GROFIN is one of the top financial institutions that provide support and finance to Micro, Small and Medium Enterprises (MSMEs) with the objective of achieving equality and financial inclusion.
The other objectives are to help develop available markets to bring about the needed development, and as well improve the standard of living of the commoners.
GroFin does not just give its support and finance to small and growing businesses (SGBs) in Nigeria, its tentacles also spread to other countries including Iraq, Jordan, Oman, Rwanda, Uganda, South Africa, Kenya, Tanzania, Ivory Coast, Ghana, Zambia, Egypt, and Zambia. Meanwhile, it has its headquarters in Mauritius.
Lies in its coffer is over 100 million-plus in dollar to help investors create a better world for all. This SGB fund was officially launched by GroFin in 2015. As said by GroFin, there is no limit to the fund as it continues to gain massive support from top brands and stakeholders.
- It was established to create favorable socio-economic impact by assisting small and medium enterprises.
- Provision of employment opportunities by making funds available and business support for emerging business in Africa and the Middle east.
- Grofin focuses on key sectors in the economy such as agriculture, education, healthcare, manufacturing, water, energy, sanitation and other key components.
- The institution effort in trying to imbibe both finance and business support help to speed up the progress of small and growing businesses (SGBs)
- Like SMEDAN, Grofin help to contribute to nation-building by giving the investors and entrepreneurs the tools to succeed and expand.
- They are supported and financed by top corporations like KfW, Shell, Diamond bank, USAid, Deutsche Bank, ABSA, Bank of Africa, mastercard, Syngenta and Norfund which further confirms their genuineness.
Requirements to be part of the beneficiaries of SGB funds by GroFin
To be eligible for a loan from GroFin, there are certain conditions to be met. The conditions are stated below:
- The business must be in operation and with the sole aim of making a profit.
- Business must have been in existence for at least 1 year.
- It must operate in any of the regions that GroFin operates.
- Loan amount that investors and entrepreneurs can get from GroFin is from $100,000 to $1.5 million.
- Loan duration is from 3-8 years and must align to loan purpose.
- The business owner must be able to work hand in hand with Grofin, involved and have the needed potential to run and manage a business.
- The business must be capable of contributing its own quota to the objectives of GroFin, involving job creations, female employment, and unskilled/semi-skilled labour.
- Entrepreneurs will need collateral to secure the loan.
- The business must concentrate in the area of Education, Healthcare, Agri-processing, Manufacturing, Energy, Water/Sanitation and labour-intensive businesses. Other sectors could be considered as well.
What do investors stand to gain from GroFin
It is surprising when people still ask why should an investor trust GroFin?
This company has been in existence for more than a decade with top brands rallying around her. An award-winning firm and with about 14 offices spread in Africa and the middle east is not going down anytime soon.
Finance is just one of the several benefits of partnering with Grofin. As an investor and entrepreneur, you have a direct link to a company who has been there for years and know how to make a business succeed.
GroFin will be managing with you, alongside with proven and well-laid methods to increase the chance of success. With enough funds, timely advice and guidance; one could conclude the sky is the starting point.
Documents needed to complete GroFin registration
- A business plan, audited financial information for the past 3 years, and recent management accounts not older than 3 months.
- A new business will need to provide all the current financial statements.
- Curriculum vitae of all key stakeholders and financial information of executive directors and all stockholders.
- In the case of an individual, A valid ID card would be required. International passport, National ID card, and valid driving license are accepted.
- For corporations and certification of incorporation will be needed to complete the loan.
How to apply for GroFin fund
You are going to find the process different from loan providers like fairmoney, jumia loan, renmoney. It can be a bit strenuous to apply for a loan on GroFin but it will be worth it as soon as you get the loan. Not many loan providers have such a long repayment period like GroFin. Below are the guides;
- To begin your GroFin Fund application, tap http://www.grofin.com/language/en/home/
- Click on investor or entrepreneur on the menu bar depending on which qualifies you.
- On this new page, you will be provided with information concerning GroFin loan, you are expected to study them before going to the next stage.
- To begin your pre-qualification assessment, scroll down and click on “Apply Online‘ to get started or simply use this application link http://www.grofin.com/language/en/apply/
- On this page, there are about 6 steps. The first 3 steps only say much about Grofin criteria, frequently asked questions and exclusion list. The most important step is step 4 which is PRE-ASSESSMENT QUESTIONNAIRE. Click to access it.
- Enter your details including your registered business name and location of the business. All required details must be entered for a quick and accurate assessment.
- Checklist and application form will be available immediately after submission of the pre-assessment questionnaire. Subsequently, tap ” apply now“
- You can apply offline or online. When you click apply offline, you will be redirected to a link to download the application form. Click “apply online” to have it done online which is by far the easiest.
- Complete the application and submit alongside with documents and correct information requested on the checklist.
- Here comes the waiting period. If done offline, you will get a response in no time. Those that apply online will need to wait a bit for the team to review. Upon approval, you will receive be notified formally.
- As soon as you have met the conditions of the loan, GroFin will release funds for your business.
Grofin Contact details
Headquarter Address: Block 9, Uniciti Office Park, Rivière Noire Road, Bambous, 90203, Mauritius.
Phone number: +230 452 9156
Nigeria Office Address: 4th Floor, 23 Oba Akinjobi Way, G.R.A., Ikeja, Lagos, Nigeria.
Mobile number: +234 705 696 6666, +234 909 000 1346