Business Loan Kenya: Kenyan businesses have been hard hit by the effects of the coronavirus pandemic. For instance, Kenya’s private sector activity plunged in March to its lowest level since November 2017. This came as the coronavirus pandemic hit consumer demand and forced businesses to shed jobs and cut back on their operations.
Almost all businesses have been forced to review their cash flow and liquidity positions to address a sudden and significant reduction in revenues. In particular, the small and medium sector has been the hardest hit.
As the Kenyan economy starts to emerge from the ruins of the coronavirus pandemic, most businesses are in dire need of a capital boost. However, there are not too many borrowing options that are open, given the amount of loans that were restructured during the pandemic. So what to do? This is the question that is bugging many business owners. Well, here is a relief. You can actually get a Sh. 500,000 loan to boost your business.
The Co-operative Bank has arranged two facilities that are aimed at helping Kenyans beat the Covid-19 financial blues. These facilities have been arranged in conjunction with Isuzu East Africa. According to this partnership, you will be able to get the half a million shillings business loan, and at the same time, you can get an Isuzu NKR or Isuzu FRR at an asset financing arrangement of up to 95 per cent.
These loan facilities come with the longest re-payment periods in the market of up to 5 years. In the same vein, they offer a 60 days’ grace period and a negotiated motor vehicle insurance cover.
“This special scheme make the process of buying Isuzu trucks affordable, with the banking financing up to 95 per cent of the purchase price for Isuzu NKR and Isuzu FRR models,” says Co-op Bank in a statement.