Equity Bank & IFC have partnered to avail Ksh. 8.3 Billion ($100 Million) to support lending to small and medium businesses, agricultural projects and women entrepreneurs in East Africa.
Equity announced that the lending rate will be tagged at 12%. This is the most attrative SME lending rate available in Kenya considering that the current market lending rate in the market is 32%.
Structure of disbursement will be dependant on the business needs. The loan will be available for 7 years and repayments can be arrange on monthly or quarterly depending on the entrepreneurs needs.
The SME loans is available in most of the Equity Bank Branches.