Wherever you look today, there is the rush to earn more money. Be it to complement the income they earn, for school or to support a certain lifestyle; we are all seeking the extra coin. Without a solid plan, we might turn to loans.
Our expenses increase proportionally to our income, unless we protest of course. Loans come into play when we are either biting more than we can chew or just looking to venture into businesses yet we don’t have the available resources.
Types of Equity Bank business loans
1. Biashara SME
Target/purpose
Small Micro Entrepreneurs
Features/ purpose
- Business loans for Interest rate as low as 9.5%
- Flexible repayment plan of up to 72 months
- Access to loans amounts as high as 350M
- Cheque book Facilities
- Business accounts with benefits including cheque books and overdraft facility
- Distributor loans
- Access to Bid Bond and guarantees
- Cheque discounting
- Landlord loans
2. SME Business Loans
Available to SMEs operating in Transport, Trade and Commerce, Construction, Manufacturing, Education, Health & other services sectors.
Features
(Content pending)
Benefits
- Both customers and non-customer can qualify for the Business Loans
- Flexible repayments period up to 60 months
- Minimum of Ksh1,000,001and a Maximum of Ksh50,000,000.
- No guarantors required unless borrower is a limited Company
3. Micro Business Loans
This is a new product targeting the youth which form the bulk of the population. This product seeks to empower them with the tools they need to build and grow a business.
Features
- Identify and prepare new business markets
- Providing the youth with a savings vehicle through which they can access a variety of financial services
- Providing tailor-made loans to meet specific needs of the youth
- Develop a system of business appraisals to determine the youth credit needs
- Provide the business training and advisory services that will respond to the growing population
Benefits
Offers a saving vehicle tailored loans for:
- Working capital
- Purchase of fixed assets (for business)
- Business premises improvement
- Dairy, horticulture
- Available to all youth (18-35 years) who are Equity Bank account holders
4. SME Development Loan
Available to SMEs to finance expansion of a business and acquisition of business assets.
Features
(Content pending)
Benefits
(Content pending)
Requirements
- Be an active account holder with Equity Bank
- Submit loan purpose for financing business working capital and operational needs
- Submit loan applications within a reasonable time
- Be able to clearly demonstrate existence of other sources of income that could be used for loan payment
Herein lies key information to how you can access business loans from Equity bank, a very famous one here in Kenya.
The key question however is, do banks loan businesses who are less than five years old?
