Co-operative Bank of Kenya and Isuzu East Africa have announced a partnership seeking to empower Small Medium Enterprise (SME) players access to capital.
In the partnership, their customers are set to enjoy Ksh 300,000 working capital to empower their businesses and enjoy a 2-month free period before they embark on loan repayments.
Speaking at the signing and announcement ceremony, Isuzu EA Managing Director Rita Kavashe noted this program will enable customers to invest back in their business without affecting their cash flow.
“SME businesses in Kenya have suffered for the last 18 months due to the prolonged election cycle and slow-down of financing to this sector by banks. This has drastically affected the SMEs’ cash flow and ability to invest in their business.
“We strongly believe that this partnership with Cooperative Bank will enable SMEs to grow their business without affecting their cash flow,” stated Kavashe.
Co-op Bank Director for Retail & Business Banking, Arthur Muchangi called on all customers to embrace the new opportunity explaining that now is the best time to acquire an Isuzu vehicle, especially with 95 per cent financing.
“Our message to customers is simple; if you desire to purchase an Isuzu bus, an Isuzu truck or a pick-up such as the famous D-Max, this is the best time. Through this partnership between Isuzu and Co-op Bank, customers will get up to 95% financing to purchase the vehicle of their choice, and in addition, be given a whole two months to use the vehicle before they begin repaying the loan.
“For those Isuzu customers who also wish to boost the working capital of their business, we are providing an additional loan of Ksh 300,000 to be repaid in 12 months,” explained Muchangi.
He added that the offer comes with a most reasonably-priced comprehensive insurance package at 4.75% of vehicle value (that includes Political Violence & Terrorism). In addition, Insurance Premium Finance is available to allow customers to pay insurance premiums in easy instalments
Rita also noted that the challenges of doing business in Kenya cannot be solved by one company or one sector alone, but by pooling resources and sharing knowledge, leveraging on existing and new opportunities to drive long-term growth across the Kenyan economies.
The partnership is set to run for the next one year allowing access to Isuzu EA’s wide range of bus, truck and pick up product line up.
