Empowering women is essential to the health and social development of families, communities and countries.
When women are living safe, fulfilled and productive lives, they can reach their full potential.
To contribute their skills to the workforce, Co-operative Bank has a financial facility to empowerment women who are seeking working and investment capital.
Dubbed as ‘Msamaria Women’s Loan’, the loan facility aims at accelerating women’s economic empowerment by providing affordable and usable finance towards their businesses.
The Msamaria Women’s Loan is part of the bank’s continuing focus on the emerging needs of key customer groups, particularly women.
The maximum loan amount women can borrow is from as little as Sh5,000 to Sh10 million.
“Sh 5,000 to 300,000 is payable within 12 months, Sh300,000 to 1,000,000 payable within 18 months while any amount above Sh1 million is payable within 36 months,” states the lender.
This gives the women ample time to plan, invest and generate income from their businesses.
To acquire the loan facility, one has to have a business not less than a year old and the business should have regular cash flow.
Secondly, the owner has to have a business license of the current year where applicable.
“Open an account with Co-operative Bank and if your Co-op Bank account is less than 6 months old, provide certified bank statements from other banks,” states the Bank.
Additionally, acceptable security will include but not limited to chattels mortgage over household, business assets, land, NSE.
Further, one will be required to produce a copy of Kenya Revenue Authority Pin.