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FUNDING CRITERIA
1 Co-operatives Financial Institutions ( CFI’s)
1. Must have been operating for at least 12 months
2. Must have a minimum membership of 200 members
3. Must have built a savings book of at least R 100 000
4. Must have a minimum equity book of R 20 000 [with no single member above 10% of Equity]
5. Must have a fully functioning Board of Directors, verified by meeting minutes.
6. Must have a written Constitution.
7. Monthly management accounts supported by bank statements
8. Proof of registration with the Registrar of Co-operatives
9. Proof of registration in terms of the National Credit Act, where applicable
10. Must be compliant with deposit taking legislation
2. Microfinance Institutions
1. Must have been operating for at least 12 months
2. Must have a minimum no. of active loans of 500 or a loan book of R 500 000
3. Must have a fully functioning Board of Directors
4. Managing Director must have a minimum of five years’ experience or track record of microfinance and/or SMME industries.
5. Must have at least one full year of audited financial statements
6. Must be a (Pty) Ltd Company or a Section 21 organization
7. Proof of registration in terms of the National Credit Act, where applicable.
Note: CFI’S includes FSC’S, SACCO’S, Credit Unions and Village Banks.
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