Absa announces Sh10b SME fund for women
Women-led SMEs have received a financial boost after Absa Bank Kenya PLC announced two credit facilities that will enable the organisations to scale up their businesses.
Absa managing director Jeremy Awori yesterday announced an Absa Kenya PLC dedicated SME fund for women, with a seed funding of Sh10 billion to be advanced in the next five years.
“The money will be availed to women entrepreneurs through the existing banking products including unsecured and secured loans, trade, asset and property finance and working capital facilities,” said Awori.
In addition, Absa Bank Kenya PLC also launched a Wezesha express product where the SMEs will access up to Sh3 million within 48 hours of application.
Awori, who spoke during the second in a series of the SheTradesKE Kenya Chapter functions in Nairobi, said most women entrepreneurs’ participation in national economic development is often stifled by limited access to financial resources and social-cultural restrictions. The SheTradesKE programme was launched in 2016 to connect Kenyan women entrepreneurs to international markets.