Features of the Poultry Loan
- To purchase baby chicks, ducklings, feed and medication
- To purchase equipment and machinery
- Loans less than $1.5mln: bill of sale on motor vehicles and equipment
- Loans $1.5mln and above: mortgage on property and/or bill of sale on motor vehicles and equipment
- Loan term and installments:
- Purchase of inputs: loan term up to 3 months
- Purchase of equipment: loan term up to 3 years
- 3 month cycle and quarterly installments possible
Required documents and information
- Proof of Identity: ID Cards or Passport
- Proof of Address: recent utility bill or mail to address
- Names and phone numbers of a Family Member and a Friend
- Written Reference on form provided by IPED
- Environmental Permits
- Estimate of cost of purchases to be made with loan
- Statements of amounts owing to Producers, Banks, other Financial Institutions, Landlords, Suppliers, Family and Friends
- For Collateral provided:
- Motor Vehicle Registration
- Copies of Transport, Certificate of Title, Lease etc .
- Valuation on form(s) provided by IPED
- Description of Machinery and Equipment (including serial & model numbers, and value supported by receipts)
- Payment of half (1/2) the Processing Fee (see below for details on amount) at the time of application
Please make sure to have received the following forms if you want to apply for this loan:
- IPED Reference Form
- IPED Estimate of Purchases Form
- IPED Valuation Form For Building/ Land
- IPED Valuation Form For Vehicle
Loan processing will commence upon submitting all of the above requirements. The submission of these documents does not guarantee that your loan application will be approved.
Process to be completed till disbursement
- Upon submitting the requirements above a loan application will be filled out together with you and an IPED Business Counselor to assess if a loan is feasible.
- The Business Counselor will visit your Business and/or Home to do an assessment of your business and collateral. They will take photos of:
- The Applicant(s)
- All Collateral including serial numbers and location
- The Business and/or Home
- When the application is completed and signed by the applicant declaring all information submitted to be true and correct the application will go to the approval committee.
- When the application is approved the following is required of the client before IPED will pay out the loan:
- Original lease, certificate of title, transport, and/or vehicle registration.
- Approved Life Insurance of principal applicant under IPED’s Group Life Policy. For loans above $800,000 interview with insurance agent needed. Medical report can be requested at this stage. Premiums paid by IPED.
- Fire Insurance application completed and premiums paid, if building is offered as collateral.
- Payment of second half of processing fee.
- Payment of legal fees.
- Payment of Revenue Stamps.
- Signing of all Legal Documents
- Filing of the mortgage and bill of sale
- Disbursement of the loan
Please note that Loan Applications can take two (2) to six (6) weeks to process, amongst others depending on the size of the loan and the sort of collateral given.
Cost of borrowing at IPED
Below a couple of examples of the borrowing costs at IPED.
Please note that in this example: i) Legal fees were set on 2.5% of loan amount, ii) Processing Fees are shown for First Time Borrowers, and iii) Revenue Stamps are not taken into account.