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Standard Chartered unveils KES 60M (USD 490K) ‘Access to Finance Programme’

Banking & Finance
By admin
standard chartered
From left Joyce Kibe, Head of Corporate Affairs, Brand and Marketing Kenya, East Africa together with Kagure Wamunyu (2nd left), Board Member, SOMO Co-Founder and CEO at Jumba, Amelia Hopkins, CEO and Co-Founder, SOMO (2nd right) and Ms. Nandhra Tanveer (right) Head, Financial Markets, Kenya and during the launch of the Access to Finance Programme launch at Standard Chartered Offices. Standard Chartered unveiled a KES 60M (USD 490K) ‘Access to Finance Programme’ to Support disadvantaged women entrepreneurs for over 3 years.

Standard Chartered Kenya in partnership with Somo has today unveiled an ‘Access to Finance Programme’ that will support disadvantaged women by giving them access to small ticket loans ranging from KES 250K to KES 2.5m at a low interest rate of 5%.

The loans will benefit disadvantaged women by restoring and revitalising their businesses and will be payable over a period of up to 3 years.

The 3-year programme, worth KES 60M is part of the Futuremakers Entrepreneurship Programme, a global initiative to end poverty and is funded by Standard Chartered. Through our FutureMakers programmes, we empower the next generation to learn, earn and grow.

The programme aims to enhance entrepreneurship skills, empower the beneficiaries to grow their businesses in competitive sectors and support access to formal financing opportunities.

The beneficiaries will therefore also receive mentorship, financial and business training to ensure long term support for their businesses and facilitate sustainable development.

The struggling businesses owned by disadvantaged women will be extended loans after an evaluation of their business models, immediate needs and growth plans.

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