Family Bank has signed an agreement with Isuzu East Africa to enable customers to access upto 95 percent financing payable. It is reported that the financing payable is within 60 months on a 90-days repayment holiday.
The finance agreement is established to protect SMEs in Kenya from the negative effects of Covid-19. In fact, it will allow SMEs to access a credit line facility of Sh200,000 on mobile phones to support their businesses.
Also, the partnership will allow customers in agribusiness, trade and logistics to purchase Isuzu pickups and trucks at affordable interest rates, media reports said.
Isuzu East Africa Managing Director Rita Kavashe, told the media, “Isuzu East Africa recognizes the uncertainty in the market caused by the negative impact of Covid-19. This partnership with Family Bank comes at the right time to mitigate these challenges. Significantly, for the next three months SMEs will enjoy a 90-days grace period before they can begin to repay their loans,” said Isuzu EA Managing Director Rita Kavashe.”
The partnership between Family Bank and Isuzu East Africa will allow PSVs to get 80 percent financing within a 48-months repayment period, media reports said. The initiative is largely focused on cushioning SMEs that have been adversely impacted by the pandemic.
Family Bank is a commercial bank in Kenya.