Housing Finance unveils instant unsecured bid bonds of up to Sh10m
Business owners eyeing government tenders can now tap unsecured bid bonds of up to Sh10 million through a web-based platform launched by HF Group.
The launch of the bid bond platform responds to business owners needs for convenience, efficiency and quick turn-around time which are critical in any tendering process.
The listed lender says the online based solution dubbed HF Whizz Bid Bonds targets SME’s in what could enhance their chances of winning tenders.
With suppliers increasingly coming from county and national governments, this deal will come in handy since bid bonds are part of the required documents when submitting bids.
Through this deal, HF will guarantee project owners or contracting authorities, that in the event the bidder wins the tender, they will meet the obligations of the contract under the terms at which they had bid.
“Bidders usually make their bid bond applications at the last minute; a peculiar behavior observed in the Kenyan market.
Most bidders will only apply for a bid bond after putting together all the other required documentation, while a number of bidders will get to know about tenders at the eleventh hour,” said HF Group Chief Executive Officer, Robert Kibaara.
While they eliminate the hassle of offer letter process, bid bonds are subject to full or partial forfeiture if the winning bidder fails to execute the contract or provide the required performance bonds.
“The HF Whizz bid bonds eliminates the time limitations of physical interface with the bank and puts control in the hands of the customer with its self-serve capability – with end to end digital registration, application and instant approval that is accessible 24/7,” said Kibaara.
Whizz bid bonds is the latest addition to HF’s digital banking offering after the lender recently launched HF Whizz Money Transfer and HF Whizz Digital Collections.