The success of a project depends on a number of aspects including the availability of finances. This can be a bottleneck so you should do everything it takes to ensure that you get the funds. However, it is not as easy as it sounds. The good thing is that there are project financers allover the world. All you need to do is to find out more and select the best partner for your project. It begins with evaluating your project needs to determine whether it qualifies for funding or not. The next step is to look for a financer. By reading this helpful article, you will discover some of the top aspects to look into when looking for a financer for your project in Africa.
Note that every project financer has policies. Once you have a particular financer in mind, find out more about their policies. These details should be available on their website. It is important to note that most of them have a 60-40 policy. This means that they provide a 60% loan and a 40% purchase on shares. This will give you an insight into what to expect so you can evaluate your project and decide whether you will sign the deal or not. Check out what the policy says about maximum term which is calculated in years.
Before you decide to strike a deal with a particular project financer, find time to investigate their background. The last thing you want to imagine is that they will disappoint you in the middle of the project. Look for a reliable partner so you can be guaranteed completion of the project. Get to know some of the projects they have funded in the past. You can inquire through writing. Besides, some financers update such information on their websites so you don’t have to worry about spending more days finding out more about their background.
When it comes to loan repayment, you should know what is at stake. Find out the policies on interest rates and payment methods. At the end of the day, you should be able to repay comfortably. The rates vary depending on the policies of the financer so you should be careful to avoid paying a lot of money later. It would be ideal to compare the rates of different companies so you can be sure to make an informed decision.
The other factor you should have in mind is the duration it takes to get project funding. As mentioned above, every company has its terms and conditions. After all, the process can take several days before your application is approved. Sometimes it takes several months but insist on dealing with a financer that will complete the process within 90 days. Don’t forget that there could be non-refundable fees for application processing. There is no guarantee your application will be approved. However, if you follow the tips mentioned in the above discussion, you will be sure to get funding for your project in Africa.