Kenya: Credit Bank unveils loans to support women in SMEs

Credit Bank is now offering women in small and medium-owned enterprises loans of between Sh75,000 to Sh3 million in a move set to offer the much needed credit support to cash starved businesses in the country.

Through the programme dubbed ElevateHer, women owned enterprises will get loans under categories such as Her Trade Up loan, Her Business Loan and Her Trade Loan that attract a preferential interest fee repayable in four years.

The bank will also offer Her Digital Loan. The loan that attracts a small interest fee works in a way such that once you repay the existing loan, the entrepreneur can reapply for another funding.

The Program also aims to equip women with business skills, offer them mentorship and networks opportunities.

“One of the main hurdles in accessing formal financing for most women is the required documentation right from business registration, PIN among others that are now accessed digitally-available through e-citizen.

“Our digital literacy program is aimed at addressing this hurdle, specifically equipping them with the required skills to access services digitally” said the Bank’s CEO Betty Korir.

Ms. Korir said the bank will support through the program over 10,000 women to develop their business management skills through access to a micro-learning portal.

The Bank also aims to provide business management and financial literacy training to 500 women entrepreneurs using a bespoke blended learning approach.

This will give women the knowledge, skills, and tools they need to gain better access to finance and move their business to the next level of growth.

The institution will provide intensive business support to 100 of the 500 women entrepreneurs through tailored business advisory sessions, advanced business workshops, mentoring, networking and links to financial services, investment, and markets.