Small and Medium Enterprises (SMEs) will now benefit from affordable asset finance after Family Bank went into a business partnership with Isuzu.
As per the deal, SMEs will get up to 95 per cent asset finance from Family Bank. Schools and churches will get up to 100 per cent financing while PSV businesses will get up to 80 per cent financing.
“Every sector has been hard hit by the Covid-19 pandemic and SME sector has not been spared. We aim to continue cushioning SMEs and through this partnership, which is a catalyst to their growth. Through the 90-day repayment holiday, we are seeking to offer flexible terms to business owners to be able to expand their businesses,” said Family Bank Chief Executive Officer Rebecca Mbithi.
“We are thankful to Isuzu East Africa for coming together to lift the business curve and for providing favourable environment amidst such adverse times.” she added.
Isuzu East Africa Managing Director Rita Kavashe said during the deal signing meeting that the initiative is meant to bring back to life businesses which have been affected by the COVID-19 negative effects.
“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.
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