Order finance

Order financing (including financing for tenders) applies where you get an order or a tender which you need to fulfill but are unable to finance the cost of servicing the order/tender from your own resources. It is typically for a period of 30 to 90 days. General guidelines for obtaining order finance are:

• Order (or tender) must be from reputable large corporation or organisation based in Zimbabwe.

• It must be confirmed by the relevant authorities within that organisation.

To obtain funding, you will need to have the following documents for preliminary processing:

• Confirmed order.

• Quotation from a reputable supplier specifying delivery time, payment terms and product specification.

• Freight/transport quotation (where relevant).

• Profitability statement for the specific order (showing profitability of the order).

• A letter requesting the facility with a summary history of your trading relationship with the entity which has given you the order.

• After processing and validation of your order, the following will also be required:

• Letter of undertaking from the corporate/organisation to remit funds direct to the SMEAZ SACCOS.

• You may be required to provide collateral security or to obtain a loan guarantee.

Eligibility

To be eligible for this loan, you will need to meet the following requirements:

• Be a paid-up member of the SME Association of Zimbabwe on at least the Standard membership package. You must be in good standing on your membership.

• Be a member of the SMEAZ SACCOS and be on good standing in the SACCOS.

  • Have savings that are at least one sixth of the required loan amount.