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 percent.
The loans will benefit disadvantaged women by restoring and revitalizing their businesses and will be payable over a period of up to 3 years.
The 3-year program, 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 programs, we empower the next generation to learn, earn and grow.
The program 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, and 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.
“We are transforming society through our Futuremakers programs that include our GOAL project, Youth Employability programs, and Entrepreneurship programs such as Women in Tech. At Standard Chartered, we are committed to supporting the youth and women by creating opportunities to support them when they embark on entrepreneurship, Joyce Kibe, Head of Corporate Affairs, Brand and Marketing Kenya and East Africa, said.
“In line with the Bank’s brand promise – ‘Here for Good’, we are committed to going beyond banking to stand with the community to support them navigate the various challenges they are faced with. It is therefore with great pleasure that we extend these small ticket loans to support disadvantaged women based on their actual business needs and growth plans. Through this project, we will empower them to rebuild their businesses and in so doing, improve the business environment which will, in turn, have a positive impact on the wider society,” The Head, of Financial Markets, Kenya Ms. Nandhra Tanveer said.
