DIRECT LENDING OPERATIONAL HUB DISBURSEMENT PROCESS

Transcription

1 DIRECT LENDING OPERATIONAL HUB DISBURSEMENT PROCESS Page 1 of 25

2 TABLE OF CONTENTS A. COVER 1 B. TABLE OF CONTENTS 2 C. BACKGROUND 3 D. INTRODUCTION 3 E. DEFINITIONS AND ABBREVIATIONS 4 F. OPSHUB STRUCTURE 6 G. PROCESS OVERVIEW 7 H. FLOWCHART 12 I. sefalas Functions 15 J. ACCOUNTABILITY 17 K. EXAMPLE DOCUMENTATION 18 Page 2 of 25

3 C. BACKGROUND sefa, operates as a Development Financial Institution(DFI) to foster the establishment, development and growth of Small, Micro and Medium Enterprise(SMMEs) and contributes towards poverty alleviation, job creation and economic growth. Sefa provides products and services to qualifying SMMEs as defined in the National Small Business act of 1996, as amended in 2004, through a hybrid of wholesale and direct lending channels. Sefa mandate is to be a leading catalyst for the development of sustainable SMMEs through provision of finance. D. INTRODUCTION The purpose of a documented Disbursement Process is to ensure that transactions are complete, accurate, valid and properly authorized. The Process must provide proper guidelines and ensure effectiveness in terms of internal controls. Processing of disbursements must be in line with the terms and conditions of approval. The Operational Hub is a support department within sefa to accommodate the end to end disbursement process in order to minimise financial loss to sefa. The Hub needs to ensure the adequate implementation of proper systems and processes. Page 3 of 25

4 E. DEFINITIONS AND ABBREVIATIONS ABBREVIATION/TERM Operations Hub Unit BOM SBOO VSO Checklist Retail Number Compliance Certificate Payment Schedule Payment Requisition Tax Clearance Certificate Quotation Pro-Forma Invoice Invoice/Tax Invoice Instruction from the Client Joint Bank Account confirmation Decision Record DESCRIPTION/DEFINITION Unit where processing of disbursements takes place Business Operations Manager Senior Business Operations Officer Validations and Security Officer An internal document designed to assist the Operational Hub with the validation of disbursement requirements and to ensure that all approval conditions are met A unique number allocated by sefalas when a facility is opened This document is attached to the disbursement pack as confirmation that the disbursement request is compliant with approval conditions. This document is the clients authorization to sefa to effect payment on their behalf This document is completed to request funds iro disbursements from Finance A document issued by SARS confirming that the client is registered and in good standing with SARS. This is reviewed and issued by SARS annually A supplier will issue a quotation on an item or item[s] for a client to accept prior to final purchase A document issued by a supplier on a potential sale of an item or item[s] A document issued by a supplier for the sale of an item or item[s] A written request from the client to request payment into the business s bank account ie to refund monies already paid by the client iro wages, materials etc A document/letter issued by the bank to confirm that a sefa representative has been added as a signatory to the client s business account Approval of a facility indicating all the terms and conditions, signed by at least 3 of the committee members that were present during the approval of the facility. Page 4 of 25

5 OpsHub Help Desk Operational Hub Central Drive Regional Office RM IO BSC RA sefalas Supplier Client AC A facility to accommodate the communication iro Disbursement requests between the Regions and the Operational Hub. A shared folder or drive used to store functional documents and reports for the Operational Hub sefa has 9 provincial representatives operating as satellite offices to enable access to our product offering. These are their names: Gauteng South/North; Limpopo; Mpumalanga; Northern Cape; Free State; Kwa-Zulu Natal; Western Cape; North West; East London and Port Elizabeth. Regional Manager Investment Officer in the Region Business Support Co-Ordinator Regional Administrator Small Enterprise Finance Agency Loan Administration System Seller of the asset/ vehicle Applicant for the finance Accounts Officer at Finance Page 5 of 25

6 F. OPSHUB STRUCTURE Direct Lending: Operations Hub Structure Executive Direct Lending Business Operations Manager Senior Business Operations Officer Senior Business Operations Officer Validations & Securities Officer Page 6 of 25

7 G. PROCESS OVERVIEW G1 Vetting of Legal Documentation sefalas Task - Client sign off on all legal documents 1. Operational Hub [SBOO] receives request from the IO for vetting of the legal documentation, supporting documentation and CP s by the Legal Department via OpsHub Help Desk. Subject Vet Legal Doc s. [Requests are displayed in date order for anyone in the OpsHub to access and process] 2. SBOO to print legal, supporting, security documentation and any other documentation iro CP s, Other Conditions/Special Conditions as received from the Region to be vetted against the Decision Record which has been scanned in on the applicable Application by Credit : Legal Agreement [Including Quote if Inside NCA] Surety Resolution Matrimonial / Spousal Consent Cession [where applicable] Certificate of signing authority Joint Bank Account Confirmation where applicable 3. SBOO to confirm that legal, supporting, security documentation and any other documentation iro CP s, Other Conditions/Special Conditions are received in terms of the Decision Record. Confirm that all documentation is correctly signed, witnessed and dated. Client detail ie full name of the Borrower, Registration number and address detail to be validated against supporting documents, Certificate of Incorporation, CK1 etc. Client signatory to be verified against Certificate of Signing Authority document. [Refer Annexure A ] 4. SBOO to open Optiplan File for the Application pack. [Optiplan file is a yellow file used to file documentation] 5. Signature Validation unsuccessful SBOO refers back to the IO via the OpsHub Help Desk. [Add a note on sefalas Optional] 6. Signature Validation successful SBOO to forward to Legal Department for vetting of legal documentation, supporting documentation, CP s etc. SBOO to hand the Optiplan file [as referred to above] to Legal which includes a Checklist for Legal sign-off purposes. Page 7 of 25

8 The turnaround-time for the vetting of Legal documentation and conditions/cp s by Legal is a minimum of 1 [one] day and a maximum of 2 days. 7. Vetting by Legal unsuccessful Legal returns the file with the relevant comments noted on the OpsHub Checklist. SBOO refers back to the IO via the OpsHub Help Desk. 8. Vetting by Legal successful Legal return the Optiplan file and signed-off Checklilst to the SBOO who notifies the IO via the OpsHub Help Desk. Legal to complete Task on sefalas : Client Sign off on all legal documents G2 Request for Disbursement SefaLAS Task Load Facility 1. Operational Hub [SBOO] receives the following Disbursement request pack from Region via OpsHub Help Desk. Subject Request for Disbursement. Compliance Certificate Client Payment Schedule (signed by the client & the IO prior to each disbursement request) Valid Tax/Pro-forma invoices Instruction from the client Proof of banking details of the client and/or suppliers 2. SBOO to print pack for Disbursement Request as well as the below documents from SefaLAS : Tax Clearance Certificate Valid contract/purchase order [Bridging Loans] 3. Any other documentation required to validate disbursement in terms of the Decision Record. SBOO to confirm validity of : Tax Clearance Certificate validity date Confirm validity date of contract/purchase order [Bridging Loans] Confirm Joint Bank Account still in place where applicable Any other documentation required to validate disbursement in terms of the Decision Record 4. SBOO Complete Operational Hub Checklist and validate requirements as per Checklist [refer Annexures E ] SBOO preparing the disbursement request to initial Checklist as 1 st Initial SBOO to submit to 2 nd SBOO to validate and initial Checklist as 2 nd Initial 5. Checklist cannot be completed successfully Refer queries back to IO via OpsHub HelpDesk Page 8 of 25

9 6. Checklist completed successfully submit Checklist and disbursement pack to BOM for sign off 7. Checklist cannot be signed off by BOM successfully comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 8. Checklist signed off successfully by BOM SBOO to prepare facility and complete the Load Facility Task on SefaLAS NOTE : System directs user to the Convert Application to Facility on sefalas Application System 9. SBOO to select Retail on Facility type, select Sefa on "Funds From", Capture facility End Date & Loan type 10. SBOO to validate Term, Grace period and type, rate, facility amount inclusive of fees sefalas will generate a retail number, unique to the Facility 11. SBOO physically submits the complete disbursement pack [all documentation] to Credit Department for activation of disbursement by Head of Credit or delegated Credit Analyst. 12. After the facility is activated, SBOO receives an automated mail from SefaLAS to confirm that the facility is active NOTE : REFER PAR 19 TO PROCEED WITH PREPARATION OF PAYMENT REQUISITION G3 Request for Disbursement Subsequent Disbursement SefaLAS Task, Facility Disbursement 13. Operational Hub [SBOO] receives Disbursement request from the IO via OpsHub Help Desk. Subject Request for further Disbursement. 14. SBOO to print pack for Disbursement Request : Compliance Certificate [Refer Annexure B ] Client Payment Schedule (signed by the client & the IO prior to each disbursement request) Refer Annexure C ] Valid Tax/Pro-forma invoice[s] Instruction from the client Proof of banking details of the client and/or suppliers 15. SBOO to confirm validity of : Tax Clearance Certificate validity date Confirm validity date of contract/purchase order [Bridging Loans] Confirm Joint Bank Account still in place where applicable Page 9 of 25

10 Any other documentation required to validate disbursement in terms of the Decision Record SBOO to attach previous Checklist[s] which was signed off for the 1 st disbursement and Decision Record in order to validate security requirements still in place SBOO preparing the disbursement request to initial Checklist as 1 st Initial SBOO to submit to 2 nd SBOO to validate and initial Checklist as 2 nd Initial 16. Checklist cannot be completed successfully Refer queries back to the IO via OpsHub HelpDesk 17. Checklist completed successfully submit Checklist and disbursement pack to BOM for sign off 18. Checklist cannot be signed off by BOM successfully comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 19. Checklist signed off successfully by BOM - SBOO to prepare a Payment Requisition for signature by the BOM refer Annexure D Capture : Client number Region Borrower [Name of our client] Payee Detail [Supplier Name, Date and amounts to be paid] 20. If Payment Requisition, including the Compliance Certificate attached to Disbursement pack cannot be signed off by BOM successfully comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 21. If Payment Requisition, including the Compliance Certificate attached to Disbursement pack signed off successfully by BOM SBOO to send disbursement list to Finance for processing 22. SBOO to Capture Drawdown on SefaLAS Retail system, Facility Disbursement. First Drawdown [1 st Drawdown amount on the system is captured including the fee amount where applicable] Subsequent disbursement [capture the disbursement amount payable to the supplier/client] 23. Open the disbursement and access the pay-out schedule and capture a pay-out for each supplier. 24. SBOO submits the disbursement pack [all documentation] to Credit Department for authorisation of disbursement by Head of Credit or delegated Credit Analyst. Page 10 of 25

11 25. SBOO to open the captured disbursement in order to complete the Prepare Disbursement Requisition Task on Tasks. 26. SBOO to complete the next Task on sefalas Submit Requisition to Finance for Further Processing by Finance and forward Disbursement pack to finance. 27. SBOO notifies the IO via the OpsHub Help Desk Request that payment was made and attach proof of payment as received from Finance via the OpsHub Help Desk facility. 28. SBOO captures the disbursement on the disbursement report, An Excel sheet designed for the recording of actual daily disbursements. The report is stored on a central drive created for the Operational Hub The turnaround-time for the processing of a disbursement request after receipt of Legal sign-off iro the conditions/cp s is a minimum of 1 day and a maximum of 2 days provided that all required documentation as set out in the Process is received. Operational Hub handover to PIM VSO must ensure that the Disbursement Report is saved on the central drive on a monthly basis for PIM Analyst to access. H. FLOWCHART Page 11 of 25

12 sefalas Task - Client sign off on all legal documents DIRECT LENDING : OPERATIONS HUB Vetting of Legal Documentation 1. Operational Hub [SBOO] receives request from the IO for vetting of the legal documentation, supporting documentation and CP s by the Legal Department via OpsHub Help Desk. Subject Vet Legal Doc s. [Requests are displayed in date order for anyone in the OpsHub to access and process] 2. SBOO to print legal, supporting, security documentation and any other documentation iro CP s, Other Conditions/Special Conditions as received from the Region to be vetted against the Decision Record which has been scanned in on the applicable Application by Credit : Legal Agreement [Including Quote if Inside NCA] Surety Resolution Matrimonial / Spousal Consent Cession [where applicable] Certificate of signing authority Joint Bank Account Confirmation where applicable 3. SBOO to confirm that legal, supporting, security documentation and any other documentation iro CP s, Other Conditions/Special Conditions are received in terms of the Decision Record. Confirm that all documentation is correctly signed, witnessed and dated. Client signatory to be verified against Certificate of Signing Authority document. [Refer Annexure A ] 4. SBOO to open Optiplan File for the Application pack. [Optiplan file is a yellow file used to file documentation] Signature validation successful? Yes 6. SBOO to forward to Legal Department for vetting of legal documentation, supporting documentation, CP s etc. SBOO to hand the Optiplan file [as referred to above] to Legal which includes a Checklist for Legal sign-off purposes. No 5. SBOO refers back to the IO via the OpsHub Help Desk. [Add a note on sefalas Optional] Vetting by legal successful? Yes 8. Legal return the Optiplan file and signed-off Checklilst to the SBOO who notifies the IO via the OpsHub Help Desk. Legal to complete Task on sefalas : Client Sign off on all legal documents No 7. Legal returns the file with the relevant comments noted on the OpsHub Checklist. SBOO refers back to the IO via the OpsHub Help Desk. Page 12 of 25

13 SefaLAS Task Load Facility DIRECT LENDING : OPERATIONS HUB Request for Disbursement 1. Operational Hub [SBOO] receives the following Disbursement request pack from Region via OpsHub Help Desk. Subject Request for Disbursement. Compliance Certificate Client Payment Schedule (signed by the client & the IO prior to each disbursement request) Valid Tax/Pro-forma invoices Instruction from the client Proof of banking details of the client and/or suppliers 2. SBOO to print pack for Disbursement Request as well as the below documents from SefaLAS : Tax Clearance Certificate Valid contract/purchase order [Bridging Loans] 3. Any other documentation required to validate disbursement in terms of the Decision Record. SBOO to confirm validity of : Tax Clearance Certificate validity date Confirm validity date of contract/purchase order [Bridging Loans] Confirm Joint Bank Account still in place where applicable Any other documentation required to validate disbursement in terms of the Decision Record 4. SBOO Complete Operational Hub Checklist and validate requirements as per Checklist [refer Annexures E ] SBOO preparing the disbursement request to initial Checklist as 1 st Initial SBOO to submit to 2 nd SBOO to validate and initial Checklist as 2 nd Initial 5. Checklist cannot be completed successfully Refer queries back to IO via OpsHub HelpDesk 6. Checklist completed successfully submit Checklist and disbursement pack to BOM for sign off 7. Checklist cannot be signed off by BOM successfully comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 8. Checklist signed off successfully by BOM SBOO to prepare facility and complete the Load Facility Task on SefaLAS System directs user to the Convert Application to Facility on sefalas Application System 9. SBOO to select Retail on Facility type, select Sefa on "Funds From", Capture facility End Date & Loan type 10. SBOO to validate Term, Grace period and type, rate, facility amount inclusive of fees sefalas will generate a retail number, unique to the Facility 11. SBOO physically submits the complete disbursement pack [all documentation] to Credit Department for activation of disbursement by Head of Credit or delegated Credit Analyst. 12. After the facility is activated, SBOO receives an automated mail from SefaLAS to confirm that the facility is active 13. SBOO to prepare a Payment Requisition for signature by the BOM refer Annexure D Capture : Client number Region Borrower [Name of our client] Payee Detail [Supplier Name, Date and amounts to be paid] 14. If Payment Requisition, including the Compliance Certificate attached to Disbursement pack cannot be signed off by BOM successfully comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 15. If Payment Requisition, including the Compliance Certificate attached to Disbursement pack signed off successfully by BOM SBOO to send disbursement list to Finance for processing 16. SBOO to Capture Drawdown on SefaLAS Retail system, Facility Disbursement. First Drawdown [1 st Drawdown amount on the system is captured including the fee amount where applicable] Subsequent disbursement [capture the disbursement amount payable to the supplier/ client] 17. Open the disbursement and access the pay-out schedule and capture a pay-out for each supplier. 18. SBOO submits the disbursement pack [all documentation] to Credit Department for authorisation of disbursement by Head of Credit or delegated Credit Analyst. 19. SBOO to open the captured disbursement in order to complete the Prepare Disbursement Requisition Task on Tasks. 20. SBOO to complete the next Task on sefalas Submit Requisition to Finance for Further Processing by Finance and forward Disbursement pack to finance. 21. SBOO notifies the IO via the OpsHub Help Desk Request that payment was made and attach proof of payment as received from Finance via the OpsHub Help Desk facility. 22. SBOO captures the disbursement on the disbursement report, An Excel sheet designed for the recording of actual daily disbursements. The report is stored on a central drive created for the Operational Hub Operational Hub handover to PIM VSO must ensure that the Disbursement Report is saved on the central drive on a monthly basis for PIM Analyst to access. Page 13 of 25

14 SefaLAS Task Load Facility DIRECT LENDING : OPERATIONS HUB Request for Disbursement Subsequent Disbursement 1. Operational Hub [SBOO] receives Disbursement request from the IO via OpsHub Help Desk. Subject Request for further Disbursement. 2. SBOO to print pack for Disbursement Request : Compliance Certificate [Refer Annexure B ] Client Payment Schedule (signed by the client & the IO prior to each disbursement request) Refer Annexure C ] Valid Tax/Pro-forma invoice[s] Instruction from the client Proof of banking details of the client and/or suppliers 3. SBOO to confirm validity of : Tax Clearance Certificate validity date Confirm validity date of contract/purchase order [Bridging Loans] Confirm Joint Bank Account still in place where applicable Any other documentation required to validate disbursement in terms of the Decision Record SBOO to attach previous Checklist[s] which was signed off for the 1 st disbursement and Decision Record in order to validate security requirements still in place SBOO preparing the disbursement request to initial Checklist as 1 st Initial SBOO to submit to 2 nd SBOO to validate and initial Checklist as 2 nd Initial Yes Yes Checklist completed successfully 5. submit Checklist and disbursement pack to BOM for sign off Checklist signed off by BOM No No 4. Refer queries back to the IO via OpsHub HelpDesk 6. Comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 7. SBOO to prepare a Payment Requisition for signature by the BOM refer Annexure D Capture : Client number Region Borrower [Name of our client] Payee Detail [Supplier Name, Date and amounts to be paid] Requisition & Compliance Certificate signed off successfully by BOM? No Yes 9. SBOO to send disbursement list to Finance for processing 8. Comments/outstanding are noted on the Checklist by BOM and referred back to SBOO for required action 10. SBOO to Capture Drawdown on SefaLAS Retail system, Facility Disbursement. First Drawdown [1 st Drawdown amount on the system is captured including the fee amount where applicable] Subsequent disbursement [capture the disbursement amount payable to the supplier/client] 11. Open the disbursement and access the payout schedule and capture a pay-out for each supplier. 12. SBOO submits the disbursement pack [all documentation] to Credit Department for authorisation of disbursement by Head of Credit or delegated Credit Analyst. 13. SBOO to open the captured disbursement in order to complete the Prepare Disbursement Requisition Task on Tasks. 14. SBOO to complete the next Task on sefalas Submit Requisition to Finance for Further Processing by Finance and forward Disbursement pack to finance. 15. SBOO notifies the IO via the OpsHub Help Desk Request that payment was made and attach proof of payment as received from Finance via the OpsHub Help Desk facility. 16. SBOO captures the disbursement on the disbursement report, An Excel sheet designed for the recording of actual daily disbursements. The report is stored on a central drive created for the Operational Hub Operational Hub handover to PIM VSO must ensure that the Disbursement Report is saved on the central drive on a monthly basis for PIM Analyst to access. Page 14 of 25

15 I. sefalas FUNCTIONS TASK PROCESS ON sefalas RESPONSIBLE PERSON Print documents from sefalas Client Sign-off on all legal documents Load Facility Convert Application to Facility Application System Application No Documents Application System Application No Tasks [opens Client Sign-off on all legal document] Under Notes, add 2 nd vetting done Select Complete under Task Status Select Save and Close Application System Application No Tasks [opens Load Facility ] Select Complete Select Save and Close Select Convert Application to Facility Select Type under Facility Type Select Retail from Drop-Down Box Select sefa from Funder Drop-Down Box Complete the End Date [calculated from the Term provided on the Decision Record] Select Loan Type [Term, Bridging, Revolving or Instalment Sale Agreement] User to validate the pre-populated information on the system ie Interest, Term Frequency, Grace Period Select Next Screen displays Wizard Complete Select Finish System takes the User to Facility Implementation User [SBOO] requires Credit to Authorize the Facility in order to change the status. [SBOO to Page 15 of 25 SBOO VSO BOM SBOO VSO SBOO VSO SBOO VSO

16 Capture Draw-Down Submit Requisition to Finance take the Optiplan file with all printed documentation to Credit] Credit selects function to Authorize Facility SBOO to access sefalas Retail system to capture the disbursement. Capture Retail Number to access Facility Disbursement information Select Tasks Complete Terms and Conditions Select Facility Disbursements [This option will also be selected for any future disbursements] Select Add a Disbursement Capture Disbursement Amount [1 st disbursement to be captured including the fee amount] Select Save Select Payout Schedule Capture single amounts per supplier [excluding any fee amount] To add disbursements to other suppliers select Add payout Capture further disbursements individually SBOO to refer back to Credit in order to Authorize the Disbursement SBOO to access sefalas Retail system to complete Prepare Disbursement Requisition Tasks SBOO to complete Submit Requisition to Finance Task [this is the final Task on sefalas iro a disbursement request] SBOO VSO SBOO VSO Page 16 of 25

17 J.ACCOUNTABILITY AND RESPONSIBILITIES A = Accountable / R = Responsible / M = Mandated Activity / Task 1. Prepare Application pack for Disbursement Regional Office Investment Officer (IO) R Validations and Security Officer (VSO) Senior Business Operatio ns Officer (SBOO) Business Operations Manager (BOM) 2. Vetting of Legal Documentation R R A 3. Validate Disbursement Pack R R A 4. Complete sefalas Tasks M M A 5. Load Payment M M A 6. Capture Payment Schedule R R A 7. Handover to PIM R A Page 17 of 25

18 K. EXAMPLE DOCUMENTATION * Certificate of Signing Authority Annexure A * Compliance Certificate Annexure B * Payment Schedule Annexure C * Payment Requisition Annexure D Ops Hub Checklist Annexure E Mrs. A. Keyser Business Operations Manager R. Coetzee Executive Direct Lending.. Date Date Page 18 of 25

19 Annexure A - Certificate of Signing Authority CERTIFICATE OF SIGNING AUTHORITY I/We certify that, in terms of a Resolution passed at a properly constituted meeting of the Members/Directors/Shareholders/Partners/Trustees of NAME OF THE BORROWER : I.D/REGISTRATION NUMBER : The following signing authority/authorities will be in force for Disbursement Requests pertaining to the payment schedule referred to in the facility/loan agreement number concluded with sefa. Full Name Designation Specimen Signature Full Name Designation Specimen Signature Payment Schedule[s] to be signed by ONE / BOTH of the above authorized signatories. The Borrower shall notify sefa immediately in the event of any changes to its authorised signatories. In the event that The Borrower neglects to duly notify sefa accordingly, sefa shall not be held liable for any losses and/or damages suffered by The Borrower as a result thereof. Above signatories validated against signed Resolution Investment Officer Date Page 19 of 25

20 Annexure B - Compliance Certificate Page 20 of 25

21 Annexure C - Payment Schedule PAYMENT SCHEDULE TO BE PROVIDED BY THE CLIENT CLIENT NAME LOAN NUMBER BRANCH NAME I, THE ABOVE-MENTIONED CLIENT, DO HEREBY INSTRUCT Small Enterprise Finance (SOC) Ltd ( sefa), TO PROCESS THE FOLLOWING PAYMENTS. SUPPLIER NAME NAME OF ACCOUNT HOLDER NAME OF BANK BRANCH NAME & BRANCH CODE ACCOUNT NUMBER OFFICE USE ONLY LOADED BY: DATE TYPE OF ACCOUNT AMOUNT SIGNATURE SUPPORTING DOCUMENTATION SUPPLIER NAME NAME OF ACCOUNT HOLDER VERIFIED BY: DATE NAME OF BANK BRANCH NAME & BRANCH CODE SIGNATURE ACCOUNT NUMBER TYPE OF ACCOUNT AMOUNT SUPPORTING DOCUMENTATION 1ST RELEASE: DATE SUPPLIER NAME SIGNATURE NAME OF ACCOUNT HOLDER NAME OF BANK BRANCH NAME & BRANCH CODE ACCOUNT NUMBER 2ND RELEASE: DATE TYPE OF ACCOUNT AMOUNT SIGNATURE SUPPORTING DOCUMENTATION I ALSO UNDERSTAND AND ACCEPT THAT SMALL ENTERPRISE FINANCE AGENCY LTD CAN NOT BE HELD RESPONSIBLE IN ANY WAY FOR PAYMENTS MADE TO ACCOUNTS INCORRECTLY SUPPLIED BY MYSELF. CLIENT: DATE & SIGNATURE UNDERWRITER: DATE & SIGNATURE Page 21 of 25

22 Annexure D - Payment Requisition Small Enterprise Finance Agency(SOC) Ltd (sefa) PAYMENT REQUISITION EFT NO: CLIENT NO: DESCRIPTIONS & DETAILS OF SERVICES RENDERED Direct Lending: (Region) Office disbursement (Borrower Name) PAYEE DATE ACCOUNT NAME ACCOUNT CODE TOTAL Control account: Disbursements Sefa PREPARED BY: OpsHub CHECKED BY: OpsHub AUTHORISED BY: Credit DELIVERY INSTRUCTIONS: RELEASED BY: RELEASED BY: TOTAL EFT - Page 22 of 25

23 Annexure E - Ops Hub Checklists Annexure E1 CLIENT NAME : LOAN TYPE : PREPARED BY : REGION : DATE CHECKLIST 1ST INITIAL 2ND INITIAL SIGN-OFF Approval Date on sefalas correct as per Decision Record Facility verified against Decision Record [Loan Amount/Fee/Term/Rate] Arrears history/data iro this client received from Region [on any other current Applications] FICA Requirements met - Refer Compliance Certificate Agreement signed in accordance with Decision Record [Loan Amount/Term/Rate/Fee] Legal Agreement dated, signed and witnessed by all Parties AND scanned in on sefalas Surety[ies] dated, signed & witnessed by all parties AND scanned in on sefalas Bridging Loans : Valid Contract/Purchase Order Joint Bank Account : Bank Confirmation received Tax Clearance Certificate validity date : Invoices Issues Correctly [ISA Agreements - Invoice issued to sefa : Loan Agreements - Invoice issued to Client] POP Received iro Own Contribution/Fee paid prior to disbursement Amendments to Decision Record approved [ito mandates] GNB/SNB/CCMB Registration Date : Approval obtained to pay on Lodgement : Date Extension Letter Cession of Debtors HUB CHECKLIST FOR DISBURSEMENTS [FULL BALANCE] APP00 REF SPLIT APP00 APP00 ] RET Other conditions/security requirements [List] SIGNED : DATE : Page 23 of 25

24 Annexure E2 A CLIENT NAME : LOAN TYPE : PREPARED BY : REGION : DATE CHECKLIST 1ST INITIAL 2ND INITIAL SIGN-OFF Approval Date on sefalas correct as per Decision Record Facility verified against Decision Record [Loan Amount/Fee/Term/Rate] Available Balance on Retail equal to Compliance Certifcate Arrears history/data iro this client received from Region FICA Requirements met - Refer Compliance Certificate Agreement signed in accordance with Decision Record [Loan Amount/Term/Rate/Fee] Legal Agreement dated, signed and witnessed by all Parties AND scanned in on sefalas Surety[ies] dated, signed & witnessed by all parties AND scanned in on sefalas Bridging Loans : Valid Contract/Purchase Order Joint Bank Account : Bank Confirmation received Tax Clearance Certificate validity date : Invoices Issues Correctly [ISA Agreements - Invoice issued to sefa : Loan Agreements - Invoice issued to Client] POP Received iro Own Contribution/Ini Fee prior to disbursement Amendments to Decision Record approved [ito mandates] GNB/SNB/CCMB Registration Date : Approval obtained to pay on Lodgement : Date Extension Letter Cession of Debtors HUB CHECKLIST FOR DISBURSEMENTS [RUNNING] APP00 REF SPLIT APP00 APP00 ] RET Other conditions/security requirements [List] SIGN OFF [SECURITY REQUIREMENTS VALIDATED] SIGNED : DATE : Page 24 of 25

25 Annexure E2 B RUNNING DISBURSEMENTS [Continue] CLIENT NAME : APP00 RET PREPARED BY DATE CHECKLIST 1st INITIAL 2nd INITIAL SIGN OFF Original Sign-off Sheet attached Signed-Off Decision Record [securities] Attached Available Balance on Retail equal to Compliance Certifcate Arrears history/data iro this client received from Region Agreement Expiry Date Bridging Loan : Valid Contract/Purchase Order Tax Clearance Certificate validity date : Invoices Issued Correctly [ISA Agreements - Invoice issued to sefa / Loan Agreements - Invoice issued to Client] POP Received iro Own Contribution/Ini Fee [where applicable to 2nd disbursements] GNB/SNB/CCMB Registration Date : Maturity Date of last instalment : Page 25 of 25