Family Bank and Isuzu East Africa have partnered in a deal that will allow Kenyans to access up to 95 percent financing payable within 60 months on a 90-days repayment holiday on commercial vehicles.
Dubbed Isuzu Strong, Kenya Strong, the asset finance agreement is designed to cushion SMEs from the economic slow-down caused by Covid-19.The partnership will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Isuzu pickups and trucks at competitive interest rates. Schools and churches will be able to access 100 per cent financing while PSV owners can access up to 80 per cent financing.
The partnership will enable Public Service Vehicles get 80% financing with a 48-months repayment period, whilst customers buying trucks will be able to pay back in 60 months. Schools and churches will get 100% financing for their purchases.
Additionally, the deal gives SMEs access to a credit line facility of Ksh 200,000 on their mobile phones to support their business needs. With every vehicle purchase, SMEs will also obtain two AMREF Maisha Covers in case of emergency evacuation services, where AMREF Flying Doctors will provide air and ground ambulances.
“Every sector has been hard hit by the Covid-19 pandemic and SME sector has not been spared. We aim to continue cushioning SMEs and through this partnership, which is a catalyst to their growth. Through the 90-day repayment holiday, we are seeking to offer flexible terms to business owners to be able to expand their businesses,” said Family Bank Chief Executive Officer Rebecca Mbithi.
Speaking at the partnership signing ceremony, Isuzu East Africa Managing Director Rita Kavashe said the initiative was aimed at revitalizing SMEs which have been hard hit by closures, inter-county movement restrictions and reduced spending caused by job losses.
“Isuzu East Africa recognizes the uncertainty in the market caused by the negative impact of Covid-19. This partnership with Family Bank comes at the right time to mitigate these challenges. Significantly, for the next three months SMEs will enjoy a 90-days grace period before they can begin to repay their loans,” said Isuzu EA Managing Director Rita Kavashe.