FUNDING TERMS AND CONDITIONS
1. INTRODUCTION
Welcome to Africa And Friend Affairs (AAFA) World. These Terms and Conditions govern the relationship
between AAFA World and individuals or businesses seeking funding and support for community
businesses. By accessing our services and applying for funding, you agree to comply with these terms.
Please read them carefully.
2. MISSION AND OBJECTIVES
AAFA World is committed to eliminating hunger and reducing poverty in Africa and beyond. Our mission
is to empower individuals, particularly women, with the skills and resources needed to establish and
manage their own community businesses. We aim to create sustainable change through self-sufficiency,
innovation, and entrepreneurship.
3. FUNDING ELIGIBILITY
To be eligible for funding from AAFA World, individuals and businesses must meet the following criteria:
- Demonstrate competence through qualifications, training scores, and personal traits
- Undergo a background check to verify authenticity with local authorities and third-party applications.
4. GUARANTORS
Every business owner must provide two referee persons and one guarantor. The guarantor is
responsible for repayment if the business owner(s) misuse the funds.
5. FUNDING TERMS
Funding provided by AAFA World is initially interest-free for one year. If the funded business doesn’t
employ at least two full-time employees by the end of the first year, a repayment plan is established
over the next two years without any interest.
6. FORGIVENESS CRITERIA
If a funded business successfully employs and pays at least two employees on a full-time basis in a year,
25% of the funding amount is forgiven. This percentage can increase over time if the business continues
to maintain its employee count.
7. REPAYMENT CONDITIONS
In the event that a business doesn’t succeed within the first year, the business owner(s) must repay the
full funding amount. Guarantors are liable to repay if the business owner defaults. AAFA World reserves
the right to use credit collectors of its choice to recover funds from the business owner(s) and
guarantors respectively.
8. PARTNERSHIP BUSINESSES
Each member of a partnership business must provide a guarantor. Business owners share the liability
proportionally to their stakes in the business, and their guarantor is also liable for repayment in case of
default.
9. EXEMPTIONS
Illness, natural disasters, environmental crises, or death may be considered for funding cancellation
based on investigation.
10. LEGAL JURISDICTION
These Terms and Conditions are governed by the laws of [insert jurisdiction] and any disputes shall be
resolved in the [insert appropriate court or arbitration venue].
11. CONFIDENTIALITY AND DATA PROTECTION
AAFA World is committed to protecting the confidentiality of applicant information and complying with
data protection regulations.
12. TERMINATION OR AMENDMENT
AAFA World reserves the right to terminate or amend these Terms and Conditions with notice if
necessary
13. COMPLIANCE WITH APPLICABLE LAWS
All parties involved must comply with local, national, and international laws and regulations.
14. DISPUTE RESOLUTION
Any disputes or conflicts between AAFA World and funded individuals or businesses will be resolved
through mediation or arbitration.
15. REVIEW AND UPDATES
These Terms and Conditions may be reviewed and updated periodically, and users will be notified of any
changes.
16. Contact Information
For inquiries, complaints, or communication related to these Terms and Conditions, please contact AAFA
World at [email protected].
By accessing our services and applying for funding, you acknowledge that you have read and understood these Terms and Conditions and agree to be bound by them. Thank you for joining us in our mission to combat poverty and hunger and promote sustainable development.