Vijana Access The Pasha Loan-Affordable Credit Facilities For The Establishment of Intergrated Digital Villages Countrywide @Kenya Constituency.

	Product Attributes
Purpose	To enable prospective entrepreneurs obtain access to affordable credit facilities for the establishment of Digital Villages countrywide
Ownership	The Pasha Centers are run by private entrepreneurs. Prospective entrepreneurs who apply for the Digital Villages Revolving Fund and are successful will be eligible to set up Pasha Centres.
Target market	Individuals, Youth groups, Self Help Groups, Public and Private Institutions, businesses enterprises in forms of sole proprietorship, partnerships and companies, from any constituency countrywide.
Eligibility	Eligible Kenyan Citizen, Over 18 years of Age Can be Individuals Entrepreneur Youth  Practicing Business people Retrenched/ retired employees Can be Registered Kenyan company, Partnership, Non Governmental Organization, Business Associations, Limited company, Savings and Credit cooperative organization (SACCO) Not Eligible Kenya ICT Board Employees and Directors Family Bank Employees Government Ministry and Departments State Corporations Local Government authorities/ units Individuals without a Valid Kenyan Citizen identification document. A foreign registered Company Partnership, Non Governmental Organization
Requirements	There are some basic requirements that a successful applicant must have: Kenyan citizen above the age of 18 years old Valid Kenya National Identity Card (ID) or Passport (original) Kenya Revenue Authority (KRA) Personal Identification Number (PIN) Certificate Premises for Pasha Centre with access to electricity and internet connection Capacity to contribute 10% of the total project cost Demonstrate ability to repay the loan      If applying as a legal entity Certified copy of certificate of registration Certified copy of local business license/certificate Certified copy of business’ KRA PIN certificate Certified copy of Articles & Memorandum of Association (for limited companies) Certified copy of Partnership Deed (for partnerships) Minutes or Letter of Resolution to apply for Pasha loan (with a company seal where applicable) Sketch map to current business premises Optional Documentation      bank accounts statements of any accounts held with any Financial Institution Loan statements for any current loan facilities with any financial institution Business’ financial statements (if applying as a legal entity)     (Valid reason should be given as to why the optional documents haven’t been submitted)       For successful applicants only Insurance proposal forms Valid chattels mortgage(Household items) Offer Letter Service Level Agreement
Loan Amounts	To be guided by investment requirements for the Pasha Centre Project
Mode of Repayment	Monthly instalments recovered directly from borrower(s) Family Bank Account Maximum repayment period – 36 Months
Grace Period	3 Months
Collateral/Security	Chattel Mortgage (household items) on Financed Assets Monthly DVRF Entrepreneur Reporting to ensure default cases are minimized through identifying warning signs and instituting timely corrective measures
Pricing	Interest rate - 11.5% p.a. on reducing balance Insurance Premium on equipment to be reviewed on a case by case basis Credit Insurance to cover death and disability - 0.35% of loan amount multiplied by the number of years (months/12) Borrower’s contribution - 10% of digital village project costs
Physical Evidence	Approved application form by Kenya ICT Board Offer Letter Kenya ICT Board Service Level Agreement
General Process	Pasha Loan Application 1.    Kenya ICT Board issues public call for Pasha Loan Applications for the set up of new Pasha Centres or to improve or expand existing e-center facilities. 2.    Applicants collect application forms from designated collection points or download from FBL & Kenya ICT Board websites. 3.    Applicants submit Pasha Loan Applications together with all the required documents to the nearest FBL Branch. 4.    FBL Branch Credit Officers receive loan applications and Confirm the forms are duly completed    ·       All necessary documents are enclosed   ·       Certify copies of any legal documents submitted   ·       Register applications online and issue the applicant with an official KICTB Reference Number 5.    FBL Branch Credit Officers prescreen  applications 6.    Applicants who meet prerequisite requirements are invited for credit appraisal interview at the nearest FBL Branch. 7.    FBL Credit Branch Committee appraises the applications and selects the best applications 8.    Selected applications are subjected to home and business visits as well as verification of the intended location of the Pasha Centre and vendor quotations 9.    FBL Branch Credit Committee selects the best applications and forwards them to FBL Head Office Credit Committee 10.  FBL Head Office Credit Committee reviews the applications and selects the best three per constituency to forward to the KICTB Grants Committee 11.  Grants Committee reviews the submitted applications and selects the best application per constituency, and  notifies FBL 12.  FBL issues  the successful Applicants with an Offer Letter  13.  Successful Applicant signs Offer Letter and Kenya ICT Board Service Level Agreement; opens a FBL bank account and deposits 10% of the project cost.   14.  FBL disburses the loan as per the Offer Letter Terms and Conditions. 15.  Successful Applicant repays loan in installments as stipulated in the Offer Letter.
	You can also visit: http://www.ict.go.ke and http://pasha.co.ke