Family Bank, Toyota Kenya announce financing model for SMEs

Family Bank and Toyota Kenya have joined hands in extending support to small and medium enterprises offering crucial services during the COVID-19 pandemic period by offering a loan facility for Toyota Hilux pick-ups and Hino trucks.

The financial institution is offering up to 95 per cent financing towards the purchase of the Hilux single and double cab pick-ups payable within 60 months. Additional business support to these enterprises includes a 60-day repayment holiday period and one-year free insurance for the Hilux customers. Further, customers purchasing the Hino 300 or Hino 500 trucks will receive 80 per cent financing payable within 48 months plus a 60-day repayment grace period.

“The diversification of our asset financing is to give our SME clients an array of options that suits their business needs especially during this tough economic time amid the Covid-19 crises. We believe that by supporting the growth of SME businesses, we can cushion our economy from adverse effects,” said Family Bank Chief Executive Officer Rebecca Mbithi. “This is such a timely partnership with Toyota Kenya whose value aligns with Family Bank and we are committed to supporting the SME sector and extending relevant, affordable and flexible financing terms such as this,” she added.

Toyota Kenya Managing Director, Arvinder Reel underscored the need to support businesses offering essential services amid this pandemic, by forging partnerships with institutions such as Family Bank. “This partnership signed between Family Bank and Toyota Kenya targets SME customers in manufacturing, logistics and agri-business among other industries as they play their vital role under the current circumstances the entire world finds itself in to conveniently access capital to purchase both Toyota Hilux single and double cabs and Hino trucks.”

Mr Reel added that Toyota Kenya, as an enabler to these industries, remains open for business to support essential services while at the same time maintaining high standards of hygiene which included sanitizing of all vehicles that come in for routine service, before and after scheduled works.

Customers can access this joint partnership offering across Family Bank’s 91-branch network or through Toyota Kenya’s distribution network countrywide.