How the revolving fund will be administered;
1. A call for application shall be made by Kenya ICT Board for prospective entrepreneurs to submit Digital Village Revolving Fund loan applications;
2. Prospective entrepreneurs submit complete applications to the nearest Bank that is working in partnership with the Kenya ICT Board to disburse the revolving fund (Family Bank);
3. Submitted applications are vetted by Family Bank and Kenya ICT Board’s Grants Committee;
4. Successful entrepreneurs are informed and invited to sign a loan agreement and Kenya ICT Board service level agreement;
5. Successful entrepreneurs begin loan repayment after a grace period of three (3) months.
The funds allocated to each entrepreneur will be repayable over a three (3) year period. These repayable funds received by the entrepreneurs can be used to finance set-up costs and or upgrading of an existing facility.
Interest Rates: The Interest Rate shall be 11.5% p.a on the reducing balance.
Repayment Period: Repayment period shall be a maximum of 3 years (36 months). Whereas there is no minimum repayment period, the entrepreneurs will be allowed to take the option of repaying their loans in shorter periods if they are able.
Grace Period: The Grace Period shall be three (3) months. This is the period within which they have to invest in advertising and engage in such promotional practices and introductory price offers.