1.0 Executive Summary
  • The business must be in existence for at least 3 years
  • The project/ business must be located in Kenya.
  • The venture must be a tourism related enterprise
  • The project should demonstrate commercial viability and technical feasibility.
  • Project applicants will be evaluated on CRB As at 31st December 2019
  • Accommodation establishments in the Hospitality industry that requires refurbishment, hotels operations, restaurants and Entertainment Facilities in the country with a minimum of 10 employees.
2.0 MANDATORY application requirements
  1. A fully completed Stimulus Application Form
  2. Detailed Business Plan/Feasibility study
  3. Copy of the Certificate of Incorporation/Registration of Business Name/Identification Documents (ID).
  4. Copy of Memorandum and Articles of Association /CR -12 / Partnership Deed.
  5. Copies of the ID and Personal Identification Number (PIN) Certificates of the Proprietors/Directors.
  6. Copy of the Company’s PIN Certificate.
  7. Copy of the TRA registration certificate as at 31st December 2019
  8. Copy of KRA compliance certificate of the applicants and all its directors/partners as at 31st December 2019
  9. Confirmation that establishments are up-to-date with tourism levy
  10. CVS of the Professionals overseeing the project (Contractors, Project Managers) & reference letters for similar works done
  11. Copy of the Company’s latest Annual Return where applicable.
  12. Board/Partnership Resolution to borrow signed by authorised directors & bear the company stamp or seal.
  13. Bank statements for the last one (1) year including loan/liabilities statements from other lenders as at December 2019) and after 
  14. Detailed list of creditors & debtors  outstanding liabilities with supporting documents for each
  15. Audited accounts for at least three (3) years to December 2019 and Certified Management Accounts for the un-audited period for projects that are already in operation as at December 2019.
  16. Copy of the loan security document free of encumbrances. (at least 120% i.e. borrow 10M Mortgage value of security should be worth 12M)
  17. For initial evaluation purposes, a valuation report carried out within the last 3 years will be acceptable. In cases where there is no valuation report an indicative value shall be used. Upon approval and prior to disbursement a valuation shall be carried by a prequalified valuer from the TFC panels and the same shall apply to all the Subsequent valuation reports at the borrowers’ cost.
  18. Details of staffing from December 2019 to June 2020 and current capacity.(Six months Payroll)
  19. All documents submitted must be certified as true copies of the original.
  20. The Corporation may ask for clarification or additional information from the applicant that will not change the nature of the application presented.
2.1 Refurbishment Fund

In Addition to the above mandatory requirements all applicants should ensure the below are provided

  1. Certified Copies of BQs, invoices and quotations accompanied by work plans and program of expected fund release/ Drawdown Schedule.
  2. Certified Revised Plans/drawings if required for the revised works.
  3. Renders/ Photos of the envisioned facility.

Funding will be for Hotels and all other tourism related Enterprises. The soft loans will be advanced for refurbishment of existing tourist facilities that have been exposed to extreme wear and tear which entails

  1. Renovation and upgrades of existing hotel structure and fabric for attractions to enhance visitors experience or attract new markets
  2. Production authentication through adding a layer of historical/indigenous Kenyan/cultural interpretation or sophistication
  3. Infrastructure or access solutions which protect or enhance the asset or promote increased visitation
  4. Improvement and diversification of culinary facilities and options
  5. Restoration or conversion of historical products and experiences

The applicants will be bonafide tourism establishment registered and licensed under the Tourism Act and in good standing in the payment of statutory taxes and levies

2.2 Specific Requirements to Hotel Operations  Restructuring

In Addition to the above mandatory requirements all applicants should ensure the below are provided

  1. Energy efficiency and renewable energy funding
  2. Water efficiency, storage and recycling funding
  3. Technology enhancement and automation funding
  4. Capital Covid-19 compliance costs
  5. Waste management and Bio-digestion funding
  6. Details of staffing prior to as at  December 2019) and current capacity.
  7. BQ's for restructuring costs