Stanchart has partnered with Somo to launch 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%.
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 programme, 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 programmes, the bank empowers the next generation to learn, earn and grow.
The programme 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, 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.
Joyce Kibe, Head of Corporate Affairs, Brand and Marketing Kenya and East Africa, said; “We are transforming society through our Futuremakers programmes that include our GOAL project, Youth Employability programmes, and Entrepreneurship programmes such as Women in Tech. At Standard Chartered, we are committed to support the youth and women by creating opportunities to support them when they embark on entrepreneurship.
Maureen Awino, CEO and Founder, Modesh Bakers said; “I have immensely benefited from the skilling I have received from Somo and Standard Chartered Kenya as I got skilled in how to effectively run my business, they equipped me and taught me how to market. I have also gained a lot of confidence as an entrepreneur which enables me sell effectively. With the funding received from this programme, I have been able to expand my product line to offer different types of cookies such as cricket cookies, cassava cookies and cakes. I also trained 80 women last year. Furthermore, the loan has enabled me to buy tables and chairs where my customers can now enjoy their pastries. This has led to an increase in my sales from 150 packets of cookies to 3,000 packets per week.