Import Financing Kenya: Financing is one of the biggest hurdles that Micro, Small & Medium-sized Enterprises (MSMEs) in Kenya face. This hurdle gets compounded when MSMEs are in the import business.
But there is now an easier way through which this category can get relief. The Co-operative Bank has a product that provides import duty financing to small businesses on the go. The product is dubbed Import Duty Finance.
This product targets importers and is designed to help them have a seamless process during clearing and transportation of imported cargo from the port of origin to the final destination.
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The Import Duty Finance solution ensures prompt payment of duty and other related costs; it unlocks working capital for the customer while ensuring timely delivery, as well as saves them from incurring high storage and demurrage charges.
Clearing and logistics firms who handle clearing and forwarding services as well as logistical solutions in the importation sector have not been forgotten. They can also apply for funding at Co-op.
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“A customer can apply from as little as Sh. 50,000 up to 100 per cent of value of invoice or quotation raised by third parties such as KRA, clearing agent, freight company among others,” said Co-op Bank in a statement. “The Bank continues to look for more opportunities and develop various solutions to build on its vision for MSMEs, which is to grow world class entrepreneurs beyond the Kenyan borders.” Import Financing Kenya.
