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7th December Support Scheme

Development Bank of Seychelles 7th December Support Scheme

7th DECEMBER SUPPORT SCHEME

The scheme helps micro enterprises registered in Seychelles and affected by the incident at the CCCL quarry of 7th December 2023, to borrow a maximum loan of SCR 100,000.

The government has arranged this interest free facility with a 12 months moratorium and a maximum repayment period of 3 years, exclusive of the 12-month moratorium for the principal amount of the loan taken.

Eligibility Criteria

Who Can Apply

Find out who can apply for the 7th December Support loan.

  • Annual turnover of less than SCR 2million for the financial year 2022 (as declared with the Seychelles Revenue Commission).
  • Registered Seychellois business engaged in trading or commercial activity in the vicinity of the CCCL quarry;
  • Your business must have been established before 7th December 2023;
  • Your business must be a going concern and neither in bankruptcy, liquidation or similar.
  • Have been adversely affected by the incident at the CCCL quarry of 7th December 2023
  • Tax compliant with appropriate lodgements made to the Seychelles Revenue Commission (SRC)

The Eligible Financing Needs

Working Capital needs to the extent not covered under other measures announced by the Government for critical expenditures such as;

  • Salary obligations
  • 13th month payment
  • Stock and equipment replacements
  • Operating costs
  • Rent
  • Redundancy costs
  • Minor repairs to premises

Security

The borrower will be required to provide a guarantee of either;

    • One or more Qualified Guarantors
    • Alternative security valued at 125% of the loan amount being serviced such as:
      • Pledge on a vehicle (vehicle to be no older than 5 years)
      • Freehold property

Other Key Points

  • There will be a one off processing fee of SCR 100.00, and legal and administrative fees to cover the cost for registration of legal documents that will be deducted from the Loan amount if you are successful.
  • Your business tax returns must be up to date and submitted to the Seychelles Revenue Commission (SRC). If this has not been done, we encourage you to liaise with SRC to seek permission for extension and settlement plan. You will be required to provide evidence of your tax compliance, and at a minimum, lodgements for the tax year 2021 must have been made with arrangements made with SRC for 2022 lodgements in order to be eligible for this scheme.
  • Applicants must be able to demonstrate that the business is viable and must have a plan to ensure it remains viable. This generally means the directors or owners have good reason to believe it is more likely than not the business or organization will be able to pay its debts as they fall due within the next 12 months.
  • You will need to produce a Cash Flow for the prior 12 months and a Cash Flow Forecast for the next 9 months from the date of submission.
  • The loan must be utilized to provide economic benefit to the business, and not for personal purposes.
  • The disbursement will be made payable in your bank accounts and you must be able to provide supporting documentation to support requested amount.
  • The borrower is responsible to repay 100% of the loan amount. When defaults occur, Development Bank (DBS) are obligated to follow their standard commercial recovery procedure. A penalty interest will be applied to defaulters.
  • Failure to repay loan amount will result in the DBS seeking to recover against your security, and will impact of your credit information and potential legal proceeding.
  • Borrowers who are in 3 or more months of default may be published by the Ministry of Finance, National Planning and Trade.
  • Applications from eligible borrowers will be subject to Anti-Money Laundering (AML) and Know Your Customer (KYC) checks.
  • Businesses are entitled to apply for one loan facility per separate business.