Year 1, months 1–5

Stage 1 funding secured; grazing confirmed in writing; camp fenced, water point equipped, kraal and kidding pens built; 50 does and 2 bucks placed

Year 1, months 5–12

Handling facility and store completed; kidding, mortality and dosing records begun; CIPC registration and tax compliance; two trader relationships established

End Year 1

Gate 1: kid survival above 82%, doe mortality below 6%, twelve months of records, registration complete

Year 2

Stage 2 drawn; second camp fenced and second water point equipped; rotational grazing established; 30 doelings retained

End Year 2

Gate 2: kid survival above 85%, 1.50 kids weaned per doe, reviewed statements, clean repayment record

Year 3

Stage 3 drawn via the Blended Finance Scheme; third and fourth camps, third water point, own transport; independent grazing assessment for 200 does

End Year 3

Gate 3: kid survival above 87%, two years of statements, scorecard of 20 or more, grazing confirmed

Year 4

Stage 4 drawn; handling and quarantine facility, water expanded; breeding stock sales channel established; break-even herd crossed

End Year 4

Gate 4: cash EBITDA positive for a full year, breeding stock channel established, grazing secured for 300 does

Year 5

Stage 5 drawn; camps extended to 300 does, fourth water point with solar pump; herder or supervisor appointed

End Year 5

300 does; 426 goats sold; cash revenue R1.49m; debt service cover 1.26 times

Grazing rights confirmed in writing

Everything; the herd cannot exist without veld

Lease or permission to occupy secured before Stage 1 funding is drawn

Camps fenced before the herd expands

Veld condition and therefore kid mortality

Fencing in each stage is built before the animals it will carry

Water points commissioned

Usable camps; a camp without water cannot be grazed

Each stage includes its water before its fencing is completed

Twelve months of complete records

Gate 1 and every application thereafter

Recorded daily from the day the first doe arrives; cannot be reconstructed

Two trader relationships

Gate 1 and the price floor

Built during Stage 1 while the first crop is growing out

Reviewed financial statements

Gate 2 and the SEDFA application

Bookkeeper contracted in Stage 1, not in Stage 2 when they are needed

Independent grazing assessment

Gate 3 and the Blended Finance application

Commissioned during Year 3, ahead of the Stage 4 herd

Breeding stock channel established

Gate 4 and 16% of Year 5 volume

Requires three years of records; started in Stage 1 by recording