GEP micro finance, ideal for micro businesses
Gauteng Enterprise Propeller (GEP micro finance) is a financial institution which was established with a purpose of designing a programme that would enable micro businesses to access finance which would allow them to be integrated into economic structures and make a meaningful contribution in the main stream economy. This lending programme which is restricted within the boundaries of Gauteng province has benefited start-up and other existing firms and contributing to concerted economic efforts of job creation and poverty reduction.
GEP finance offers credit plans between the range of R10,000 and R250,000 with a fixed 8% interest rate per annum and a 36 months repayment period. Collateral on these loans is determined by GEP based on the feasibility repayment structure of each project. The GEP loan finance is ideally tailored for contract finance, bridging finance, invoice discounting and project finance, start-up finance, expansion finance and franchise finance.
The minimum requirements for this funding programme is that a client should be South African citizen, be Gauteng based, have 51% black equity ownership, client must have skills relevant to the business venture and the client should demonstrate commitment to sustain and grow the business.
To access the GEP finance, a GEP application should be filled in accompanied by certified ID copies of members or directors, company registration documents, original unexpired tax clearance certificate, applicable compliance documents like lease agreements, 36 months cash flow projections, breakdown of all working capital requirements,loan applications below R50,000 should supply a business profile and those above R50,000 should provide a comprehensive business plan.
Gauteng Enterprise Propeller (GEP) is indeed moulding entrepreneurs. GEP can be contacted on 0110852001.