This is a loan facility for micro and small enterprises that have registered with a group,
looking to meet working capital for their business. The loan is guaranteed by other
members of the group.
FEATURES:
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Maximum repayment period of 12 months
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Loan facility of up to Kes 1,000,000.00
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Minimum loan amount Kes 10,000.00
GROUP QUALIFICATION:
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Be located within the stipulated business unit’s area of operation
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Have members who are currently running small or micro-enterprises
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Be registered appropriately with the relevant Government authorities
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Open a bank account for depositing members’ savings with Kingdom Bank
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Demonstrate a capacity to administer loan funds and be united
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In case of an existing group, the group must have operated a merry-go-round program for at least six months
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Members’ businesses must have been in existence for at least six months
.
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Members are eligible for loans after an initial period of eight weeks of training and uninterrupted savings. RMs/ROs to attend all weekly meetings to prepare members by familiarizing them with lending procedures and bank requirements
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The disbursement to be done on a ratio of 2:2:1 based on group membership. The second application to be done after a month subject to satisfactory schedule payments of previous advanced loans
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Loans to be given at most 5 times of each members savings
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Comprise a minimum membership 5 and a maximum of 30 members
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The group meetings to be held weekly. Members must be willing to make the weekly mandatory deposit amount
