Women Loans in Kenya: Women entrepreneurs in Kenya are now set to start getting loans at zero interest rate to help them through the Covid pandemic. This is after WomenWork launched a partnership with the Mastercard Foundation to offer emergency loans and business expertise to women entrepreneurs.
According to the WomenWork organisation, these loan facilities will be aimed at providing a soft landing against Covid-19, which has disproportionately affected women-owned businesses in the country.
Apart from the loans, this relief programme will also include digital business training which will be conducted by business coaches and business development experts through a community of other women entrepreneurs.
This project is part of the Mastercard Foundation Covid-19 Recovery and Resilience Programme. It also includes three other organisations, with technical support from the Grassroots Business Fund and 4G Capital. 4G Capital is a Neobank for Africa, which targets micro and small businesses. Last year, it raised Sh. 400 million from Ceniarth LLC for investment in the provision of credit to micro and small enterprises (MSMEs) across its key markets; Kenya and Uganda.
A commitment of Sh. 1.5 billion for Kenya from Mastercard will be channeled through four lead partner organisations in a series of interventions that will facilitate business continuity for enterprises with less than 10 employees and a turnover below Sh. 500,000.
“The Rebuild Programme…provides us the opportunity to offer the much-needed support to our community of women entrepreneurs who are facing significant challenges arising from the effects of Covid-19,” said WomenWork Network co-founder Asha Mweru. Women Loans in Kenya.