Copy of owner’s national ID & PIN numbers of all Partners/Directors
- Copy of the Company’s PIN Certificate
- Copy of the TRA registration certificate
- Copy of KRA compliance certificate of the applicants and all its directors/partners
- Tourism levy compliance Certificate
- Copy of business registration (where applicable)
- Copy of Memorandum and Articles of Association & CR -12 (for registered companies)
- Copy of Partnership Deed (where applicable)
- Copies of BQs, invoices and quotations accompanied by work plans and implementation plans
- CVS of the Professionals overseeing the project
- Copy of the Company’s latest Annual Return where applicable.
- Board/Partnership Resolution to borrow.
- Bank statements for the last one (1) year
- Audited accounts for at least three (3) years (Year ending 2019 backwards) and Certified Management Accounts for the un-audited period for projects that are already in operation (Before 31 December 2019 and Between April2020 to June 2020).
- Copy of the loan security document free of encumbrances with a mortgage value of at least 120% of the loan amount.
- A valuation report carried out within the last 3 years/ if not provide indicative value
Green Energy financing
- Valid Quotation for the item being purchased
- Copies of 6 Months electricity and water bills
- Warranty of the product.
How long will it take to process my application?
How do I know if my application is successful or not?
How will successful applicants receive the disbursement?
What is the maximum amount one can borrow?
Can I use the funds for any other purpose?
How much is the application fee?
What other costs are related to the loan
How much interest is charged on the loan?
Is the loan repayable and for how long?
How do I repay the loan?
Do you offer a grace period to repay the loan?
Do I need to place any collateral?
What kind of collateral is acceptable to the Corporation?
What other securities can I avail to secure the loan?
Do I need to sign any agreement?
Do I qualify for another loan after repayment?
I am not in business; can I apply for the facility?
I closed my business; can I apply for the facility?
I want to start a business; can I apply for the facility?
Am I required to put in my own funds to qualify for the stimulus package?
Do you prepare Business plans for customers?
Do I need to provide another security if I have an existing loan with TFC?
Do you allow sharing of securities?
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For more Information: Visit the webpage for Tourism Economic Stimulus Fund 2020 for Kenya Hotels & Establishments