Eligibility Criteria

General

The objective of First-Step is to provide loan finance to projects that will provide job creation/job protection.

Loans

First-Step provides loans from a revolving fund. In order to offset a portion of First-Step’s costs in the administration of this facility on your behalf, a fee is applicable in each case, and is payable prior to drawdown of the loan.

Business Plans

All loans are subject to Credit Committee approval. The Credit Committee seek sight of a full business plan.

References

First-Step will require personal, business and credit references as indicated to each project promoter. In making an application, the promoter is deemed to have authorised First-Step to take all reasonable steps to satisfy its Board with regard to these personal, business and credit references, from sources determined at First-Step’s discretion.

Loan Approval Conditions

In the event of the Board of First-Step approving a loan the following will apply:-

• The loan will contain conditions of repayment set out in the letter of approval.
• The Directors reserve the right to apply such other conditions, as they may deem appropriate to any loan that may be advanced.
• All approved projects are deemed by virtue of their application to permit First-Step, to use their project for publicity and fund raising activities as determined by the Directors of First-Step, and each approved project will give due proportionate recognition to the assistance provided by First-Step.
• In the case of any breach of the above conditions or default on any repayment, the Directors of First-Step Microfinance reserve the right to recall the entire loan and insist on immediate repayment.