RWG Credit Factoring Scheme

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1 Access to Finance Access to finance has always been one of the most challenging aspects for SMEs. The high cost of credit is dangerously stifling the drive of entrepreneurs; threatening the growth, profitability and competitiveness of the SME sector. In order to remedy this situation, the Government has put in place several schemes aimed at maintaining the flow of credit to SMEs and improving their access to capital markets, namely:- RWG Credit financing scheme (Factoring) SME Financing (Window 1 - Turnover < 10 M) SME Financing (Window 2-10 M > Turnover < 50 M) Equity Participation in enterprises Import Loan Facility SME Partnership Fund DBM - Booster Micro Credit Loan DBM - Quasi-Equity Financing DBM - Business Development DBM - Normal for the Agricultural Sector 1

2 RWG Credit Factoring What is factoring? Factoring is a financial transaction whereby a business sells its accounts receivable (i.e. invoices) to a third party (called a factor) at a discount in exchange for immediate money with which to finance business transactions. Objective of scheme RWG Credit financing scheme (Factoring) To provide cash flow to entrepreneurs via the factoring of their credit sales invoices through Non-Bank Financial Institutions (NBFIs). Benefits of the to entrepreneurs & SMEs - The SME is freed of administrative tasks of monitoring debtors. - A professional team of the NBFIs takes charge of the SME debtors and debt collection. - Restructuring Working Group (RWG) Conditions of the scheme Interest Rate - Maximum single Client Funding Limit: Rs10M. - Maximum single Debtor Factoring Limit: Rs2M. - Maximum credit invoice period: 90 days. - Maximum % financing: 90% of invoice amount. Remaining 10% kept in a Reserve Account and released to the beneficiary (less accrued interests and any outstanding charges) once the invoice is paid in full. Interest rate: 7.5% p.a. (on invoice amount) Factoring Fee Factoring fee: 1.5% of invoice amount. Share of Contribution - Upfront and one-off fee of Rs 5000 for SMEs with a turnover below Rs 5M - Upfront and one-off fee of Rs 10, 000 for SMEs with a turnover above Rs 5M Eligibility Criteria - SME with an annual turnover not exceeding Rs 50M. - SMEs in operation for at least 1 year. - All sectors, except trading. - Selling products and services to other business houses, i.e., B2B on credit terms not exceeding 90 days (3 months). Mode of Application - The SME should apply directly to the NBFI, e.g. CIM Finance. (Please see List of Partners for contact details) Validity period of the scheme - will end by 31December

3 SME Financing SME Financing (Window 1 ) (Turnover < 10 M) Objective of scheme To assist SMEs in raising finance from commercial banks to meet their working capital needs and their expansion as well as create new jobs. It covers overdrafts, existing and new loans. Benefit of the - The SME Financing provides low cost financing to entrepreneurs and SMEs. - It consolidates the relationship and trust between the banker and the SME. - Saves time, as the bank already possesses the KYC information (Know-your-customer). Restructuring Working Group (RWG) Interest Rate Interest rate at repo+3 % (presently at 7.65 %.) Security As may be required by the Bank. Eligibility Criteria - SMEs with a turnover of less than Rs10M. - SMEs in operation for at least one year - Excludes Employment, Religious or Charitable Institutions, Trading and Real Estate. Mode of Application Validity period of the scheme - Excludes luxury items, including, luxury vehicles. The SME should apply directly to any of the following Banks, involved in the scheme: 1. ABC Banking Corporation Ltd 2. AfrAsia Bank Limited 3. Bank One Limited 4. Bank of Baroda 5. Banque des Mascareignes Ltée 6. Barclays Bank PLC 7. Bramer Banking Corporation Ltd 8. Habib Bank Limited 9. Mauritius Post and Cooperative Bank Ltd 10. SBI (Mauritius) Ltd 11. Standard Bank (Mauritius) Limited 12. State Bank of Mauritius Ltd 13. The Hongkong and Shanghai Banking Corporation Limited 14. The Mauritius Commercial Bank Limited will end by 31 December

4 SME Financing SME Financing (Window 2) (10 M > Turnover < 50 M) Objective of scheme To assist SMEs in raising finance from commercial banks to meet their working capital needs and their expansion as well as create new jobs. It covers overdrafts, existing and new loans. Benefits of the - The SME Financing provides low cost financing to entrepreneurs and SMEs. - It consolidates the relationship and trust between the banker and the SME. - Saves time, as the bank already possesses the KYC information (Know-your-customer). Restructuring Working Group (RWG) Interest Rate Interest rate at repo+3 % (presently at 7.65%). Security As may be required by the Bank. Eligibility Criteria - SMEs with a turnover of above Rs10M but less than Rs 50 M. - SMEs in operation for at least one year. - Excludes Employment, Religious or Charitable Institutions, Trading and Real Estate. Mode of Application Validity period of the scheme - Excludes luxury items such as luxury vehicles. The SME should apply directly to any of the following Banks, involved in the scheme: 1. ABC Banking Corporation Ltd 2. AfrAsia Bank Limited 3. Bank One Limited 4. Bank of Baroda 5. Banque des Mascareignes Ltée 6. Barclays Bank PLC 7. Bramer Banking Corporation Ltd 8. Habib Bank Limited 9. Mauritius Post and Cooperative Bank Ltd 10. SBI (Mauritius) Ltd 11. Standard Bank (Mauritius) Limited 12. State Bank of Mauritius Ltd 13. The Hongkong and Shanghai Banking Corporation Limited 14. The Mauritius Commercial Bank Limited will end by 31 December

5 Equity Participation in enterprises Objective of scheme Equity Participation in Enterprises To invest as a shareholder in enterprises having a future and growth potential but which are highly indebted and have a low share capital. NRF Equity Investment Ltd Facilities / conditions - Beneficiary to bring in a contribution (to be agreed upon between NRF Equity Investment Ltd and the SME). - Participation in an enterprise should be between 25 % and 49 %. - Payment of 5% cumulative dividend. - Shares may be bought back by the enterprise at Year 10 or at an earlier date at the request of the company. - Amount to be repaid on redemption: 10% IRR or NAV, whichever is higher. Eligibility Criteria - SMEs with a turnover between Rs10M and Rs 50M. - Well established small or medium sized enterprise incorporated in Mauritius, with a minimum 3 years proven track record. - Looking to expand, to upgrade or move up the value chain. - Good fundamentals and a pro-active management, willing to consider independent and external advice and implement changes to improve productivity and efficiency. - Start-up projects will not be considered. Mode of Application - An application form which can be downloaded from the NRF Equity Investment Ltd website should be submitted. - Audited financial statements, business plan, growth plan and financial plans (3 years) should also be submitted along. Contact Details - A processing fee of Rs need to submitted along with the application form, which will be refundable in case the project is not approved. NRF Equity Investment Ltd (Please see List of Partners for contact details) 5

6 Import Loan Facility Objective of scheme Interest Rate Repayment Period Share of Contribution Import Loan Facility To assist manufacturing enterprises having export growth potential but unable to raise additional import loan from banks for confirmed orders in hand. Restructuring Working Group (RWG) Repo + 3 % or Libor + 2% (foreign accounts) Maximum 90 days credit As may be required by the RWG (Restructuring Working Group) and the Bank Eligibility Criteria - Export-oriented enterprises engaged in the manufacturing sector Mode of Application - All registered companies having been into operation for more than one year. A joint application from the company/sme and the bank should be submitted to the RWG committee with the supporting documents listed below:- - Financial statements of the company - List of customers - Order book Contact Details Validity period of the scheme - Forecasted cashflow for next 12 months RWG Secretariat (Please see List of Partners for contact details) will end by 31 December

7 SME Partnership Fund Objective of To foster the creation, restructuration and consolidation of small and medium enterprises. SME Partnership Fund Ltd SME Partnership Fund Ltd participates in the share capital of SMEs. Participation in a project can vary from Rs 300,000 to Rs 10M representing up to 49% of the SME share capital. The promoters of the SME must invest a minimum of 51% in the share capital. The total project cost should exceed Rs 600,000. Terms and Conditions Eligibility Criteria Mode of application SME should be incorporated as a company in Mauritius. Project should be viable, sustainable and entailing value creation. SMEs operating in various business fields. Priority sectors are manufacturing, agro-industry, tourism, ICT and the services industry. Applicants must contact the SME Partnership Fund Ltd. (Please see List of Partners for contact details) 7

8 Booster Micro Credit Loan Objective of Booster Micro Credit Loan To finance projects with value addition including: - Small enterprises in the manufacturing, agricultural, agri-business, handicraft - Small tourism and tourism-related activities - Small plant nurseries, vegetables, fruits and flower cultivation on a small scale, small livestock breeding activities - Kindergartens - ICT and ICT-related activities and E-commerce - Services (including training) - Small trades (excluding hawkers) - Working capital requirements for manufacturing/ processing/handicraft or other projects with value addition up to a ceiling of Rs 75,000 Development Bank of Mauritius (DBM) Maximum Loan Amount Rs 150,000 (covering up to 100% of cost of project) Interest Rate Repo Rate + 3 % p.a (presently 7.65 % ) Repayment Period Up to 5 years Moratorium Period Up to 1 year Security - General Floating Charge - Decreasing Term Assurance Eligibility - Entrepreneurs registered with NEF, SMEDA, AREU, IVTB, Tourism Authority, NCB, etc., - Women entrepreneurs registered with NWEC or NEF - Any other micro/small entrepreneurs holding a Business Registration Card and having a viable project - Existing value-added activities requiring working capital finance Mode of Application - Any other project with value addition recommended by National Empowerment Foundation (NEF), National Women Entrepreneur Council (NWEC) or Small and Medium Enterprises Development Authority (SMEDA) The Application can either be: Completed online on the DBM website, by filling an online registration form. OR Completed at the DBM office(please see List of Partners for contact details) 8

9 Quasi-Equity Financing Objective of Maximum Investment Quasi-Equity Financing Providing equity and quasi-equity to SMEs Development Bank of Mauritius (DBM) 75% of project cost up to a ceiling of Rs 500,000 as follows: (i) 49% in the form of quasi-equity, namely Redeemable Preference Shares or debentures with an appropriate coupon rate. (ii) 26% in the form of an equity loan to enable the promoter/s to buy shares in the company Interest Rate - Quasi-Equity: Coupon rate ranging from 7.65 % to 13.0 % depending upon time of repayment. - Equity Loan:Repo Rate + 3 % p.a (presently 7.65% ) Repayment Period - Quasi-Equity: Exit at the end of five years with a conversion clause at our option - Equity Loan: The loan along with unpaid interests accrued thereon shall be repayable after five years. Interest will be payable yearly after a moratorium of one year. Security - Quasi-Equity: None - Equity Loan: (i) General Floating Charge on promoter s/borrower s assets (ii) Pledge of the shares (iii) Decreasing Term Assurance Eligibility - SMEs involved in the manufacturing, agri-business, tourism, trade or service sectors and holding an acceptable business plan. Exit Strategy - Companies registered with the Registrar of Businesses Quasi-Equity: Exit will be subject to repayment according to the coupon rate of the quasi-equity. In case of non payment at the end of 5 years, quasi-equity will be convertible into ordinary shares. Mode of Application Equity Loan: The equity loan shall be repayable along with unpaid interest accrued at the end of five years. The application can either be: Completed online on the DBM website by filling an online registration form. OR Completed at the DBM office (Please see List of Partners for contact details) 9

10 Business Development Objective of Business Development To finance projects in the following sectors: Manufacturing - start-ups, expansion, modernisation, computerisation, working capital finance Trade and service - setting up, expansion, modernisation, computerisation, working capital finance Transport - purchase of public service vehicle (taxis, buses, lorries etc), installation of GPS-based security, anti-theft and energy-saving devices Printing and publishing - setting up, expansion, modernisation, computerisation Health setting-up, expansion, refurbishment of clinics, pharmacies Tourism setting-up, expansion, refurbishment of hotels/ restaurants, purchase of contract cars Any other tourism-related activity Professionals - setting up of office ICT - start-ups, expansion, modernisation and other ICTrelated projects Art art exhibition, recordings, stage plays, publication of books Participation in overseas trade fairs and surveys Purchase of land for industrial, agricultural or commercial purpose for own use Maximum Loan Amount Purchase or construction of industrial, commercial or office building for own use Development Bank of Mauritius (DBM) 75% of project cost up to a ceiling of Rs 5 M Interest Rate Repo Rate + 3 % p.a (presently 7.65 % ) Repayment Period Moratorium Period Up to 8 years Up to 3 years Security - General Floating Charge and /or Fixed Charge on immovable property - Personal Guarantee, where applicable - Gage sans deplacement on vehicle, where applicable - Pledge of rights to the lease, where applicable - Fixed Charge on Pledge of rights to the lease - Any other collateral security acceptable to the DBM - Decreasing Term Assurance 10

11 Eligibility - Individuals, Partnerships or Companies holding valid licences/permits - Registered local and export-oriented SMEs - Projects recommended by Enterprise Mauritius, BOI, SMEDA, Tourism Authority, NWEC and other relevant institutions Mode of Application - Any small viable enterprise holding a Business Registration Card The application can either be: Completed online on the DBM website by filling an online registration form. OR Completed at the DBM office (Please see List of Partners for contact details) 11

12 Normal for the Agricultural Sector Objective of Normal for the Agricultural Sector To finance projects in the following sectors: Sugar cane plantation, replantation, derocking, mechanisation, irrigation, faisance valoir, multipurpose Vegetable, fruit and flower - plantation, mechanisation, derocking and irrigation Tobacco cultivation Livestock breeding Transport utility vehicle Fishing, including bank fishing and aquaculture Agro-processing, food preservation and other agricultural diversification projects Maximum Loan Amount Seafood hub Development Bank of Mauritius (DBM) 80% of project cost up to a ceiling of Rs 5 Million Interest Rate Repo Rate + 3 % p.a (presently 7.65 % ) Repayment Period Moratorium Period Up to 7 years Up to 2 years Security - General Floating Charge and/or Fixed Charge on immovable property. - Pledge of sugar proceeds or bad weather allowance, where applicable. - Gage sans deplacement on vehicle, where applicable. - Mortgage on fishing vessel, where applicable. - Pledge of rights to the lease, where applicable. - Fixed Charge on Pledge of rights to the lease. - Any other collateral security acceptable to the DBM. - Decreasing Term Assurance. 12

13 Eligibility - Planters/farmers registered with AREU, SPWF, SIFB, FSC - Operators registered with the Ministry of Agro-Industry and Food Security - Operators registered with the Ministry of Fisheries - Other operators in the agri-business, fishing and seafood hub sector holding valid licences Mode of application - Other projects recommended by AREU The application can either be: Completed online on the DBM website by filling an online registration form. OR Completed at the DBM office (Please see List of Partners for contact details) 13

14 Special Loan for the Agricultural Sector Objective of Special Loan for the Agricultural Sector To finance projects in the following sectors: Sugar cane - fine derocking and irrigation Potato or onion cultivation Fruit and flower - cultivation, fine derocking, irrigation Biotechnology - hydroponics, tissue culture etc Off-lagoon fishing - purchase of fishing vessel and engine/s Storage of agricultural produce - construction of shed/store Maximum Loan Amount Production of agricultural seedlings Development Bank of Mauritius (DBM) 80% of project cost up to a ceiling of Rs 1.0 M Interest Rate Repo Rate + 3 % p.a (presently 7.65 % ) Repayment Period Up to 7 years, including a moratorium of up to 2 years Security - General Floating Charge and/or Fixed Charge on immovable property. - Pledge of sugar proceeds, where applicable - Any other collateral security acceptable to the DBM - Insurance of fishing vessel - Decreasing Term Assurance Eligibility - Planters/farmers registered with AREU, SPWF, SIFB, FSC - Operators registered with the Ministry of Agro-Industry and Food Security - Operators registered with the Ministry of Fisheries - Other operators in the agri-business sector holding valid licences Mode of application - Other projects recommended by AREU The Application can either be: Completed online on the DBM website by filling an online registration form. OR Completed at the DBM office (Please see List of Partners for contact details) 14

15 Loan Guarantee Objective of scheme Facilities Loan Guarantee To assist SMEs in raising finance from commercial banks to meet their working capital needs and their expansion as well as create new jobs. The Loan Guarantee provides financing to entrepreneurs without the need to provide collateral and third party guarantees. Restructuring Working Group (RWG) Interest Rate Interest rate at repo+3 % (presently at 7.65 %.) Eligibility Criteria Mode of Application Validity period of the scheme SMEs with a turnover less than Rs10M The SME should apply directly to any commercial banks, which is involved in the scheme. will end by 31 December

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