About The Loan
The loan targets youth in the creative economy and sports. It seeks to help them commercialize their talents, develop creative projects, launch startups and grow their businesses.
Eligibility:
- Youth in specific sport governing bodies in Kenya
- Athletes
- Youth-owned sports agencies/academies/organizations
- Business structures: Sole proprietors, Partnerships, Limited Companies, Youth groups
Loan Amount:
- Minimum: Kshs.. 50,000 – Maximum: Kshs.. 2,000,000
Loan Term:
- Maximum: 4 years
Repayment Period:
For Working capital/equipment purchase:
- Up to Kshs.300,000: Max 18 months
- Kshs. 300,001-1,000,000: Max 24 months
- Kshs. 1,000,001-2,000,000: Max 48 months (4 years)
For Contract financing, budgeted recording, production or performing art:
- Bullet payment will be done within a maximum of 6 months
Collateral/Security:
- Loans secured by chattels will require two guarantors (one must be club/agency/organization for players/athletes)
- Loans up to Kshs.. 100,000 will be secured using chattels, stock, livestock, business assets
- Loans above Kshs.. 100,000 will be secured using conventional securities
- Insurance on purchased equipment (borrower’s cost)
Required Documentation:
- Valid contract (3+ months old) between player/athlete and club/agency/organization
- Valid membership certificate/cards from relevant sport governing body
- Valid registration license for private sport agencies/academies
- Recommendation letter from agency/academy/club/sport organization
Contract Requirements:
- Agreement term (clear begin and end)
- Service to be rendered by player
- Remuneration
- Clear termination clause
- Clear disciplinary and conflict resolution mechanism
Signed by both player/athlete and club officials/agency/academy/organization