ABSA TO FINANCE WOMEN ENTREPRENEURS

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Small  and  medium  enterprises ( SMEs)  play a critical  role  in  the socio-economic  development  of  Kenya.   The sector has created many jobs directly and indirectly   in   a country where   formal   jobs are scarce.  In  a  major  move  to support  the key  sector,   ABSA  Bank Kenya is  offering   a  Kshs. 10 billion  loan fund to women-led SMEs.  

The loan is being offered at a competitive rate of 13 per cent per annum and the repayment period is three years.  Successful customers will be able to borrow up to Kshs. 3 million within 48 hours.  In order to access the loan, customers will be required to produce a 12-month bank statement.  Alternatively, they can produce their M-Pesa statements.  All women with solid business plans and already doing business in various sectors of the economy will enjoy this timely facility. 

Over 10,000 women are set to benefit from this initiative by 2021. The bank has also partnered with the United States International University (USIU) in order to train the beneficiaries.

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