The Gauteng Enterprise Propeller (GEP) is a provincial governmental agency established in 2005. The institution provides non-financial support as well a financial support to Small medium and Micro Entrepreneurs (SMMEs) in Gauteng. The GEP has objectives that include promoting, fostering and developing small enterprises in Gauteng. The organisation aims to design and implement small enterprise development support programmes within Gauteng. This is in addition to the aim of promoting economic growth, job creation and equity.
What are GEP Finance Loans?
This is micro loan funding provided by the GEP. Charged at a fixed 8% interest rate per annum, the loans are offered from R10 000 to a maximum of R250 000.
Qualifying entrepreneurs have a maximum of 36 months to repay GEP Finance Loans.
According to the GEP site, the GEP Finance Loans will benefit “start up and existing businesses that demonstrate a potential to grown and can contribute to the broader economic objective of job creation and poverty eradication in Gauteng Province”.
What are the qualifying criteria?
- Loans are granted to South African citizens based in Gauteng
- Black-equity ownership (51% or more)
- Businesses must be owner-managed
- Entrepreneurs must have skills or experience relevant to the business venture
- The business venture must be financially viable and show the ability to service the loan through a repayment plan
- Entrepreneurs should demonstrate commitment to sustain and grow the business
The GEP will determine the collateral required on the basis of a feasibility repayment structure of each project.
Supporting documents required may include:
- Certified ID copies of members or directors
- Company registration documents
- Original tax clearance certificate
- Certified/audited financial statements
To apply, you simply need to visit the GEP website www.gep.co.za
You then need to fill in the application form, print it and sign it. You then need to attach supporting documents and send it back to the GEP.