Industrial and Commercial Development Corporation – ICDC

Industrial and Commercial Development Corporation (ICDC) is one of the leading financial institutions in Kenya. lt is the pioneer development finance institution established in 1954 through an Act of Parliament to facilitate industrial and economic growth.

As an investment arm of the Government, ICDC with local and foreign private investors – has played a leading role in providing investment capital to industrial and commerrcial ventures. The corporation has adopted modern business techniques and is well equipped to provide financial services that meet customer needs efficiently and with flexibility.

ICDC supports industrial development through the provision of medium and long term finance to enterprises. Its financial services include corporate loans offered to medium and large enterprises for financing working capital and business expansion. It gives loans of up to Sh I50 million ($ I .875 million), whose repayment period is up to I0 years, with a grace period of six months.

To get the loan, business proposals and applications are required, a company’s audited accounts for the last 3 years, security cover, a company board’s resolution and a copy of` partnership deed.

ICDC offers venture capital and joint venture financing to new viable businesses and existing ones. The liquity amount ranges between Sh I0 million ($ I25,000) and Sh180 million ($1 million) and has a flexible exit period of up to I0 years. To get the loan, a business proposal or application, feasibility study report, memorandum and articles of association, CVs of` directors and management and audited accounts for the last three years are required.

Commercial loans are offered to small and medium entrepreneurs to support their businesses. The loan given is of` up to Sh 50 million ($1.875 million) with a repayment period of up to five years. Clients also have access to a top up loan. Business proposals, audited accounts for the past three years, bank statements for the past I2 months and security cover are required.

ICDC also gives industrial loans to small and medium enterprises to buy industrial machinery and equipment and to provide working capital. The benefits include a loan of up to Sh 10 million ($125,000) with a repayment period of up to 10 years. Business proposals, audited accounts for the past three years, bank statements for the past 12 months, a business registration certificate and security cover are required.

Asset financing is another product offered by lCDC. It enables businesses and individuals to acquire vehicles through financing of distribution trucks under a guarantee scheme and vehicles under a stafl` car loan scheme. The lending limit is of up to Sh20 million ($250,000), access to a top up loan and three years repayment period. Customers are required to apply, show proof`ol`a reliable source of income, a comprehensive insurance cover, letter of guarantee, valuation report from the Auto Mobile Association of` Kenya or the Ministry of` Public Works (where applicable), a security cover and bank statements for the past 12 months.

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