Financial service providers booklet march 2017 by einrot33

Financial Products for Entrepreneurs and Startups in Rwanda Summary of Findings

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Published by: Deutsche Gesellschaft fĂźr Internationale Zusammenarbeit (GIZ) GmbH I: www.giz.de Promotion of Economy and Employment Programme (Eco-Emploi) Nyarutarama, Gasabo District, KG 13 ST (Golf Club Road) House Number 15 PO Box 59 Kigali-Rwanda I: www.ecoemploi.org Compiled by: Kristine Panier Editing and Design: Eco-Emploi GIZ is not responsible for the content of this publication Kigali, 2017

Foreword The Vision 2020, which focuses, among others, on job creation and poverty reduction, will be achieved if the development partners, the private sector and the government play their part in maintaining and strengthening the Small and Medium Enterprises sector. The EICV4 confirmed that SMEs have a critical role to play in creating jobs for Rwandans, with SMEs comprising approximately 98% of the total 154,000 businesses established in Rwanda and accounting for 41% of all private sector employment. The SME sector, including both formal and informal businesses, plays a crucial role in the countryâ&#x20AC;&#x2122;s development; it has a potential to lower Rwandaâ&#x20AC;&#x2122;s trade imbalance and generate off-farm employment. Strengthening this sector has been highlighted as a successful tool in achieving economic goals; that is why the Government has taken the lead in supporting the development of the SME sector. This GIZ initiative to publish a database of all financial services tailored for SMEs and Startups, in collaboration with the Ministry of Trade, Industry and EAC Affairs-MINEACOM, will serve as a vehicle for enhancing competitiveness among Rwandan SMEs by accessing finance. SMEs will take advantage of information availed in this reference booklet to raise necessary funds to overcome their needs in Term of production, marketing, R&D, etc. We hereby thank German Development Cooperation through GIZ Eco-Emploi Programme for their efforts to support the growing SME sector and salute the valuable partnership established between our two Institutions through Eco-Emploi management. Annette M. KARENZI DG Industry and Entrepreneurship Development MINEACOM

Preface The Government of Rwanda is putting great effort in its support to private sector development. Through ample initiatives especially the creation and growth of small and medium sized enterprises is promoted. Entrepreneurs have access to advisory services through different sources; business development services are offered in various forms and through various actors. Last but not least, government and private sector banks have set up ample funds and programs to increase access to finance for entrepreneurs. However, in all feedback sessions with private sector representatives, access to finance is still underlined as a major obstacle for their growth. It is in this context that the German-Rwandan joint Programme for the Promotion of Economy and Employment (Eco-Emploi) initiated the development of this reference booklet. It gives a comprehensive overview of the different financial services for start-ups and entrepreneurs. This booklet is primarily meant as a reference tool for the business services providers so they are well informed about the available financial resources for their clients. The booklet will be regularly updated on the Eco-Emploi website as the financial sector is vibrant and the Rwandan Government, its development partners and the private banking sector keep growing their financial services towards the small and medium sized companies. We invite all to continuously share their feedback and additional information so we can keep this reference tool always updated. We would like to express our special gratitude to all individuals who contributed to the development of this publication and especially to the representatives of the banks and other financial institutions who dedicated their time to respond to our inquiries. We sincerely hope that this reference tool will lead to more enterprises embracing the financial services and taking some well-informed entrepreneurial risks to invest in their growth and thus in the growth of employment and the economy at large of Rwanda! Ellen Kallinowsky Principal Technical Advisor Promotion of Economy and Employment Programme

Table of content 1. Financial Products for existing SMEs Commercial Banks ..............................................................................................................................................................6 2. Financial Products for existing SMEs Microfinance Institutions ...............................................................................................................................................35 3. Financial Products for existing SMEs Government Facilities .....................................................................................................................................................54 4. Financial Products for existing SMEs Private Funds .......................................................................................................................................................................64 5. Financial Products for startups Commercial Banks ........................................................................................................................................................................69 6. Financial Products for startups Microfinance ....................................................................................................................................................................................82 7. Financial Products for startups Government Facilities .................................................................................................................................................................96 8. Financial Products for startups Private Funds ................................................................................................................................................................................106 9. Bibliography ....................................................................................................................................................................................................................................................111

Financial Products for existing SMEs Commercial Banks

Institution: Bank of Africa Institution type: Commercial bank Finance type: Debt financing Product name: Mortgage loan Target group: Individual, legal entity Type and description: The mortgage loan is for purchasing a house. While the current term is 5 years, Bank of Africa intends to increase the term to 15 years in the near future. Amount range: Negotiable, no maximum amount defined currently Term: Up to 5 years (will increase to 15 years in the future)

Security: Hard collateral is required Interest rate: Currently interest is charged at 18-20% (will reduce to about 16-18% in the future). Access criteria: The requirements are: • Operating business of at least 1 year • Ability to provide own contribution of at least 20% • Show banking history with other banks over the last 12 months • Credit history check • Provide collateral of at least 120% of the loan amount For assets: • Proof of invoice • Provide fire insurance for collateral and life insurance for personal loans.

Timetable of process: The application process normally takes about 2 weeks and includes the following steps: • The client needs to send a letter of loan request specifying the amount and purpose. • After checking all criteria, the Bank will visit the business/home and collateral. • The Bank will send a notification letter about the credit committee’s decision. • The Bank will then prepare the contract. Refinancing scheme: Negotiable, can be repaid over a period of up to 5 years. Contact details: Tel: +250 788 301 953 Website: http://www.bank-of-africa.net/

Institution: Bank of Africa Institution type: Commercial bank Finance type: Debt financing Product name: Working capital loan Target group: SMEs Type and description: Bank of Africa offers business loans for working capital. The loans are given to businesses in a variety of sectors. Amount range: Negotiable, no maximum amount defined currently Term: 1 month to 36 months Security: Hard collateral is required

Interest rate: Currently interest is charged at 18-20% (will reduce to about 16-18% in the future). Access criteria: The requirements are: • Operating business of at least 1 year Ability to provide own contribution of at least 20% • Show banking history with other banks over the last 12 months • Credit history check • Provide collateral of at least 120% of the loan amount For assets: • Proof of invoice • Provide fire insurance for collateral and life insurance for personal loans.

Timetable of process: The application process normally takes about 2 weeks and includes the following steps: • The client needs to send a letter of loan request specifying the amount and purpose. • After checking all criteria, the Bank will visit the business/home and collateral. • The Bank will send a notification letter about the credit committee’s decision. • The Bank will then prepare the contract. Refinancing scheme: Negotiable, can be repaid over a period of up to 3 years. Contact details: Tel: +250 788 301 953 Website: http://www.bank-of-africa.net/

Institution: Bank of Africa Institution type: Commercial bank Finance type: Debt financing Product name: Asset finance Target group: Individual, legal entity Type and description: Bank of Africa offers loans to individuals and businesses to finance the purchase assets, such as vehicles, construction equipment, machinery, office and IT equipment. Amount range: Negotiable, no maximum amount defined currently Term: Up to 5 years (will increase to 10-15 years in the future)

Interest rate: Currently interest is charged at 18-20% (will reduce to about 16-18% in the future). Access criteria: The requirements are: • Operating business of at least 1 year • Ability to provide own contribution of at least 20% • Show banking history with other banks over the last 12 months • Credit history check • Provide collateral of at least 120% of the loan amount For assets: • Proof of invoice • Provide fire insurance for collateral and life insurance for personal loans. Timetable of process: The application process normally takes about 2 weeks and includes the following steps:

• The client needs to send a letter of loan request specifying the amount and purpose. • After checking all criteria, the Bank will visit the business/home and collateral. • The Bank will send a notification letter about the credit committee’s decision. • The Bank will then prepare the contract. Refinancing scheme: Negotiable, can be repaid over a period of up to 3 years. Contact details: Tel: +250 788 301 953 Website: http://www.bank-of-africa.net/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Inventory financing/stock loan Target group: Corporates, SMEs Type and description: The inventory financing/stock loan is a short Term loan for businesses seeking to purchase additional inventory. It serves in times of seasonal fluctuations in cash flows. Amount range: Negotiable, no minimum or maximum defined Term: Up to 24 months

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application Forms • Business Plan And Documentation (Registration, Receipts Etc.) • Value Of The Current Stock • List And Value Of Products To Be Financed If The Customer Has Various Valid Contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting for the loan. • After submitting all application documents including the business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable; the loan can be repaid over a period of up to 24 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Overdrafts Target group: Corporates, SMEs Type and description: Overdrafts provide a temporary facility to overdraw an existing account up to a certain limit. It improves the client’s liquidity position and allows additional working capital. They are easy and quick to arrange. Amount range: Negotiable, no minimum or maximum defined Term: Up to 12 months

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting for the loan. • After submitting all application documents including the business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: The repayment Terms are negotiable; the loan can be repaid over a period of up to 12 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Cash credit lines Target group: Corporates, SMEs Type and description: • Cash credit lines are short term loans that allow the customer to continuously draw funds up to the limit of the credit line. • They improve the client’s liquidity position and provide flexibility • The client can draw as little or as much of the facility as it needs, so long as the limit is not exceeded. Amount range: Negotiable, no minimum or maximum

defined, amount depends on monthly deposits Term: Up to 12 months Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting for the loan. • After submitting all application documents including business plans and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable,the loan can be repaid over a period of up to 12 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Seasonal loan Target group: Corporates, SMEs Type and description: This loan is intended for agricultural purposes and investments. The client can invest in his/her business, such as agricultural inputs and repay the loan after he/she expected return of investment over a period of up to 6 months. Amount range: Negotiable, no minimum or maximum defined Term: Up to 6 months

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments Timetable of process: • The client completes an application form and writes a letter requesting for the loan.

• After submitting all application documents including business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days. • The final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable, the loan can be repaid over a period of up to 6 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Vehicle loan Target group: Corporates, SMEs Type and description: BK offers loans to purchase vehicles. The loan can finance up to 70% of the cost, the remaining 30% are the client’s own contribution. Amount range: Negotiable, no minimum or maximum defined Term: Up to 4 years

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments Timetable of process: • The client completes an application form and writes a letter requesting for the loan.

• After submitting all application documents including business plan and documentation (business registration, receipts etc.) • The credit committee then gives feedback within 5 days and the final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable, the loan can be repaid over a period of up to 4 years. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Project financing Target group: Corporates, SMEs Type and description: BK offers long Term financing of infrastructure projects based on projected cash flows of the project. Amount range: Negotiable, no minimum or maximum defined Term: Up to 10 years

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments Timetable of process: • The client completes an application form and writes a letter requesting for the loan.

• After submitting all application documents including the business plan and documentation (business registration, receipts etc.) • The credit committee then gives feedback within 5 days and the final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable, the loan can be repaid over a period of up to 10 years. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Mortgages Target group: Corporates, SMEs Type and description: Mortgages are advances for both construction and purchase of commercial properties and estates. The loan can finance up to 70% of the project cost, the remaining 30% are the client’s own contribution. Amount range: Negotiable, no minimum or maximum defined

Term: Up to 10 years Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc.) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting for the loan. • After submitting all application documents including the business plan and documentation (business registration, receipts etc.) • The credit committee then gives feedback within 5 days and the final contract will be ready within 2 days after approval. Refinancing scheme: The repayment terms are negotiable, the loan can be repaid over a period of up to 10 years. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Microloan Target group: Micro and small enterprises Type and description: BK offers micro lending for small businesses to extend their businesses. Amount range: Up to RWF 10 million, depends on repayment capacity Term: Negotiable Security: Collateral can be provided in the form of immovable and movable assets.

Interest rate: 19% Access criteria: • The business has to be successfully running for at least 3 months. • The business needs to provide receipts for monthly tax payments and provide details on business operations. Timetable of process: • The client needs to submit a loan application form and submit all accompanying documentations such as business documents and tax payment receipts. • The application fees are 14,750 RWF • The client needs to consult an independent valuation company for an independent valuation of assets to be pledged as collateral. • The costs for the assessment are to be paid by the client.

• The time to review all documents and prepare the contract after the credit committee approval takes about 2 weeks. Refinancing scheme: The repayment period is negotiable. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Investment loan Target group: SMEs Type and description: This loan is provided to business people who need financing for start -up, expansion, or any other investment. This loan covers (equipment for business, construction for business related, and business) the time that is above 2 years loan. Amount range: Negotiable Term: 2 - 10 years

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Base rate +/- risk margin. Access criteria: • Be a BPR corporate client for at least 1 month. • Be a credit worthy client • Be an RDB registered business person Timetable of process: • The client should present a viable investment project. • The investment should be related to the client’s business. • The client should have collateral of 125%. Usually the investment project is also added to the collateral.

Refinancing scheme: The loan’s refinancing scheme is negotiable. The loan can be repaid over a period of up to 10 years. Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customerservice@bpr.rw Website: http://www.bpr.rw

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Working Capital Finance Target group: SMEs Type and description: Working capital finance provides fast access to finance business needs. It allows the funds to be used for any business purposes. Amount range: The loan amount depends on the client’s repayment capacity or business cash flow. Term: Up to 24 months

Security: It can be in the form of: • Soft collateral (cash, assets like cars, machines, livestock, etc.) • Hard collateral (real estate) • Joint guarantee for associations and cooperatives Interest rate: Base rate +/- risk margin, currently 18-20% Access criteria: The borrower has to be an experienced business person and a customer of BPR for at least 1 month. Timetable of process: The approval process is quick to suit immediate working capital needs. Refinancing scheme: The loan is repaid in monthly fixed installments for a period of up to 24 months.

Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customer service@bpr.rw Website: http://www.bpr.rw

Institution: Cogebanque Institution type: Commercial bank Finance type: Debt financing Product name: Nzamura Target group: Existing SMEs Type and description: Short term loan. It allows the funds to be used for any business purposes. Amount range: Min. 1.1 Million Max. 5.5 Million Term: 6 months to 12 months Security: Any asset (Car, House, etc)

Interest rate: Base rate 15+/- margin Access criteria: • Application letter • Commit to deposit the income at their Cogebanque account • Ability to repay the loan by showing their financial statement • Registered for a period of at least 6 months • Provide a realist and feasible guaranty • Provide a realistic business plan (profitable) • Document of any proposed collateral Timetable of process: 10 working days

Refinancing scheme: Up 2 years Contact details: Centenary house KN 4 Street, KIGALI P. O BOX: 5230 Kigali Email: cogebank@cogebank.com Website: http://www.cogebanque.co.rw

Institution: Cogebanque Institution type: Commercial bank Finance type: Debt financing Product name: Jyimbere Target group: Existing SMEs Type and description: Short term loan. It allows the funds to be used for any business purposes. Amount range: Min. 2.2 Million Max. 11 Million Term: 6 months to 12 months Security: Any asset (Car, House, etc)

Timetable of process: 3 to 7 days Refinancing scheme: Up to 48 months Contact Details: Centenary house KN 4 Street, KIGALI P. O BOX: 5230 Kigali Email: cogebank@cogebank.com Website: http://www.cogebanque.co.rw

Institution: Cogebanque Institution type: Commercial bank Finance type: Debt Finance Product name: Vehicle loan (Machinery or Equipment loan) Target group: SMEs, Corporates Type and description: Medium term loan to finance an asset to be purchased by the customer Amount range: N/A (no minimum or maximum set) Term: 1 to 5 years

Security: Fixed assets or movable assets Interest rate: Base rate 15+/- margin Access criteria: • Letter of application • Performa invoice of equipment • Business plan • Financial statement for the last 3 years • Document of any proposed collateral Timetable of process: 10 working days Refinancing scheme: 5 years

Contact Details: Centenary house KN 4 Street, KIGALI P. O BOX: 5230 Kigali Email: cogebank@cogebank.com Website: http://www.cogebanque.co.rw

Institution: Cogebanque Institution type: Commercial bank Finance type: Debt Finance Product name: Agriculture credit Target group: Private farms, cooperative and private companies Type and description: • For working capital payable over the duration of a growing season to purchase input • For treasury covering the period of early season up to harvesting • For payment of labor work • For storage of crops, etc.

Amount range: N/A (no minimum or maximum set) Term: Between 3 to 12 months Security: Fixed assets (house, land, stock) Interest rate: Base rate 15+/- margin Access criteria: • Application letter • Commit to deposit the income at their Cogebanque account • Ability to repay the loan by showing their financial statement • Registered for a period of at least 6 months • Provide a realist and feasible guaranty • Provide a realistic business plan (profitable) • List and value of stock to be financed

• To be an experienced business person in this field • Document of any proposed collateral Timetable of process: 10 working days Refinancing scheme: 12 months Contact Details: Centenary house KN 4 Street, KIGALI P. O BOX: 5230 Kigali Email: cogebank@cogebank.com Website: http://www.cogebanque.co.rw

Institution: Equity Bank Institution type: Commercial bank Finance type: Debt financing Product name: Mortgage loan Target group: Individual, SMEs Type and description: • The mortgage loan is a facility that offers the customer to buy real estate. • The client pledges his or her house to the bank. • The bank has a claim on the house should the client default on paying the mortgage. Amount range: Negotiable, depends on ability to repay

Term: Up to 20 years Security: Collateral can be provided in the form of movable or immovable assets (e.g. plots, vehicles not more than 10 years old). Interest rate: Negotiable, varies between 17% and 20% Access criteria: The customer needs to: • Be a client at Equity Bank • Present his business and project to be financed • Have collateral Timetable of process: • The customer submits his loan request and all supplementing documentations to Equity Bank. • The application process takes about 2 weeks.

Refinancing scheme: • Flexible repayment terms. • Repayment starts 1 month after disbursement of the loan over a period of up to 20 years. Contact details: Grand Pension Plaza, 1st Floor, KN 4 Ave, Kigali Tel: 0788 190 204 Website: www.rw.equitybankgroup.com

Institution: Equity Bank Institution type: Commercial bank Finance type: Debt financing Product name: Business loans Target group: Corporates, SMEs Type and description: This loan is for existing businesses who seek medium to long term finance for investment. Amount range: 50 to 100 Million RWF Term: Up to 5 years

Security: Collateral can be provided in the form of movable or immovable assets (e.g. plots, vehicles not more than 10 years old). Interest rate: Negotiable, varies between 17% and 20% Access criteria: The customer needs to: • Be a client at Equity Bank • Present his business and project to be financed • Have collateral Timetable of process: • The customer submits his loan request and all supplementing documentations to Equity Bank. • The application process takes about 2 weeks.

Refinancing scheme: • Flexible repayment Terms. • Repayment starts 1 month after disbursement of the loan over a period of up to 5 years. Contact details: Grand Pension Plaza, 1st Floor, KN 4 Ave, Kigali Tel: 0788 190 205 Website: www.rw.equitybankgroup.com

Institution: GT Bank Institution type: Commercial bank Finance type: Debt financing Product name: Business Loan Target group: SMEs Type and description: Depending on business needs, GT Bank can tailor a wide range of flexible loans and lines of credit to fit the client’s business requirements. Amount range: Negotiable Term: Up to 48 months Security: Various types of Security, including developed residential or commercial

properties, which can be owned or from 3rd parties, cash-deposits, life Insurance policies or approved bank guarantees or other forms of business assets. Interest rate: Variable interest rate/ floating interest rate, or flat rate per annum Access criteria: • The client must show his ability to repay the debt. The following documents are required: • Company profile • Latest audited financial statements. • Bank statements of at least 6 months • Project validity where applicable • Poof of items to be purchased using copy of proforma invoices or documents of title. Timetable of process: The client needs to submit a loan request letter along with all supporting documents such as business profile,

financial statements, project to be financed and proof of collateral. Refinancing scheme: The loan repayment terms can be negotiated, it can be repaid in monthly, quarterly or half-yearly installments over a period of up to 48 months. Contact details: Guaranty Trust Bank (Rwanda) Ltd KN 3av, 20 P O Box 331 Kigali Telephone: +250 252 598600 E-mail: kigali@gtbank.com Website: http://gtbank.co.rw/

Security: Various types of security, including developed residential or commercial properties, which can be owned or from 3rd parties; cash deposits, life Insurance policies or approved bank guarantees or other forms of business assets. Interest rate: Variable interest rate or floating interest rate or flat rate per annum Access criteria: • The client must show his ability to repay the debt. The following documents are required: • Company profile • Latest audited financial statements • Bank statements of at least 6 months • Project validity where applicable • Poof of items to be purchased using copy of proforma invoices or documents of title.

Timetable of process: The client needs to submit a loan request letter along with all supporting documents such as business profile, financial statements, project to be financed and proof of collateral. Refinancing scheme: The loan repayment terms can be negotiated, it can be repaid in monthly, quarterly or half yearly installments over a period of up to 48 months. Contact details: Guaranty Trust Bank (Rwanda) Ltd KN 3av, 20 PO Box 331 Kigali Telephone: +250 252 598600 E-mail: kigali@gtbank.com Website: http://gtbank.co.rw/

Institution: I&M Bank Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Term loan Target group: Corporates, SMEs Type and description: I&M Bank can structure any term loan facility such as construction loan, investment loan, equipment & vehicle loan, subject to satisfying all documentation and Security requirements. Term Loans are available in Rwanda Francs, US Dollars, GB Pounds and Euro. Amount range: Negotiable, no minimum or maximum, depends on repayment capacity

Term: Negotiable Security: Collateral is required in the form of assets, such as houses, cars etc. Interest rate: Interest is linked to the bank’s base lending rate or foreign currency base lending rate (for foreign currency), and charged quarterly. Access criteria: The requirements are: • Application letter • Collateral • Financial statement for the last three years and cash flow projections subject to a 12 months review supported by updated financials.

Timetable of process: After submitting all application documents, the approval process takes about 2 weeks. Refinancing scheme: The loan refinancing scheme is negotiable and depends on the customer’s repayment capacity. Contact details: KCM Branch (Kigali City Market) Nyarugenge, Kigali Tel: 0788162182 Email: branchmanagers@imbank.co.rw Website: https://www.imbank.com/rwanda/ business/loans/

Institution: I&M Bank Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: overdraft Target group: Corporates, SMEs Type and description: Overdrafts are extended for working capital requirement. They are available in Rwf, US Dollars, GB Pounds and Euro. Amount range: Negotiable, no minimum or maximum, depends on repayment capacity Term: Negotiable

Security: Collateral is required in the form of assets, such as houses, cars etc. Interest rate: Interest is linked to the bank’s base lending rate or foreign currency base lending rate (for foreign currency), and charged quarterly. Access criteria: The requirements are: • Application letter • Collateral • Financial statement for the last three years and cash flow projections subject to a 12 months review supported by updated financials Timetable of process: After submitting all application documents, the approval process takes about 2 weeks.

Refinancing scheme: The loan refinancing scheme is negotiable and depends on the customer’s repayment capacity. Contact details: KCM Branch (Kigali City Market) Nyarugenge, Kigali Tel: 0788162182 Email: branchmanagers@imbank.co.rw Website: https://www.imbank.com/rwanda/business/loans/

Institution: I&M Bank Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Mortgage loan Target group: Individual, legal entity Type and description: The mortgage loan is for individuals or legal entities to purchase a house. Amount range: Rwf 10 million up to Rwf 150 million Term: Up to 20 years Security: Collateral is required.

Interest rate: Interest is linked to the bank’s base lending rate or foreign currency base lending rate (for foreign currency), and charged quarterly. Access criteria: The requirements are: • Completed Application Letter • Passport photo. • Copy of ID/Passport • Copy of employment contract salary and service certificate • Valuation made by real estate certified valuator • Original documents of the house: deed plan, title deed or lease contract for a minimum period of 20 years and a construction permit • Provisional sales agreement.

Timetable of process: After submitting all application documents, the approval process takes about 2 weeks. Refinancing scheme: The loan can be repaid over a period of up to 20 years. Contact details: KCM Branch (Kigali City Market) Nyarugenge, Kigali Tel: 0788162182 Email: branchmanagers@imbank.co.rw Website: https://www.imbank.com/rwanda/business/loans/

Institution: Kenya Commercial Bank (KCB) Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Equity Release Target group: Individuals, business Type and description: This facility is suitable for home owners or commercial property owners who wish to use existing properties as security to undertake property projects, e.g. land purchase, renovations, construction of other sites and purchase of other properties Amount range: Negotiable Term: Negotiable

Security: Collateral is required. Interest rate: Competitive interest rates Access criteria: The client must provide • Proof of income. • Latest pay slips and bank statements. • Must hold a mortgage facility with KCB. Timetable of process: The client requests the facility along with all required documentation such as income proof, financial statements and mortgage facility. Refinancing scheme: • Flexible repayment terms which can be spread out in line with remaining term of mortgage, or within the mortgage terms provided for.

• Insurance premium which is payable monthly with the mortgage loan installments. Contact details: KCB Bank Rwanda Ltd Avenue de la Paix Email: contactus@rw. kcbbankgroup.com Tel: +250 788140000 Fax: +250 252577434 Website: www.kcbbankgroup.com/rw

Institution: Kenya Commercial Bank- KCB Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Equity Release Target group: Individuals, business Type and description: This facility is suitable for home owners or commercial property owners who wish to use existing properties as security to undertake property projects e.g. land purchase, renovations, construction of other sites and purchase of other property Amount range: Negotiable

Term: Negotiable Security: Collateral is required. Interest rate: Competitive interest rates depending on the Interest rates of other financial Institutions Access criteria: The client must provide: • Proof of income. • Latest pay slips and bank statements. • Must hold a mortgage facility with KCB. Timetable of process: The client requests the facility along with all required documentation such as income proof, financial statements and mortgage facility.

Refinancing scheme: Flexible repayment terms which can be spread out in line with remaining term of mortgage, or within the mortgage terms provided for insurance premium which is payable monthly with the mortgage loan installments. Contact details: KCB Bank Rwanda Ltd Avenue de la Paix Email: contactus@rw. kcbbankgroup.com Tel: +250 788140000 Fax: +250 252577434 Website: www.kcbbankgroup.com/rw

Financial Products for existing SMEs Microfinance Institutions

Institution: AB Bank Rwanda Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Business Loan Target group: SMEs Type and description: AB Bank Rwanda offers entrepreneurs the opportunity to access loans in a transparent and efficient manner. Business loans can be requested for working capital or fixed assets. Most businesses are family businesses.

Amount range: There is no minimum amount; the maximum amount is 150 Mio RWF or 5% co-capital. The average loan amount is about 20 Million RWF. Term: • For working capital up to 24 months • For fixed assets up to 36 months Security: Hard collateral is required. Collateral arrangements depend on the loan size (household goods, business equipment, goods in stock, vehicles, property etc.). Interest rate: • Interest is fixed at 2% per month (24% per year). • Disbursement fee between 2.5% and 3.5%.

• Access criteria: • The business needs to be operating in line with government regulations for at least 1 year. • The client must present business records, such as sales, purchases. • The client must have hard collateral to pledge. • No previous account with AB Bank Rwanda required. • The loans are primarily based on an assessment of the borrower’s repayment capacity. • All applications undergo an on-site assessment by AB Bank’s lending staff prior to a committee decision.

Timetable of process: • The application process takes about 15 days from start to end. • The application cycle starts with the first contact at AB Bank. • If the client is eligible the client puts in a loan request. • AB Bank visits the client’s busines • The client must present business records for sales, purchases, bank transactions etc. • AB Bank can disburse on the basis of declaration if the loan does not exceed 11 Million RWF. • The loan officer visits the business and home premises, takes pictures of the business, counts inventory, and takes pictures of balance sheets/ business documentation.

• The client hires an external evaluation company which evaluates the properties (the fees for this service is to be paid by the customer). • The client is informed about the credit committee’s decision and conditions, e.g. additional collateral requirement. • The contract is prepared by credit officer. Once the registration certificate from RDB (e.g. this collateral is mortgaged), the loan can be disbursed.

Refinancing scheme: Repayment starts after one month and paid in monthly installments over a period of 24 months (for working capital) or 36 months (for fixed assets). Contact details: 0783806969 arzu.bayramov@abbank.rw Website: http://www.abbank.rw/

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Solidarity groups Credit: Kaze Target group: Solidarity group Type and description: Amasezerano community banking offers solidarity credits for low income clients without collateral. The loan is guaranteed through a solidarity group whose number varies between 3 and 10. Solidarity group loans are afforded for income generating activities.

Amount range: Rwf 10,000 to Rwf 500,000 Term: 1 to 12 months Security: Through solidarity group Interest rate: Annual Interest rate of 30% Access criteria: • The client must have an account which should be operational for at least two months. • The client must provide a business certificate (if applicable). • The client must have a viable project proposal for which finance is being requested. • The client must fill out and submit application forms that are available at the bank.

Timetable of process: The client fills out and submits the application forms that are available at the bank. Refinancing scheme: The loan can be repaid over the negotiated period (up to 12 months). Contact details: KK 01 NR Kicukiro +250 712345678 info@acb.rw Website: http://acb.rw/

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Credit to traders: Curuza Target group: Traders (non-agriculture) Type and description: Amasezerano Community Banking offers loans for traders of all objects except agriculture and livestock. The loan can be provided to individual traders or legal entities. Amount range: Negotiable Term: 1 to 24 months

Security: Collateral is required in the form of assets. Interest rate: The Interest rates for this loan start at 17%. Access criteria: • The client must have an account which should be operational for at least two months. • The client must provide a Business Certificate (if applicable). • The client must have a viable project proposal for which finance is being requested. • The client must fill out and submit application forms that are available at the bank.

Timetable of process: The client fills out and submits the application forms that are available at the bank. Refinancing scheme: The loan can be repaid over the negotiated period (up to 24 months). Contact details: KK 01 NR Kicukiro +250 712345678 info@acb.rw Website: http://acb.rw/

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Credit to agricultural producers: Ezukamec Target group: Individuals, cooperatives, MSMEs Type and description: • This type of loan is intended to finance farmers’ income generating activities related to agriculture and animal husbandry throughout the value chain, for example to increase farmers’ production in processing or distribution. • It can also be used to bridge the finance requirement between the time farmers plant and harvest.

• The loan can then be paid off after receiving the produce sales. • The loan can also be used to finance the rearing of farm animals. • The loan can be provided to individual traders or legal entities. Amount range: Negotiable Term: 1 to 36 months Security: Tbc Interest rate: The Interest rates for this loan start at 17%. Access criteria: The project must finance income generating activities in agriculture. Timetable of process: The client fills out and submits the application forms that are available at the bank.

Refinancing scheme: The loan can be repaid over the negotiated period (up to 36 months). Contact details: KK 01 NR Kicukiro +250 712345678 info@acb.rw Website: http://acb.rw/

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Credit to employees : Hembwa Target group: Individuals Type and description: This financial product allows the client to overdraw his/her current account up to a maximum limit, which depends on the monthly income. Amount range: Individual ceiling can be negotiated from 1 to 10 times of the net monthly salary.

Term: 1 to 36 months Security: Security is required. For employees of large companies, the salary can serve as the only security for less than 18 months. Interest rate: The interest rates vary between 15% and 42%. Access criteria: â&#x20AC;˘ The client must draw his/her salaries via ACB Ltd. â&#x20AC;˘ The client must submit a signed wage assignment by the employer. Timetable of process: The client fills out and submits the application forms that are available at the bank.

Refinancing scheme: The loan can be repaid over the negotiated period (up to 36 months). Contact details: KK 01 NR Kicukiro +250 712345678 info@acb.rw Website: http://acb.rw/

Institution: Letshego Rwanda Limited Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Agriculture Loans Target group: Individual entrepreneurs Type and description: • Letshego offers microfinance products to serve the needs of low income MSME owners in the housing, health, agricultural and education sectors. The agricultural loan can be used for all types of agricultural uses and investments. • The loan amount depends on monthly income and the type of agricultural project.

Amount range: 500,000 to 35 million RWF Term: 1-36 months Security: Security is required and can be in the form of fixed assets, such as land, house, vehicle Interest rate: 1.9% per month Access criteria: • The client needs to open an account. • The business can be an existing business or a startup. Timetable of process: • The client needs to submit a loan application letter and include supporting documents showing the business profile and the client’s ability to repay the loan.

• Loans are extended based on a business appraisal and assessments made by Letshego country office staff. • The loan approval and risk assessment process is focused on the MSE client’s cash flow and financial report analysis. • The approval process takes 1-2 weeks. Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 36 months. Contact details: Tel (+250) 788309132 Email: info-rw@letshego.com jeanetK2815@gmail.com KimironkoMagnificat House (Opposite Kimironko Market) Tel (+250) 883 09 133 Website: https://www.letshego.co m/country/rwanda

Institution: Letshego Rwanda Limited Institution type: Commercial bank, MFI Finance type: Debt financing Product name: MSME Loans Target group: MSMEs Type and description: • The MSME loan can be used for any type of business across a range of sectors. • The loan limit is 25 million RWF and can be extended for up to 24 months. Amount range: 1 to 25 million RWF Term: 1 - 24 months

Security: Security is required and can be in the form of fixed assets, such as land, house, vehicle Interest rate: 3.5% per month Access criteria: • The client needs to open an account. • The business can be an existing business or a startup. Timetable of process: • The client needs to submit a loan application letter and include • supporting documents showing the business profile and the client’s ability to repay the loan. • Loans are extended based on a business appraisal and assessments made by Letshego country office staff. • The loan approval and risk assessment process is focused on

the MSME client’s cash flow and financial report analysis. The approval process takes 1-2 weeks. Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 24 months. Contact details: Tel (+250) 788309132 Email: info-rw@letshego.com jeanetK2815@gmail.com KimironkoMagnificat House (Opposite Kimironko Market) Tel (+250) 883 09 137 Website: https://www.letshego.com/country/ rwanda

Institution: Letshego Rwanda Limited Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Supa MSME Loans Target group: MSMEs Type and description: • The Supa MSE loan can be used for any type of business across a range of sectors. • The loan limit is 37.5 million RWF and can be extended for up to 36 months. Amount range: 1 to 37.5 million RWF Term: 1 - 36 months

Security: Security is required and can be in the form of fixed assets, such as land, house, vehicle Interest rate: 3.5% per month Access criteria: The client needs to open an account. The business can be an existing business or a startup. Timetable of process: • The client needs to submit an application letter and include supporting documents showing his/her ability to repay. • Once all documents are made available, the approval process takes 1-2 weeks. Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 36 months.

Contact details: Tel (+250) 788309132 Email: inforw@letshego.com jeanetK2815@gmail.com Kimironko Magnificat House (Opposite Kimironko Market) Tel (+250) 883 09 138 Website: https://www.letshego.com/country/ rwanda

Institution: Letshego Rwanda Limited Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Micro Leasing Loans Target group: MSMEs Type and description: The micro leasing is a new product for purchasing assets such as machines, vehicles/trucks, etc. For example, Letshego can purchase a foreign car and cover all bills and import fees. Amount range: 1 to 37.5 million RWF Term: 1 - 48 months

Security: The purchased asset can be part of the Security Interest rate: 3.5% per month Access criteria: The client needs to open an account and have all documentation with regards to the asset to be purchased. Timetable of process: • The client needs to submit a loan application letter and include • supporting documents showing the business profile and the client’s ability to repay the loan. • Loans are extended based on a business appraisal and assessments made by Letshego country office staff. • The loan approval and risk assessment process is focused on the MSME client’s cash flow and financial report analysis.

• The approval process takes 1-2 weeks. Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 48 months. Contact details: Tel (+250) 788309132 Email: info-rw@letshego.com jeanetK2815@gmail.com Kimironko Magnificat House (Opposite Kimironko Market) Tel (+250) 883 09 139 Website: https://www.letshego.com/country/ rwanda

Institution: SACCO Kacyiru Institution type: MFI Finance type: Debt financing Product name: Business loan Target group: MSMEs, individuals Type and description: The business loan targets individuals, startups and existing businesses that cannot access loans from commercial banks. The loan can be used for any business purposes. Amount range: Up to 6 million RWF Term: Up to 3 years

Security: Security is required in the form of fixed assets, cash collateral or any form of guarantee (e.g. BDF guarantee). Interest rate: 20% per year Access criteria: The requirements are: • Open an account • Business profile and documentation, statements, information about collateral • Spouse or third party guarantee in case of default Timetable of process: • The client needs to fill out forms at the SACCO and submit them along with supporting documents such as information about collateral. • The SACCO analyzes the application, visits the business / collateral.

• The credit committee takes a decision within one week. Refinancing scheme: The loan can be repaid over a period of up to 3 years in monthly installments starting after the first month. Contact details: KACYIRU SACCO Tel: 0788612033 Website: No website available

Institution: SACCO Kacyiru Institution type: MFI Finance type: Debt financing Product name: Agricultural loan Target group: MSMEs, Individuals Type and description: The loan targets farmers and agricultural businesses and can be used for any agricultural production and agri-business purposes. Amount range: Up to 6 million RWF Term: Up to 3 years

Institution: Unguka Bank Limited (UBL) Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Microcredit (term loan and overdraft) Target group: SACCOs Type and description: • UBL provides financial assistance to the SACCOs in the form of term loan and overdraft. • The bank has established a dedicated micro finance development team responsible for providing these facilities to the SACCOs. • The term loan is extended for lending to micro finance clients. • In addition, the bank extends overdraft facilities to tide over

temporary cash flow mismatches • These facilities are extended to SACCOs registered as societies, trusts, not for profit companies, cooperatives, credit cooperatives. Amount range: Negotiable Term: Negotiable Security: Collateral is required. Interest rate: Negotiable Access criteria: This facility is extended to SACCOs registered as societies,trusts, not for profit companies, cooperatives, credit cooperatives.

Timetable of process: • The client submits the loan application and all supplementing documentations to UBL. • The application process takes about 2 weeks. Refinancing scheme: The repayment scheme is negotiated upon contract completion. Contact details: Kigali City DORONA HOUSE Tel: (+250) 788313890 Email: info@ungukabank.com P.O BOX: 6417 Kigali Website: http://www.ungukabank.com/spip. php?article16

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Group loan Target group: MSMEs, individuals, cooperatives Type and description: The majority of UOBs customers start with a group loan. By joining together as a group, each group member forms part of a joint moral guarantee to pay back the loan. Before accessing the loan, each group member goes through financial literacy training. The groups consist of 15 to 60 persons. The purpose of the loan needs to be business related.

Amount range: Negotiable, based on repayment capacity Term: • 4 to 8 months • 4 months if repaid on weekly basis • 6 months if repaid on a bi-monthly basis • 8 months if repaid on a monthly basis Security: • No Security required for loans of less than 1 Million RWF (solidarity guarantee and repayment in weekly installments) • For larger loans, collateral is required (repayment can be done in bi-monthly or monthly installments if collateral is provided)

Interest rate: • 2.5% per week (if no Security provided) • 2.5% bi-monthly (if Security provided and repaid in 6 months) • 2.5% per month(if Security provided and repaid in 8 months) Access criteria: • The client needs to join a solidarity group and open an account. • If the loan amount exceeds 1 million RWF, fixed assets as security is required. Timetable of process: The process to access the loan takes about 1 month. In order to access the loan, the client needs to attend financial literacy training sessions. A group can either come together or an individual can be matched with a group by UOB.

Refinancing scheme: The repayment is done weekly, bi-monthly or monthly installments over a period of 4, 6 or 8 months respectively. Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Business Loan Target group: MSMEs, individuals, cooperatives Type and description: The business loan can be extended for any business needs. Amount range: Negotiable, depends on customer’s repayment capacity and provided security Term: up to 4 years Security: Security can be provided in the form of fixed assets such a land, house or cash

collateral Interest rate: 18-21% per year Access criteria: The requirements are: • Business profile and documentation, financial statements • Information about collateral • UOB can finance startups if they can show sufficient repayment capacity Timetable of process: • The client needs to open an account at UOB, submit a loan application and fill out forms at the bank. • UOB will then analyze the business, the collateral, the project and the client’s repayment capacity. • UOB will also do site visits. The credit management team meets 2 times a week to assess loan applications and take decisions. • The process usually takes 1-2 weeks.

Refinancing scheme: The loan can be repaid over a period of up to 4 years. Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Education Finance Target group: MSMEs, individuals, cooperatives Type and description: To improve access to education, UOB’s Banking on Education initiative provides loans to entrepreneurs to start schools, improve infrastructure and expand opportunities for children. The loan can be used to finance school infrastructure and materials, but also to pay school fees (mainly local schools).

Amount range: negotiable, no maximum defined (can cover up to 100% of the project to be financed) Term: 1 year Security: Security is required, valued at 200% of the loan value. Security can be provided in the form of fixed assets. Interest rate: 18% per year Access criteria: The requirements are: • Information about the project to be financed, documentation, financial statements • Information about collateral

Timetable of process: • The client needs to open an account at UOB, submit a loan application and fill out forms at the bank. • UOB will then analyze the project. • The credit management team meets 2 times a week to assess loan applications and take decisions. • The application process does not exceed 2 weeks. Refinancing scheme: The loan can be repaid over a period of up to 1 year. Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali

Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Microfinance Institutions Agricultural Finance Target group: MSMEs, individuals, cooperatives Type and description: • Agricultural loans are targeted at farmers and agribusinesses. • They can be used to buy inputs such as fertilizer, seeds, etc. • The duration is usually from the time of sewing to the time of harvest. Amount range: Negotiable, depends on repayment capacity

Term: Up to 8 months Security: For individuals: • Any security that can cater for the loan such as fixed assets, or income For cooperatives: • Solidarity guarantee (group guarantee for each other) Interest rate: 20-24% per year • For agricultural production 20% • For post-harvest loans 24% Access criteria: The requirements are: • Information about the project to be financed, documentation, financial statements • Information about collateral

Timetable of process: • The client needs to open an account at UOB • Submit a loan application and fill out forms at the bank. • UOB will then analyze the business, the project and the client’s repayment capacity. • The credit management team meets 2 times a week to assess loan applications and take decisions. • The application process does not exceed 2 weeks. Refinancing scheme: The loan can be repaid over a period of up to 8 months (after the harvest season).

Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Financial Products for existing SMEs Government Facilities

Institution: BDF Institution type: Guarantee fund Finance type: Guarantee Product name: Guarantee funds Target group: individuals, start up, SMEs, associations, cooperatives, MFIs and profit oriented NGOs Type and description: • The Business Development Fund has been launched in 2011 to extend credit guarantee facilities and business development services. • BDF’s mission is to promote SME development across all sectors by enhancing the lending mechanism of financial Institutions. • The BDF can provide 50-75% of the requested guarantee size.

Amount range: Risk coverage may not exceed 50 – 75% guarantee of total risk, with the maximum amount guaranteed of RWF 500 million including principal plus interest for one year. Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial Institutions Timetable of process: There is an indirect and an direct process. Indirect process: • The client approaches a financial

Institution with which BDF has an agreement with and goes through the loan application process. • The Bank can then approach BDF to extend a guarantee. Direct process: • BDF appraises the business directly and extends a provisional guarantee letter with which the client can apply for a loan at a financial Institution. • BDF can assist with developing the business plan. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308519 Website: http://bdf.rw/

Institution: BDF/MINAGRI Institution type: Guarantee fund Finance type: Guarantee Product name: Agriculture Guarantee Fund Target group: SMEs Type and description: BDF extends guarantees to farmers and SMEs for primary agriculture, manufacturing and processing. Amount range: Risk coverage may not exceed 50 – 75% guarantee of total risk, with the maximum amount guaranteed of RWF 500 million including principal plus interest for one year.

Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial Institutions Timetable of process: There is an indirect and an direct process. Indirect process: • The client approaches a financial Institution with which BDF has an agreement with and goes through the loan application process. • The Bank can then approach BDF to extend a guarantee.

Direct process: • BDF appraises the business directly and extends a provisional guarantee letter with which the client can apply for a loan at a financial Institution. • BDF can assist with developing the business plan. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308521 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: Guarantee Product name: SME Guarantee Fund Target group: SME Type and description: • BDF extends guarantees to SMEs for term loans granted for productive investments. • The Investment projects need to be profitable with significant socio-economic impact and environmentally friendly. Amount range: Risk coverage may not exceed 50 – 75% guarantee of total risk, with the maximum amount guaranteed of RWF

300 million including principal plus interest for one year. Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial institutions Timetable of process: There is an indirect and an direct process. Indirect process: • The client approaches a financial Institution with which BDF has an agreement with and goes through the loan application process.

• The Bank can then approach BDF to extend a guarantee. Direct process: • BDF appraises the business directly and extends a provisional guarantee letter with which the client can apply for a loan at a financial institution. • BDF can assist with developing the business plan. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308523 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: grants and awards Product name: Toolkit facility Target group: TVET students Type and description: This facility is for recent WDA TVET school graduates who want to start or extend a business, e.g. purchase machinery and equipment. 50% of the funding needs is given as a grant and 50% is given as a loan from the SACCO, which is paid back at 10-15% Interest rate.

Amount range: • Up to 500,000 RWF for individuals • Up to 5 Million RWF for businesses and cooperatives Term: Up to 3 years Security: No Security required. Interest rate: 10-15% Access criteria: The applicant must be a recent WDA TVET graduate (show TVET school certificate) and present a valid business plan to the SACCO.

Timetable of process: • Be a recent TVET graduate and present a business plan to the SACCO. • The SACCO applies for the facility and sends the application to BDF. • BDF sends the money directly to the SACCO. • The process takes about 2 weeks. Refinancing scheme: The loan must be repaid in 3 years. Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308526 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: Leasing Product name: Micro-leasing facility Target group: Cooperatives Type and description: This facility is intended to purchase equipment for cooperatives at integrated production centers (ICPCs) e.g. carpenters, tailoring, fabricating and BDF buys the equipment on a leasing basis.

Amount range: Depends on production needs Term: Up to 5 years Security: No Security required. Interest rate: 12 % Access criteria: Cooperative in IPCP in productive activity Timetable of process: The cooperative applies for this facility at BDF directly, submitting documentation of the project and equipment needs.

Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308527 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: grants and awards Product name: Women and Youth Grant Target group: Youth and Women Type and description: â&#x20AC;˘ This is a conditional grant for Youth and Women. â&#x20AC;˘ Up to 15% of a loan of a financial institution with which BDF has signed an agreement can be financed by BDF conditional on successfully repaying the bank loan.

Amount range: 15% of the original loan Term: Not applicable Security: Not applicable Interest rate: 0% Access criteria: Youth and Women who successfully repaid 85% of a loan at a recognized financial institution (commercial banks, MFIs, SACCOs).

Timetable of process: The bank applies for this facility at BDF. BDF directly pays the bank. Refinancing scheme: 15% of the original loan are given as a grant. Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308528 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: Grants and awards Product name: Post-harvest grant Target group: Post-harvest Type and description: This is a grant facility that can cover up to 40% of the original loan obligation for post-harvest facilities. Amount range: Up to 40% of original loan

Term: Not applicable Security: Not applicable Interest rate: 0% Access criteria: The client needs to have a loan for post-harvest facilities at a recognized financial Institution (commercial banks, MFIs, SACCOs). Timetable of process: â&#x20AC;˘ The bank applies for this facility at BDF. â&#x20AC;˘ BDF directly pays the bank.

Refinancing scheme: Up to 40% of the original loan is given as a grant. Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308529 Website: http://bdf.rw/

Institution: Development Bank of Rwanda Institution type: Development bank Finance type: Debt financing Product name: Loan Target group: startups, SMEs Type and description: BRD provides short, medium and long term investment loans to projects in the priority sectors of the Rwandan economy particularly agriculture, exports, energy, housing and education. The majority of BRD’s financing is long term. Particular focus has been on the agriculture sector and processing industries (coffee, tea, cassava, rice and poultry).

Amount range: • Loans start at a minimum of RWF 15 million with an average loan size of about RWF 200 million. • BRD finances also considerably larger loans. • Smaller loan sizes are mostly to individuals in agriculture e.g. for crop production increase. • Loans can also be considerably larger to finance agricultural cooperatives. Term: short, medium and long term up to 12 years Security: BRD requires adequate guarantees, such as:

•

A guarantee from the Government, a guarantee fund, a bank, other partners, foreign organizations etc.

• A pledge of material or financial resources • Accident and fire insurance, etc. Interest rate: The prevailing Interest rate: is 15% per year. The Interest rate is negotiable between BRD and the customer and takes into account the cost of resources used for the financing, the collateral offered, the investment risk, the credibility of the investor and the economic and the social impact of the project.

• Mortgages with title deeds, • A pledge of receivables, • The joint guarantee of spouse, associates, other partners

Access criteria: The main conditions for obtaining the Bank’s financial backing are: • A feasibility study for the project (technical and financial) • Adequate technical capacities in the field of the project for which finance is being sought • Capacity to manage the project, • Adequate market share to ensure a good turnover level, and project profitability • A minimum contribution varying between 30 and 50% of the cost of investment according to the size of the project.

Timetable of process: • The application and appraisal process takes about 1 month. • The client submits a business plan along with supporting documents and describes the project and request in detail. • BRD evaluates and requests additional clarifications if needed, and visits the project. • The project is then submitted to the credit committee for approval. • The loan is normally disbursed in several installments depending on the project. Refinancing scheme: • The repayment scheme is negotiable and depends on the particular project and its cash flow. • BRD can grant a grace period of a maximum of 2 years.

• The maximum repayment period is 10 years. Contact details: BRD Head Office KN 3 (former Boulevard de la Révolution) P.O Box 1341, Kigali-Rwanda Phone: (+250) 575079 Fax: (+250) 573569 Email: brd@brd.rw Website: https://www.brd.rw

Financial Products for existing SMEs Private Funds

Institution: Entreprenarium of Kigali Institution type: Private organization Finance type: Debt financing Product name: Women Capital Raising (WCR) Program Target group: Women Type and description: • Entreprenarium provides business support and access to finance to women and young entrepreneurs on the African continent. • The Women Capital Raising Program aims to support 100 African women entrepreneurs per year during every step of the way to create and expand their business. • It operates on three levels: training to business basics, access to funding and

support through consulting services. Amount range: Depends on business needs. About 2-20 million RWF Term: Depends on business needs (usually 1-2 years) Security: No security required Interest rate: 5% per year Access criteria: Details will be announced in the Call for Proposal Timetable of process: • Each year Entreprenarium opens a call for proposals through which women entrepreneurs can apply. • Entreprenarium choses about 30 promising businesses for their 6-week training and coaching program.

Refinancing scheme: Flexible for the business Contact details: Entreprenarium of Kigali M. Peace Plaza, 7th floor KN4 Avenue10 PO 6197 Kigali - RWANDA TEL:+250 787 705 030 EMAIL:Kigali@entreprenarium.org Website: http://www.entreprenarium.org/fr/

Institution: Inkomoko Institution type: Private investment fund Finance type: Debt financing Product name: Loan Target group: Startups Type and description: Inkomoko extends loans for startups and existing business that go through inkomoko’s accelerator program.

Amount range: • First loan up to 10,000 USD • Consecutive loans up to 50,000 USD Term: Flexible Security: Negotiable Interest rate: 5% per year

Access criteria: • Accelerator program participation for one year, the entrepreneur pays 750,000 RWF as participation fee (75% subsidized participation fee) • The application consists of an interview with Inkomoko’s client relationship manager.

Institution: Société Mutuelle de Garantie et de Financement Institution type: Investment fund Finance type: Debt financing, equity Product name: Venture Capital, Trade Finance, Loans Target group: SMEs, startups Type and description: • SMGF offers financial products and business development services to SMEs and startups across all sectors, including agribusiness, energy, education, manufacturing, construction, trade, transport and logistics.

• SMGFs Venture Capital creates opportunities for entrepreneurs to build and develop successful companies. • It’s goal is sustainable, long term value creation. • The financial products offered are equity investments and short to medium term loans. • SMGF engages with the business very closely throughout the investment cycle. • It provides technical assistance, coaching, management support and other business development services. Amount range: Negotiable, maximum of 10% of SMGF’s own equity (maximum currently about 100 Million RWF)

Term: 3 - 24 months Security: Security is required in the form of houses, property, cash collateral or any form of guarantee. Interest rate: Market rates of about 17-19% Access criteria: The evaluation criteria include quality of project idea and business plan, technical knowledge, capacity and management skills, financial projections and cash flow analysis of the business.

Timetable of process: • The entrepreneur engages with SMGF and introduces his/her business idea or business plan. • SMGF will analyze the business plan, project quality, success projection, capacity of the entrepreneur, management skills and technical knowledge. • If deemed worth engaging, SMGF will engage and negotiate potential financing and collaboration terms (venture capital, loans, and business development services). • If the business plan is clear and deemed eligible, the financing can be processed in less than one week.

Refinancing scheme: The refinancing scheme is negotiable and is assessed based on business needs and cash flow calculations. Contact details: Headquarters of the SMGF Kacyiru on the Boulevard l’ Umuganda P.O BOX: 1881 KIGALI Phone: +250 788354937 Email: info@smgf.rw Website: http://www.smgfrwanda.com/

Financial Products for startups Commercial Banks

Institution: Bankof Kigali Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Inventory financing/stock loan Target group: Corporates, SMEs Type and description: • The inventory financing/stock loan is a short term loan for businesses seeking to purchase additional inventory. • It serves in times of seasonal fluctuations in cash flows. Amount range: Negotiable, no minimum or maximum defined

Term: Up to 24 months Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting the loan. • After submitting all application documents including business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: • The repayment terms are negotiable • The loan can be repaid over a period of up to 24 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Overdrafts Target group: Corporates, SMEs Type and description: • Overdrafts provide a temporary facility to overdraw an existing account up to a certain limit. • It improves the client’s liquidity position and allows additional working capital. • They are easy and quick to arrange. Amount range: Negotiable, no minimum or maximum defined

Term: Up to 12 months Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting the loan. • After submitting all application documents including business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days, the final contract will be ready within 2 days after approval. Refinancing scheme: • The repayment terms are negotiable. • The loan can be repaid over a period of up to 12 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Seasonal loan Target group: Corporates, SMEs Type and description: • This loan is intended for agricultural purposes and investments. • The client can invest in his/her business, such as agricultural inputs and repay the loan after he/she expected return of investment over a period of up to 6 months. Amount range: Negotiable, no minimum or maximum defined

Term: Up to 6 months Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting the loan. • After submitting all application documents including business plan and documentation (business registration, receipts etc) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: • The repayment terms are negotiable • The loan can be repaid over a period of up to 6 months. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Bank of Kigali Institution type: Commercial bank Finance type: Debt financing Product name: Vehicle loan Target group: Corporates, SMEs Type and description: The loan can finance up to 70% of the cost, the remaining 30% are the client’s own contribution. Amount range: Negotiable, no minimum or maximum defined Term: Up to 4 years

Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Negotiable, about 18.50 % Access criteria: The requirements are: • Application forms • Business plan and documentation (registration, receipts etc) • Value of the current stock • List and value of products to be financed If the customer has various valid contracts: • Copies of valid contracts • Copies of pending payments

Timetable of process: • The client completes an application form and writes a letter requesting the loan. • After submitting all application documents including business plan and documentation (business registration, receipts etc.) • The credit committee gives feedback within 5 days • The final contract will be ready within 2 days after approval. Refinancing scheme: • The repayment terms are negotiable. • The loan can be repaid over a period of up to 4 years. Contact details: Bank of Kigali KN4 Ave No12 Plot No 790 P.O. Box 175, Kigali, Rwanda Website: http://www.bk.rw/

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Microcredit Target group: Groups, Associations Type and description: • Microcredits target clients who join together in groups of 3 to 10 people or associations of up to 30 members. • The purpose is for income generation and enterprise development. Amount range: Up to RFW 250,000 for an individual in a group and up to RWF 5,000,000 for an association

Term: Up to 12 months Security: By joining together in a group or association, members provide: • A joint moral guarantee for each member to pay back the loan • Assets of the association in case there are any to be pledged. Interest rate: Base rate +/- risk margin, currently 18-20% Access criteria: The eligibility criteria are as follows: • Be a BPR client for at least 3 months • Present a viable project for financing Timetable of process: • The client completes an application form and writes a letter requesting the loan, specifying the loan amount and business details.

• The loan processing time takes about 7 days. Refinancing scheme: • The repayment modalities depend on the cash flow of the income generating project. • It can be extended for a period of up to 12 months. Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customerservice@bpr.rw Website: http://www.bpr.rw

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Agricultural loan Target group: SMEs, associations and cooperatives Type and description: • BPR is one of the leading food and agriculture bank in Rwanda. • The agricultural loan can be used for any type of agricultural activity, such as agricultural production, processing or distribution.

• Examples include purchase of farm inputs, tools, machines, agro-processing, livestock farming or farm related expenses. Amount range: • The loan amount depends on the client’s payback capacity, i.e. generated income from the farming project. • The amount can be up to 80 percent of the cost of the farming project to be financed. • The client has to raise at least 20 % of the cost as own contribution. Term: Up to 5 years

Security: • Collateral should be equivalent to at least 125 % of the financed project. It can be in the form of: • Soft collateral (cash, assets like cars, machines, livestock, etc) • Hard collateral (real estate) • Joint guarantee for associations and cooperatives • Insurance cover for the collateral presented • For farmers and projects qualifying for a special guarantee fund, they may not need to provide any collateral or only provide part of the collateral. Interest rate: Base rate +/- risk margin, currently 18-20%

Access criteria: • The eligibility criteria are as follows: • Be a BPR client for at least 1 month • Be a credit worthy client • Engaged in farming or farm related activities • Present a bankable farming project Timetable of process: • The client completes an application form and writes a letter requesting the loan, specifying the loan amount and business details. • The loan processing time takes about 7-10 days.

Refinancing scheme: • The loan period can be up to 5 years with the possibility of a grace period for certain projects. • The payment can be monthly, quarterly or seasonal depending on the cash flow of the agricultural project.

Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customerservice@bpr.rw Website: http://www.bpr.rw

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Equipment Finance Target group: Individual, business owner Type and description: • This loan covers all kinds of equipment, e.g. acquiring new assets, to replace existing ones or to expand current business operations. • The client can be a salaried person or a private business owner. Amount range: Flexible, depends on the borrower’s repay capacity Term: Up to 48 months

Security: Security can be provided in the form of assets. The purchased asset can serve as security Interest rate: Base rate +/- risk margin, currently 18-20% Access criteria: • One needs to have an account with BPR for at least one month. • The client can be a salaried person or a private business owner. • If the individual is salaried then he/ she has to be paid through BPR and present a testimony of salary/pay slip. • If the individual is self-employed, he/she should provide a personal financial statement to ascertain his/ her income.

Timetable of process: • The client needs to obtain a reference letter from the current employer together with a testimony of the current salary. • The client needs to submit an application form and write a letter requesting for the loan. • The loan processing period is 10 days if all required information is availed. Refinancing scheme: The repayment period is negotiable. Up to 48 months. Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customerservice@bpr.rw Website: http://www.bpr.rw

Institution: Banque Populaire du Rwanda Institution type: Commercial bank Finance type: Debt financing Product name: Investment loan Target group: SMEs Type and description: • This loan is provided to business people who need financing for start-up, expansion, or any other investment. • This loan covers (equipment for business, construction for business related, and business) the time that is above 2 years loan.

Amount range: Negotiable Term: 2 - 10 years Security: Collateral is required in the form of assets, such as houses, cars (not older than 10 years) Interest rate: Base rate +/- risk margin. Access criteria: • Be a BPR corporate client for at least 1 month. • Be a credit worthy client • Be an RDB registered business person Timetable of process: • The client should present a viable investment project. • The investment should be related to the client’s business. • The client should have collateral of 125%.

• Usually the investment project is also added to the collateral. Refinancing scheme: • The loan’s refinancing scheme is negotiable. • The loan can be repaid over a period of up to 10 years. Contact details: Banque Populaire du Rwanda B.P. 1348 Kigali - Rwanda Office Line: +250-788187200 Call Center: 1500 E-mail: info@bpr.rw or customerservice@bpr.rw Website: http://www.bpr.rw

Institution: I&M Bank Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Term loan Target group: Corporates, SMEs Type and description: • I&M Bank can structure any term loan facility such as construction loan, investment loan, equipment & vehicle loan, subject to satisfying all documentation and Security requirements. • Term Loans are available in Rwanda Francs, US Dollars, GB Pounds and Euro.

Amount range: Negotiable, no minimum or maximum, depends on repayment capacity Term: Negotiable Security: Collateral is required in the form of assets, such as houses, cars etc. Interest rate: Interest is linked to the bank’s base lending rate or foreign currency base lending rate (for foreign currency), and charged quarterly. Access criteria: • The requirements are: • Application letter • Collateral • Financial statement for the last three years and cash flow projections subject to a 12 months review supported by updated financials

Institution: I&M Bank Institution type: Commercial bank Finance type: Debt financing, guarantees Product name: Overdraft Target group: Corporates, SMEs Type and description: • Overdrafts are extended for working capital requirement. • They are available in Rwf, US Dollars, GB Pounds and Euro. Amount range: Negotiable, no minimum or maximum, depends on repayment capacity

Term: Negotiable Security: Collateral is required in the form of assets, such as houses, cars etc. Interest rate: Interest is linked to the Bank’s Base Lending Rate or Foreign Currency Base Lending rate (for foreign currency) and charged quarterly. Access criteria: The requirements are: • Application letter • Collateral • Financial statement for the last three years and cash flow projections subject to a 12 months review supported by updated financials

Interest rate: Interest is linked to the bank’s base lending rate or foreign currency base lending rate (for foreign currency), and charged quarterly. Access criteria: The requirements are: • Completed Application Letter • Passport photo. • Copy of ID/Passport • Copy of employment contract • Salary and service certificate • Valuation made by real estate certified valuator • Original documents of the house: deed plan, title deed or lease contract for a minimum period of 20 years and a construction permit • Provisional sales agreement.

Financial Products for startups Microfinance

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Solidarity groups Credit: Kaze Target group: Solidarity group Type and description: • Amasezerano Community Banking offers solidarity credits for low income clients without collateral. • The loan is guaranteed through a solidarity group whose number varies between 3 and 10. • Solidarity group loans are afforded for income generating activities. Amount range: Rwf 10,000 to Rwf 500,000

Term: 1 to 12 months Security: Through solidarity group Interest rate: Annual interest rate of 30% Access criteria: • The client must have an account which should be operational for at least two months. • The client must provide a Business Certificate (if applicable). • The client must have a viable project proposal for which finance is being requested. • The client must fill out and submit application forms that are available at the bank.

Institution: Amasezerano Community Banking Institution type: MFI Finance type: Debt financing Product name: Credit to traders: Curuza Target group: Traders (non-agriculture) Type and description: • Amasezerano Community Banking offers loans for traders of all objects except agriculture and livestock. • The loan can be provided to individual traders or legal entities. Amount range: Negotiable Term: 1 to 24 months

Security: Collateral is required in the form of assets. Interest rate: The interest rates for this loan start at 17%. Access criteria: • The client must have an account which should be operational for at least two months. • The client must provide a business certificate (if applicable). • The client must have a viable project proposal for which finance is being requested. • The client must fill out and submit application forms that are available at the bank.

Timetable of process: The client fills out and submits the application forms that are available at the bank. Refinancing scheme: The loan can be repaid over the negotiated period (up to 24 months). Contact details: KK 01 NR Kicukiro +250 712345678 info@acb.rw Website: http://acb.rw/

Institution: Letshego Rwanda Limited Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Supa MSME Loans Target group: MSMEs Type and description: • The Supa MSME loan can be used for any type of business across a range of sectors. • The loan limit is 37.5 million RWF and can be extended for up to 36 months. Amount range: 1 to 37.5 million RWF Term: 1 - 36 months

Security: Security is required and can be in the form of fixed assets, such as land, house, vehicle Interest rate: 3.5% per month Access criteria: • The client needs to open an account. • The business can be an existing business or a startup. Timetable of process: • The client needs to submit an application letter and include supporting documents showing his/her ability to repay. • Once all documents are made available, the approval process takes 1-2 weeks.

Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 36 months. Contact details: Jeanette Kigali City Market Tel (+250) 788309132 Email: info-rw@letshego.com jeanetK2815@gmail.com Kimironko Magnificat House (Opposite Kimironko Market) Tel (+250) 883 09 138 Website: https://www.letshego.com/country/ rwanda

Security: Security is required, the purchased asset can be part of the Security. Interest rate: 3.5% per month Access criteria: The client needs to open an account and have all documentation with regards to the asset to be purchased. Timetable of process: • The client needs to submit a loan application letter and include supporting documents showing the business profile and the client’s ability to repay the loan. • Loans are extended based on a business appraisal and assessments made by Letshego country office staff. • The loan approval and risk assessment process is focused on the MSME client’s cash flow and

financial report analysis. • The approval process takes 1-2 weeks. Refinancing scheme: Repayment starts after 1 month and can be repaid over a period of up to 48 months. Contact details: Jeanet Kigali City Market Tel (+250) 788309132 Email: info-rw@letshego.com jeanetK2815@gmail.com KimironkoMagnificat House (Opposite Kimironko Market) Tel (+250) 883 09 139 Website: https://www.letshego.com/country/ rwanda

Institution: SACCO Kacyiru Institution type: MFI Finance type: Debt financing Product name: Business loan Target group: MSMEs, individuals Type and description: • The business loan targets individuals, startups and existing businesses that cannot access loans from commercial banks. • The loan can be used for any business purposes. Amount range: Up to 6 million RWF Term: Up to 3 years

Institution: SACCO Kacyiru Institution type: MFI Finance type: Debt financing Product name: Agricultural loan Target group: MSMEs, individuals Type and description: The loan targets farmers and agricultural businesses and can be used for any agricultural production and agribusiness purposes. Amount range: Up to 6 million RWF Term: Up to 3 years

Institution: Unguka Bank Limited (UBL) Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Microcredit (Term loan and overdraft) Target group: SACCOs Type and description: • UBL provides financial assistance to the SACCOS in the form of term loan and overdraft. • The bank has established a dedicated micro finance development team responsible for providing these facilities to the SACCOS.

• The Term loan is extended for lending to micro finance clients. • In addition, the bank extends overdraft facilities to tide over temporary cash flow mismatches. • These facilities are extended to SACCOS registered as societies, trusts, not for profit companies, cooperatives, credit cooperatives. Amount range: Negotiable Term: Negotiable Security: Collateral is required. Interest rate: Negotiable Access criteria: This facility is extended to SACCOS registered as societies, trusts, not for profit companies, cooperatives, credit cooperatives.

Timetable of process: • The client submits the loan application and all supplementing documentations to UBL. • The application process takes about 2 weeks Refinancing scheme: The repayment scheme is negotiated upon contract completion. Contact details: Kigali City DORONA HOUSE Tel: (+250) 788313890 Email: info@ungukabank.com P.O BOX: 6417 Kigali Website: http://www.ungukabank.com/spip. php?article16

Institution: Unguka Bank Limited (UBL) Institution type: Commercial bank, MFI Finance type: Debt financing Product name: Agricultural loan Target group: Group of borrowers, individuals, farming related cooperatives Type and description: UBL offers loan facility to farmers at competitive rates and conditions. UBL facilitates the Irish potatoes farmers (Group of borrowers, individuals, farming related cooperatives) by offering them a special product called “IKUNGAHAZE MUHINZI”. This agriculture loan is payable in seasonal periods.

Amount range: Negotiable Term: 6 months Security: Collateral in the form of assets or interpersonal guarantee for group borrowers Interest rate: Negotiable Access criteria: The eligibility criteria is as follows: • Be an Unguka Bank Ltd customer with 2 months relationship period • For group lending, individual accounts and group account for beneficiaries will be required • Be involved in the potato farming • Owning land used for farming or authorization for using it • Identification documents (ID/Passport)

• Loan application and justification of repayment capacity • Material security and interpersonal guarantee for group borrowers • Optional weather risk insurance cover Mandatory customer life insurance cover. Timetable of process: • The client submits the loan application and all supplementing documentations to UBL. • The application process takes about 2 weeks. Refinancing scheme: The repayment scheme is negotiated upon contract completion. Contact details: Kigali City:DORONA HOUSE Tel: (+250) 788313890 Email: info@ungukabank.com P.O BOX: 6417 Kigali

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Group loan Target group: MSMEs, individuals, cooperatives Type and description: • The majority of UOBs customers start with a group loan. • By joining together as a group, each group member forms part of a joint moral guarantee to pay back the loan. • Before accessing the loan, each group member goes through financial literacy training. • The groups consist of 15 to 60 persons.

• The purpose of the loans needs to be business related. Amount range: Negotiable, based on repayment capacity Term: 4 to 8 months • 4 months if repaid on weekly basis • 6 months if repaid on a bi-monthly basis • 8 months if repaid on a monthly basis Security: • No Security required for loans of less than 1 Million RWF (solidarity guarantee and repayment in weekly installments) • For larger loans, collateral is required (repayment can be done in bi-monthly or monthly installments if collateral is provided) Interest rate: • 2.5% per week (if no security provided)

• 2.5% bi-monthly (if security provided and repaid in 6 months) • 2.5% per month (if security provided and repaid in 8 months) Access criteria: • The client needs to join a solidarity group and open an account. • If the loan amount exceeds 1 million RWF, fixed assets as security is required. Timetable of process: • The process to access the loan takes about 1 month. • In order to access the loan, the client needs to attend financial literacy training sessions. • A group can either come together or an individual can be matched with a group by UOB.

Security: Security can be provided in the form of fixed assets such a land, house or cash collateral Interest rate: 18-21% per year Access criteria: The requirements are: • Business profile and documentation, financial statements • Information about collateral • UOB can finance startups if they can show sufficient repayment capacity Timetable of process: • The client needs to open an account at UOB, • Submit a loan application and fill out forms at the bank. • UOB will then analyze the business, the collateral, the project and the client’s repayment capacity • UOB will also do site visits.

• The credit management team meets 2 times a week to assess loan applications and take decisions. • The process usually takes 1-2 weeks. Refinancing scheme: The loan can be repaid over a period of up to 4 years. Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Education Finance Target group: MSMEs, individuals, cooperatives Type and description: • To improve access to education, UOB’s banking on education initiative provides loans to entrepreneurs to start schools improve infrastructure and expand opportunities for children. • The loan can be used to finance school infrastructure and materials, but also to pay school fees (mainly local schools).

Amount range: Negotiable, no maximum defined (can cover up to 100% of the project to be finance) Term: 1 year Security: • Security is required, valued at 200% of the loan value. • Security can be provided in the form of fixed assets. Interest rate: 18% per year Access criteria: The requirements are: • Information about the project to be financed, documentation, financial statements • Information about collateral

Institution: Urwego Opportunity Bank (UOB) Institution type: MFI Finance type: Debt financing Product name: Agricultural Finance Target group: MSMEs, individuals, cooperatives Type and description: • Agricultural loans are targeted at farmers and agribusinesses. • They can be used to buy inputs such as fertilizer, seeds, etc. • The duration is usually from the time of sewing to the time of harvest.

Amount range: Negotiable, depends on repayment capacity Term: Up to 8 months Security: For individuals: • Any Security that can cater for the loan such as fixed assets, or income For cooperatives: • Solidarity guarantee (group guarantee for each other) Interest rate: 20-24% per year • For agricultural production: 20% • For post-harvest loans: 24%

Access criteria: The requirements are: • Information about the project to be financed, documentation, financial statements • Information about collateral Timetable of process: • The client needs to open an account at UOB • Submit a loan application and fill out forms at the bank. • UOB will then analyze the business, the project and the client’s repayment capacity.

• The credit management team meets 2 times a week to assess loan applications and take decisions. • The application process does not exceed 2 weeks. Refinancing scheme: The loan can be repaid over a period of up to 8 months (after the harvest season).

Contact details: Urwego Opportunity Bank KN 5 Remera (Umuyenzi Plaza Kisementi) Airport road, Kigali Website: http://opportunity.org/whatwe-do/where-we-work/rwanda-facts-about-poverty

Financial Products for startups Government Facilities

Institution: BDF Institution type: Guarantee fund Finance type: Guarantee Product name: Guarantee funds Target group: Individuals, start up, SMEs, associations, cooperatives, MFIs and profit oriented NGOs Type and description: • The Business Development Fund has been launched in 2011 to extend credit guarantee facilities and business development services. • BDF’s mission is to promote SME development across all sectors by enhancing the lending mechanism of financial Institutions.

• The BDF can provide 50-75% of the requested guarantee size. Amount range: Risk coverage may not exceed 50 – 75% guarantee of total risk, with the maximum amount guaranteed of RWF 500 million including principal plus interest for one year. Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial Institutions Timetable of process: There is an indirect and an direct process.

Indirect process: • The client approaches a financial Institution with which BDF has an agreement with and goes through the loan application process. • The Bank can then approach BDF to extend a guarantee. Direct process: • BDF appraises the business directly and extends a provisional guarantee letter with which the client can apply for a loan at a financial Institution. • BDF can assist with developing the business plan. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308519 Website: http://bdf.rw/

Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial Institutions Timetable of process: There is an indirect and direct process. Indirect process: • The client approaches a financial Institution with which BDF has an agreement with and goes through the loan application process. • The Bank can then approach BDF to extend a guarantee.

Amount range: Risk coverage may not exceed 50 – 75% guarantee of total risk, with the maximum amount guaranteed of RWF 300 million including principal plus interest for one year. Term: The maximum number of years for a loan to be guaranteed is 10 years. Security: Not applicable Interest rate: Not applicable Access criteria: Clients need to access financial products through commercial banks and MFIs and meet the criteria of the respective financial Institutions Timetable of process: There is an indirect and direct process. Indirect process:

• The client approaches a financial institution with which BDF has an agreement with and goes through the loan application process. • The bank can then approaches BDF to extend a guarantee. Direct process: • BDF appraises the business directly and extends a provisional guarantee letter with which the client can apply for a loan at a financial institution. • BDF can assist with developing the business plan. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308523 Website: http://bdf.rw/

Institution: BDF Institution type: Guarantee fund Finance type: Grants and awards Product name: Toolkit facility Target group: TVET students Type and description: • This facility is for recent WDA TVET school graduates who want to start or extend a business, e.g. purchase machinery and equipment. • 50% of the funding needs is given as a grant and 50% is given as a loan from the SACCO, which is paid back at 10-15% Interest rate

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Institution: BDF Institution type: Guarantee fund Finance type: Leasing Product name: Micro-leasing facility Target group: Cooperatives Type and description: â&#x20AC;˘ This facility is intended to purchase equipment for cooperatives at integrated production centers (ICPCs) e.g. carpeting, tailoring, fabricating â&#x20AC;˘ BDF buys the equipment on a leasing basis.

Amount range: Depends on production needs Term: Up to 5 years Security: No Security required. Interest rate: 12% Access criteria: Cooperative in IPCP in productive activity

Timetable of process: The cooperative applies for this facility at BDF directly, submitting documentation of the project and equipment needs. Refinancing scheme: Not applicable Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308527 Website: http://bdf.rw/

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Institution: BDF Institution type: Guarantee fund Finance type: Grants and awards Product name: Women and Youth Grant Target group: Youth and Women Type and description: â&#x20AC;˘ This is a conditional grant for youth and women. â&#x20AC;˘ Up to 15% of a loan of a financial institution with which BDF has signed an agreement can be financed by BDF conditional on successfully repaying the bank loan. Amount range: 15% of the original loan

Term: Not applicable Security: Not applicable Interest rate: 0% Access criteria: Youth and women who successfully repaid 85% of a loan at a recognized financial Institution (commercial banks, MFIs, SACCOs). Timetable of process: The bank applies for this facility at BDF. BDF directly pays the bank.

Refinancing scheme: 15% of the original loan are given as a grant. Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308528 Website: http://bdf.rw/

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Term: Not applicable Security: Not applicable Interest rate: 0% Access criteria: The client needs to have a loan for post-harvest facilities at a recognized financial institution (commercial banks, MFIs, SACCOs). Timetable of process: â&#x20AC;˘ The bank applies for this facility at BDF. â&#x20AC;˘ BDF directly pays the bank.

Refinancing scheme: Up to 40% of the original loan are given as a grant. Contact details: Nyarugenge Headquarters: Muhima KN2 AV 34 Tel: 0788308529 Website: http://bdf.rw/

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Institution: Development Bank of Rwanda Institution type: Development bank Finance type: Debt financing Product name: Loan Target group: Startups, SMEs Type and description: • BRD provides short, medium and long term investment loans to projects in the priority sectors of the Rwandan economy particularly agriculture, exports, energy, housing and education. • The majority of BRD’s financing is long-term • Particular focus has been on the agriculture sector primary agriculture and processing industries (coffee, tea,

cassava, rice, and poultry). Amount range: • Loans start at a minimum of RWF 15 million with an average loan size of about RWF 200 million. • BRD finances also considerably larger loans. • Smaller loan sizes are mostly to individuals in agriculture e.g. for crop production increase. • Loans can also be considerably larger to finance agricultural cooperatives. Term: Short, medium and long term up to 12 years Security: BRD requires adequate guarantees such as: • Mortgages with title deeds • A pledge of receivables • The joint guarantee of spouse, associates, other partners

• A guarantee from the Government, a guarantee fund, a bank, other partners, foreign organizations etc • A pledge of material or financial resources • Accident and fire insurance, etc Interest rate: The prevailing Interest rate is 15% per year. The Interest rate is negotiable between BRD and the customer and takes into account the cost of resources used for the financing, the collateral offered, the investment risk, the credibility of the investor and the economic and the social impact of the project. Access criteria: The main conditions for obtaining the bank’s financial backing are: • A feasibility study for the project (technical and financial) • Adequate technical capacities in the field of the project for which finance is being sought,

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• Capacity to manage the project • Adequate market share to ensure a good turnover level, and project profitability • A minimum contribution varying between 30 and 50% of the cost of investment according to the size of the project. Timetable of process: • The application and appraisal process takes about 1 month. • The client submits a business plan along with supporting documents and describes the project and request in detail. • BRD evaluates and requests additional clarifications if needed, and visits the project. • The project is then submitted to the credit committee for approval. • The loan is normally disbursed in several installments depending on

the project. Refinancing scheme: • The repayment scheme is negotiable and depends on the particular project and its cash flow. • BRD can grant a grace period of a maximum of 2 years. • The maximum repayment period is 10 years.

Contact details: BRD Head Office KN 3 (former Boulevard de la Révolution) P.O Box 1341, Kigali – Rwanda Phone: (+250) 575079 Fax: (+250) 573569 Email: brd@brd.rw Website: https://www.brd.rw

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Financial Products for startups Private Funds

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Institution: Entreprenarium of Kigali Institution type: Private organization Finance type: Debt financing Product name: Women Capital Raising (WCR) Program Target group: Women Type and description: • Entreprenarium provides business support and access to finance to women and young entrepreneurs on the african continent. • The women capital raising program aims to support 100 African women entrepreneurs per year during every step of the way to create and expand their business.

It operates on three levels: • Training to business basics • Access to funding and • Support through consulting services. Amount range: • Depends on business needs • About 2-20 million RWF Term: Depends on business needs (usually 1-2 years) Security: No Security required Interest rate: 5% per year Access criteria: Details will be announced in the call for Proposal

Timetable of process: • Each year Entreprenarium opens a call for proposals through which women entrepreneurs can apply. • Entreprenarium choses about 30 promising businesses for their 6-week training and coaching program. Refinancing scheme: Flexible so that it is feasible for the business Contact details: Entreprenarium of Kigali M. Peace Plaza, 7th floor KN4 Avenue10 PO 6197 Kigali-RWANDA TEL:+250 787 705 030 EMAIL:Kigali@entreprenarium.org Website: http://www.entreprenarium.org/fr/

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Amount range: First loan up to 10,000 USD, consecutive loans up to 50,000 USD Term: Flexible Security: Negotiable

Interest rate: 5% per year Access criteria: • Accelerator program participation for one year, the entrepreneur pays 750,000 RWF as participation fee (75% subsidized participation fee) • The application consists of an interview with Inkomoko’s client relationship manager.

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Institution: Société Mutuelle de Garantie et de Financement Institution type: Investment fund Finance type: Debt financing, equity Product name: Venture Capital, Trade finance, Loans Target group: SMEs, startups Type and description: • SMGF offers financial products and business development services to SMEs and startups across all sectors, including agribusiness, energy, education, manufacturing, construction, trade, transport and logistics. • SMGFs Venture Capital creates opportunities for entrepreneurs to build and develop successful

companies. • It’s goal is sustainable, long-term value creation. • The financial products offered are equity investments and short to medium term loans. • SMGF engages with the business very closely throughout the investment cycle. • It provides technical assistance, coaching, management support, and other business development services. Amount range: Negotiable, maximum of 10% of SMGF’s own equity (maximum currently about 100 Million RWF) Term: 3 - 24 months

Security: Security is required in the form of houses, property, cash collateral or any form of guarantee. Interest rate: Market rates of about 17-19% Access criteria: The evaluation criteria include quality of project idea and business plan, technical knowledge, capacity and management skills, financial projections and cash flow analysis of the business.

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Refinancing scheme: The refinancing scheme is negotiable and is assessed based on business needs and cash flow calculations.

Contact details: Headquarters of the SMGF Kacyiru on the Boulevard de l’ Umuganda P.O BOX: 1881 KIGALI Phone:+250 788354937 Email: info@smgf.rw Website: http://www.smgfrwanda.com/

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Bibliography • AMIR (2016): Association of Microfinance Institutions in Rwanda. http://www.amir.org.rw • AfDB (2015): AfDB SME Program: Enhancing inclusive growth and job creation in Rwanda. http://www.afdb.org/en/news-andevents/article/afdb-sme-program-enhancing-inclusive-growth-and-job-creation-in-rwanda-14653/ • AfDB (2013): Leveraging Capital Markets for Small and Medium Enterprise Financing in Rwanda. http://www.afdb.org/fileadmin/ uploads/afdb/Documents/Project-and-Operations/Rwanda_-_Leveraging_Capital_Markets_for_Small_and_Medium_Enterprise_ Financing.pdf • AFR 2015: Access to Finance Rwanda - Annual Report Summary. http://www.afr.rw/wp-content/uploads/2016/03/Annual-Report-2015-Summary.pdf • AFR (2015): Assessment of the Rwandan Microfinance Sector Performance. http://www.afr.rw/wp-content/uploads/2016/04/ Rwanda-MF-Sector-Assessment-October-2015-FINAL.pdf • BDF (2016): Business Development Fund. http://bdf.rw/ • BPR (2016): Banque Populaire du Rwanda - SME Loans. http://bpr.rw/sme-loan • EDPRS (2013) : The republic of Rwanda: Economic Development and Poverty Reduction strategy 2013-2018. http://www.rdb.rw/ uploads/tx_sbdownloader/EDPRS_2_FINAL1.pdf

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• FinScope (2016): Financial Inclusion in Rwanda 2016. http://www.bnr.rw/fileadmin/user_upload/2015.pdf • KCB Bank Rwanda (2016) https://rw-en.kcbbankgroup.com/business/sme/financing/sme-Term-loans • Ministry of Trade and Industry (2013): Rwanda Private Sector Development Strategy 2013-2018. Un-leashing the private sector in Rwanda.Ministry of Trade and Industry. http://www.minicom.gov.rw/fileadmin/minicom_publications/Planning_documents/Private_Sector_Development_Strategy.pdf • Ministry of Trade and Industry, National Institute of statistics of Rwanda, National Bank of Rwanda and Rwanda Development Board (2012): Industrial Survey 2011. MINICOM. • Ministry of Trade and Industry (2010): Small and Medium Enterprises (SMEs) Development Policy. www.minicom.gov.rw/fileadmin/minicom_publications/policies/SME_Devt_policy_V180610.pdf • World Bank Doing Business Reports 2015, 2016, 2017: http://www.doingbusiness.org/data/ExploreEconomies/rwanda

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Deutsche Gesellschaft fĂźr Internationale Zusammenarbeit (GIZ) GmbH Promotion of Economy and Employment Programme (Eco-Emploi) Nyarutarama, Gasabo District, KG 13 St, House Number 15 Kigali, Rwanda P.0. Box 59 I: www.ecoemploi.org