Welcome

Complete the Entrepreneurship Cycle Fund Form below and get access to interest free loan to fund your business.

You can always return to complete the form by login in to the ONDEA website with the login details sent to your email. Check your email as well as the spam folder.

  1. DEFINITION:
    Entrepreneurship Cycle Fund also known as ECF is a business fund provided by the Ondo State Government to be cycled round entrepreneurs, SME’S, business men and women, traders and the unemployed indigenes who reside and do business in ONDO state. it is a no interest, no collateral short term loan provided to aid economic development in the state. The fund is also initiated to support businesses and entrepreneurs that has been badly affected by the economic shut down caused by the pandemic.
  2. ADMINISTRATION AND MANAGEMENT:
    The ECF program which is administered and managed by the ONDO STATE ENTREPRENEURSHIP AGENCY (ONDEA) has seven (7) different levels. Each level has its time frame for cycle completion from application to disbursement and to refund.
  3. FUNDING LEVEL A:
    Level 1-3 OF of the ECF is processed by ONDEA and requires every applicant to have a means of identification and a clear need for the business support.
  4. FUNDING LEVEL B:
    Level 4-7 are third party loans processed through financial institutions and international grants organisations. this level involves collateral, guarantee and/or other form of securities required by the institutions or organization providing the funds.

ECF DECLARATION

Before you can apply for the ECF fund, kindly note the important information BELOW.

  1. APPLICANTION CONDITIONS – LOWER LEVELS:
    In the ECF program, every applicant must begin from level 1 and progressively move up to level 3. This is to build a credit score, which means you cannot apply for level 3 if you have not applied and completed the conditions of level 1 and 2 respectively.
  2. APPLICATION CONDITIONS – HIGHER LEVELS:
    Applicants can enter the program directly from level 4 but will need to provide securities that would be used to secure the loan including any other conditions and criteria of the funding organization.
  3. SCREENING, VERIFICATION AND DISBURSEMENT:
    The screening and verification process of each applicant commences immediately after application and involves ONDEA field and screening agents visiting your business location, your home and guarantors to complete the verification before approving the applicant for loan disbursement.
  4. DISBURSEMENT TIMELINES:
    EACH Level is disbursed after approval within the following timelines.
    • Level 1: N20,000 - 1-7 days for disbursements
    • Level 2: N50,000 - 1-3 days for disbursements
    • Level 3: N500,000 48 hours for disbursement
  1. REPAYMENT POLICY:
    Note that after screening, qualification, verification and disbursement you are required to return the loan within the following cycle timelines.
    • level 1- within 35 days
    • level 2- within 65 days
    • level 3- within 105 days
  2. ECF GROUPING:
    Every applicant is placed in a cluster with other applicants and it is required that your cluster cycle must be completed before the next disbursement. Which means if an applicant in your cluster fails to repay the loan, your application may delay.
  3. CREDIT SCORING:
    It is important to note that every applicant that receives this fund and returns it within the stipulated timeline increases their credit rating and hence their chances for more funding. The earlier they return the fund the higher their rating on their profile and the more likely they are to receive instant funding.
  4. ECF LEVELS:
    • Level 1: N20,000
    • Level 2: N50,000
    • Level 3: N500,000
    • Level 4: 1 million and above
    • Level 5:5 million and above
    • Level 6: 10 million and above
    • Level 7: 20 million and above.