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.