Today, Somo and Standard Chartered Kenya have announced a new program called the “Access to Finance Programme,” which aims to provide small-ticket loans ranging from KES 250K to KES 2.5m to disadvantaged women. These loans will come with a low interest rate of 5% and will help restore and revitalize the businesses of these women. The loan repayment period will be 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, we empower the next generation to learn, earn and grow.
The primary objective of the program is to improve the entrepreneurship skills of the beneficiaries and empower them to expand their businesses in highly competitive sectors. Additionally, the program aims to provide access to formal financing opportunities. To achieve these goals, the beneficiaries will receive mentorship, financial and business training. These initiatives will ensure long-term support for their businesses and promote 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.
Speaking during the launch, 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.
While delivering the keynote address, the Head, Financial Markets, Kenya Ms. Nandhra Tanveer 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.”
Beneficiary testimony
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.