Family Bank has today entered a partnership with Christ Is The Answer Ministries (CITAM) aimed at promoting the growth of micro, small and medium-sized businesses registered under the Church’s Business Community Forum.
Through a customised package on Biashara Boost, the businesses will be able to access capital, asset financing and trade finance solutions at a competitive rate, hassle-free whether for secured or unsecured loans and with up to three days turn-around time.
“This forum is a head start for MSMEs to be bankable. In addition, the growth of our country will take a collaborative effort of financial institutions and the MSMEs who form 33 per cent of our GDP today,” said Family Bank Chief Executive Officer Rebecca Mbithi. “We believe that this partnership will enable us as a bank to increase many MSMEs to the financial pool, increase inclusion and promote the growth of this sector,” she added.
This solution provides access to financing from KES 50,000 up to KES 1 million for unsecured loans and up to KES 10 million for partly secured loans with a payment period of between 24 and 36 months.
Speaking during the launch, the Cabinet Secretary for Trade and Industrialisation Hon Betty Maina lauded the partnership between Family Bank and CITAM and said, “SMEs are a core component of the business ecosystem. It is through such powerful engagements that there can be policy formulation. It is the government’s responsibility to create a conducive environment for SMEs and as a Government, we are doing our best to promote locally made goods- Buy Kenya Build Kenya. On the other hand, small businesses need to work together, such as what CITAM has done through its Business Community Forum, to seize opportunities and bridge the challenges.”
The customised product to members of CITAM Business Community Forum completed the CITAM Business Training and must be introduced to the Bank by CITAM. This product launch comes shortly after Family Bank signed a partnership deal with Simba Corporation to offer up to 100% financing for MSMEs to conveniently buy Fuso trucks, Mitsubishi and Mahindra products at competitive interest rates