How do I apply for funding?
A written application supported by a business plan must be submitted to the Industrial Development Corporation (IDC).
What is the process once an application has been submitted to the IDC, and how long does it take?
Once the applicant understands what is required and an application has been submitted, a basic assessment of the application will be completed by an IDC analyst. During this process, the analyst will ascertain whether the application complies with the minimum IDC requirement criteria. Based on this, the analyst will either recommend that the application be rejected or will recommend that a full due diligence be conducted by the Strategic Business Unit.
Please note that applications are given equal time and diligence, which means a waiting period is inevitable. The IDC suggests it will take at least six weeks.
Does the IDC provide grant funding? If not, what other types of financing does IDC offer - and what are the usual terms?
IDC funding usually takes the form of medium-term loans (three to seven years) with interest charged at prime + related rates.
Rates are based on the risk profile of the company. Funding at preferential interest rates is available from time to time, either through IDC special schemes or through financing schemes managed by the IDC on behalf of other funders.
Grant funding is only available as a part of business-support initiatives, to assist with developing business plans or as part of a funding package.
The IDC also manages some of the grant schemes of the Department of Trade and Industry under the Clothing and Textiles Competitiveness Programme.
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