Are you Eligible?
To be eligible for EFTA’s equipment loans, you must:
- Be located where EFTA has an office;
- Be well experienced in all elements of the business sector that you require equipment for;
- Be fully dedicated to this business; and
- We cannot consider businesses that produce spirits or tobacco, or that are primarily engaged in transport.
We can consider start-ups provided that you can show a track record running a successful business, sufficient experience in the sector you have chosen, and a pipeline of customers ready to buy your product. It is not essential to have an incorporated company, to have audited accounts or banking history. However, we will need to look at your order books and we may need to speak to some of your customers or take other similar steps in order to establish your current business volumes. What happens once my application is approved?
What happens once my application is approved?
If you are approved for a loan, before your loan can proceed you will need to have all necessary licenses in place, or where the license issuance is dependent on the machine being present, in principle clearance from the relevant authorities. You will also need to have all necessary utilities (electricity of the correct phase, and water) connected.
How long will it usually take for my loan to be approved?
After you enquire to EFTA, you will be called and asked some simple questions. If it sounds like EFTA can support you with financing, you will be invited to seminar and provided with an application form. After you submit your application, a site visit will be conducted. Thereafter the investment team will submit your appraisal for approval. This whole process can take under a month if you are able to gather all the information we need quickly.