Huambo – The administrator of the Angolan Venture Capital Fund (FACRA), Simão Cardoso, assured, on Thursday, in Huambo, that the institution has five billion Kwanzas available to finance entrepreneurs and stimulate the economy.
Simão Cardoso who works in the province of Huambo, to identify potential entrepreneurs, told the press that FACRA will finance business projects within the scope of measures to stimulate the economy of beginners and those already dedicated to projects linked to transport, storage, conservation of agricultural and sea products.
He added that with this fund received from the National Treasury, the institution will also finance small and medium-sized industries processing agricultural and sea products, as part of the implementation of measures to stimulate the national economy, with the contribution of entrepreneurs from the 18 provinces of the country.
He added that the FACRA financing modality differs from the national banking criteria, as it monitors the company's management, with greater autonomy for the project owner, a modality that contributes to the development of initiatives.
He explained that the entrepreneurs to be selected will be monitored for seven years and after this time, the institution leaves complete management to the project owner, with an interest rate of 7.5 percent and a grace period of 12 months.
Simão Cardoso said that the province of Huambo has as a reference the company “Soyadubo”, located in the municipality of Longonjo, which has already benefited from financing from this institution and has shown good success in implementing the project aimed at the production of organic fertilizer and other services.
To ensure the success of this initiative, information sessions on access to financing are being held, in partnership with the provincial government, for potential entrepreneurs to present their proposals and send them to FACRA.
He added that candidates must present a letter requesting financing, the business plan (with a minimum projection of five years), identification of the promoter, company incorporation documents, certificate from INAPEM, certificate of tax and contributory compliance from the National Institute of Social Security (INESS).
FACRA is a venture capital fund whose core business is long-term financial investment in small and medium-sized companies with high potential, with a view to diversifying the national economy. JSV/ALH/DOJ
