I am an entrepreneur. In a Kenyan context, this means I run a “small business.” In a country where more than 400,000 small businesses are dying annually, running and sustaining one is not a joke. To run a successful business in Kenya, one needs capital and finances.
As an SME in Kenya, it is not easy to access credit from commercial banks. One cannot just wake up, walk into a bank, and walk out with a loan. SMEs are considered high-risk and often shunned by commercial banks when it comes to lending. The majority also, do not have proper records.
I moved from bank to bank, looking for a good institution to bank with and support my business. Finally, I landed at the doorstep of Family Bank and I have never regretted since. After about seven months of banking with them, I qualified for a Biashara Boost Loan, specially designed for micro-businesses that require funds to expand their existing business line(s) profitably.
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The product gives you access to financing of up-to 5 Million shillings with eligibility to top-up existing loans making use of flexible collaterals and enjoying flexible repayment periods of up to 36 months.
The requirements were easy. You cannot get such easy requirements from any other bank apart from Family Bank. They are:
- A 6-months banking relationship with Family Bank
- New customers from other financial institutions are also eligible
- Business MUST have been operational for at least twelve (12) months
- Ability to repay the loan MUST be clearly demonstrated
I loved this product because of its flexibility in terms of paying back. 36 months was enough to get my business on track. And so, I was given 5 million shillings. Being in a service industry, this was a great injection that went a long way in boosting my business.
I added two members to my staff. I needed to beef up my marketing department. I purchased 3 brand-new laptops given that 90 percent of our operations were online. I then dedicated the rest of the amount into the running of the business and within 24 months, our team had moved from 9 to 17 because of the demand that we were receiving.
Sometimes, it is not that you do not have clients, but you lack capacity and the right people. Family Bank came through for me.
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