WEF JIIMARISHE LOAN FOR INDIVIDUAL WOMEN ENTREPRENEURS
In 2016, the Fund's Advisory Fund approved a revised FI lending channel, with key focus on women led SACCOs and SACCOs with a good credit history with the Fund, to support the SACCOs meet demand for loans from members.
Since 2017, the Fund has successfully entered into partnership with 13 SACCOS and disbursed Kshs.81.5 Million to the SACCOS for onlending purposes, thus actualising the WEF Jiimarishe Loan. Through this loan, borrowers can access individual loans at a subsidized Interest rate of 8% reducing balance per annum. The terms and conditions are as stated by respective SACCO partners. The SACCO partners are as follows:
|1||Nakuru||NAKURU NORTH DISTRICT WOMEN SACCO LTD|
|2||Kiambu||TAI SACCO LTD|
|3||Siaya||BONDO TEACHERS SACCO SOCIETY LTD|
|4||Nairobi||KENYATTA MATIBABU SACCO|
|5||Baringo||FRIENDS WOMEN EMPOWERMENT ORGANIZATION|
|6||Nyeri||KAPACWA SACCO SOCIETY LTD|
|7||Nairobi||COMOCO SACCO LIMITED|
|8||Elgeyo Marakwet||SMARTLIFE SACCO (formerly Marakwet Teachers Sacco)|
|9||Kiambu||KUZA SACCO LIMITED|
|10||Machakos, Makueni, Kitui & Embu||UNIVERSAL TRADERS SACCO LTD|
|11||Meru||YETU SACCO LIMITED|
|12||Nyahururu||VIKTAS SACCO LIMITED|
|13||Nairobi||CHAOBA SACCO LIMITED|
NB: FOR TERMS AND CONDITIONS ON ACCESSING THE WEF JIIMARISHE LOAN, KINDLY VISIT OUR PARTNERS LISTED ABOVE FOR FURTHER GUIDANCE.
FINANCIAL INTERMEDIARIES/SACCO-FUNDING FOR ONLENDING
Sacco-Funding is the on-lending component of the Fund through financial intermediary partners such as banks, NGOs, SACCOs and MFIs from which women access funds to start or expand viable businesses.In April, 2014, the Fund suspended lending through the FI channel due to challenges encountered with some of them in administering the funds to women borrowers.
The Fund on a regular basis advertises in print media and on its social media pages for Expression of Interest by SACCOs, Cooperative unions and women owned institutions for partnership in on-lending to women entrepreneurs on the following terms:
FINANCIAL INTERMEDIARIES/SACCO-FUNDING LENDING TERMS:
- Maximum Amount; Kshs.10 Million.
- Loan Tenure; 36 Months.
- Interest Rate; 1% per annum on reducing balance, payable on quarterly basis.
- On-Lending Interest Rate; 8% per annum on reducing balance.
- Administration fee; 2% of the loan amount.
- Security; Marketable collateral securities limited to bank guarantees, fixed deposits, and/or shares listed in the Nairobi Stock Exchange (NSE).
For eligibility as a partner, the SACCO/FI must fulfill the following requirements:
- Must be reputable Kenyan SACCO/Co-operative Union/Women owned institution legally registered in Kenya.
- Evidence of certificate of incorporation/registration.
- Valid KRA tax compliance certificate.
- Valid Trading license.
- Copies of National IDs and PIN Certificates for all directors/officials.
- Resolution to borrow in case of a Limited Company capturing amount, purpose, and proposed security (Must be sealed).
- CR12 incase of a Limited Company.
- Articles and Memorandum of Association.
- Contact details i.e. postal, physical and email address of the SACCO/CO-operative Union/institution's headquarter and name of contact person for purpose of seeking clarification.
- Have a minimum of three years’ experience in SACCO lending operations.
- Have women- friendly products, offering financial services to urban and/or rural women enterprises (provide list of products & services offered).
- Must have an appropriate governance and management structure.
- Their branches geographical coverage/geographical representation by counties and constituencies.
- Must submit certified copies of audited accounts for at least, the last three (3) years.
- Provide a summary of their loan book portfolio.
- Must have a robust automated system for their loan book management.
- Must demonstrate ability to pledge marketable collateral securities: bank guarantees, fixed deposits and shares listed in the stock exchange.
- Have Competent Management & Personnel; Management MUST be gender responsive. The CVs of members of the management must be attached.
- Have sufficient and experienced credit staff; profile and qualification must be availed.
- Statement of litigation history.
- Clean Credit Reference Bureau (CRB) reports of directors/officials of the SACCO.
- License from SACCO Society Regulatory Authority (SASRA), where applicable.
- Borrowing Powers as approved by the Commissioner of Co-operatives, where applicable.
We are in the process of engaging more partners and the above list will be updated accordingly.