Ondo State Entrepreneurship Agency, ONDEA welcomes you to 2021, as we are set to achieve even greater milestones in our quest for support and development of Entrepreneurs, SME’s and MSME’s in Ondo State.
Upon resumption from the Holiday break, we received tons of inquiries and applications.
To ensure a smooth start, ONDEA held her first Excos meeting to discuss programs and direction for 2021 led by the Special Adviser to the Ondo State Governor on Entrepreneurship Development, Dr. Summy Smart Francis.
Following this deliberation, the Agency unveiled her free business and legal advisory helpline for the State.
With this development taking effect immediately, Ondo State indigenes can now directly access carefully selected experts on business Development, Finance, Taxation, Legal affairs for guidance on how to start, scale, and build their business ventures in these trying times.
We are working tirelessly, ensuring that no stone is left unturned, and also working towards all set goals for 2021.
Here are answers to commonly asked questions:
What are the requirements for The ECF registration?
The Entrepreneurs Cycle Fund powered by ONDEA is open to Ondo Residents running an existing business or those looking to start a new business.
Before applying, these are key factors/criteria that you must take note of:
- You must be 18 years of age and above.
- You must own a duly registered business that is also operational within Ondo State.
- Your business must have at least 2 years of operational background. (For Existing business).
- You must have a business location within Ondo State.
- You must be an Indigene or a resident of Ondo State.
- You must have a genuine need for the loan.
- You must have two guarantors who possess a National ID card or voters ID for proper identification.
- Your guarantors cannot be younger than you. It must be an older person.
- Your guarantors must be residents of Ondo State.
- Your guarantors must be able to verify all the information provided by you to the agency.
How long does the verification process take?
The process of verification takes about 4 weeks to 4 months for one applicant alone. This includes; registration, confirmation, analysis, on-site verification, disbursement.
Currently, we have over 500,000 applicants and each application must be properly scrutinized to ensure that the limited funds available are channeled towards the most vulnerable and deserving applicants.
The Ondo State Entrepreneurship Agency, ONDEA has been tasked to undergo thorough due diligence by the State Government.
I registered in September, when will I get feedback?
Many factors can contribute to the delay, this include:
- You might have been called to confirm your registration details, which you didn’t do. Failure to confirm means your registration can’t go further.
- Your business might have failed the screening process as stated above.
- The testimony of your guarantors is also key. You need their verification in order to pass the screening process.
- Your application might still be under investigation at the Ondo State Entrepreneurship Agency, ONDEA office.
Why didn’t I get a loan in December?
Every Financial institution suspends the disbursement of loans during the festive season simply because it might defeat the purpose of giving out the loan. Many times distractions will make many divert the funds into other ventures which may not be profitable.
For further inquiries, contact us via email: [email protected]