Articles
WEF JIIMARISHE LOAN FOR INDIVIDUAL WOMEN ENTREPRENEURS
In 2016, the Fund's Advisory Board 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 on-lending purposes, thus actualizing 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:
| WEF FUNDED SACCOs AS @ 30TH JUNE, 2020 | ||||
| NO | PARTNER SACCO | COUNTY | CELLPHONE NO. | Email address |
| 1 | FRIENDS WOMEN EMPOWERMENT ORGANIZATION (formerly Friends of Ravine Women Empowerment Organization) | BARINGO | 0722455569 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 2 | SMARTLIFE SACCO LTD (formerly Marakwet Teachers Sacco) | ELGEYO MARAKWET | 0711736550 / 0771946422 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 3 | KIPKELION EMPOWERMENT SACCO LTD | KERICHO | 254774557685 254774557686 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 4 | KUZA SACCO LTD | KIAMBU | 0771341070 / 0708485464 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 5 | CHAOBA SACCO LTD | NAIROBI | 0724585376 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 6 | COMOCO SACCO LTD | NAIROBI | 0735200710 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 7 | TAI SACCO LTD | KIAMBU | 0713207258 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 8 | JUMUISHA SACCO SOCIETY LTD (formerly Bondo Teachers Sacco Society Ltd) | SIAYA | 0726627307 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 9 | KENYATTA MATIBABU SACCO LTD | NAIROBI | 0722654794 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 10 | KAPACWA SACCO SOCIETY LTD | NYERI | 0723307509 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 11 | YETU SACCO SOCIETY LTD | MERU | 0723659833 |
This email address is being protected from spambots. You need JavaScript enabled to view it. / This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 12 | BINGWA SACCO SOCIETY LTD | KIRINYAGA | 0722871678 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 13 | UNIVERSAL TRADERS SACCO SOCIETY LTD | MACHAKOS | 0716127102 |
This email address is being protected from spambots. You need JavaScript enabled to view it./ This email address is being protected from spambots. You need JavaScript enabled to view it./ This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 14 | VIKTAS SACCO SACCO SOCIETY LTD | NYAHURURU | 0721573582 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 15 | MAGADI SACCO SOCIETY LIMITED | KAJIADO | 0723216899 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 16 | KITE COOPERATIVE SACCO SOCIETY LTD | KISUMU | 0726398183 | This email address is being protected from spambots. You need JavaScript enabled to view it./ This email address is being protected from spambots. You need JavaScript enabled to view it. |
| 17 | NAKURU NORTH DISTRICT WOMEN SACCO LTD | NAKURU | 0712471346 | This email address is being protected from spambots. You need JavaScript enabled to view it. |
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.
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.
This is a loan product at the constituency level or otherwise known as Constituency Women Enterprise Scheme (CWES). The Tuinuke loan product is given out through registered women groups interested in expanding or starting new businesses.
Tuinuke Loan has the following features:
Must be a registered self-help group of 10 members and above comprising 100% women or 70 % women and 30% men, All leadership positions and account signatories must be held by women. Registration is done either at the nearest Social Services office or Huduma Centre. Groups will be eligible for WEF loans three months after registration.
Must have an account in a Bank/SACCO FOSA/Post Bank/Deposit Taking Micro-finance (DTM) and must have been in existence for at least 3 months.
Groups must be trained in business management skills by the WEF officers as a prerequisite for the loan application
CWES loan is interest-free, with only 5% administrative fee with a grace period of 1 month. The loan amounts given, graduation principle and the repayment period is as follows:
| CYCLE | AMOUNT (Ksh.) | REPAYMENT PERIOD |
| First Cycle | 100,000 | 12 Months |
| Second Cycle | 200,000 | 12 Months |
| Third Cycle | 350,000 | 12 Months |
| Fourth Cycle | 500,000 | 15 Months |
| Fifth Cycle | 750,000 | 24 Months |
Loan applications forms are available for free from the Fund’s Regional Offices based at all provincial headquarters, the Fund’s Head Quarters at NSSF building Eastern Wing, block A on 11th, 12th, and 14th floors and can also be downloaded from website, www.wef.co.ke
Click Here to download the Tuinuke Loan Application Form
15 Months
LPO Financing
This is a product tailored to serve women by increasing their capacity to respond and adequately service tenders thus meeting supply requirements. The loan will be available to individual women owning enterprises or women owned companies
ELIGIBILITY CRITERIA FOR LPO FINANCING
- Company must be registered with the relevant government body
- For companies, groups and partnerships membership composition must be at
least 70% women and 30% men (or 100% women)
- A valid Local Purchase Order/Local Service Order duly signed and stamped by the procuring entity ie. public institutions (listed in the public procurement and
disposal Act)
- The maximum amount available for this loan is Kshs. 2 Million per individual borrowing
- Duly signed Letter of Undertaking and acceptable collateral as per Fund’s Credit Policy. Acceptable collateral are bank guarantee, shares or motor vehicle
- Customer account details
- A one-off administration fee of 5% of the loan amount
- Tenure of 90 days
- Certified copy of the letter by the supplier (loanee) to the procuring entity
requesting payment through Women Enterprise Fund
- Amount financed is 60% of the LPO amount
TENDER SECURITY/ BID BONDS
The Fund has initiated the tender security/bid bond product to aid women in Kenya in achieving requirements of the tendering process. This is a product that is available to individual women who may own enterprises or women owned companies. The bid bonds will be issued at WEF head office i.e. Social Security House 12th Floor Eastern Wing Block A. The bid bonds are currently being offered to women within Nairobi county and its outskirts.
The application process is as below:
- Filling of bid bond application form
- Payment of the commission (original bank slip required)
- Borrower to sign indemnity terms and conditions (as will be in the application form)
- Issuance of bid/tender security The terms and conditions for the bid bonds is as shown below
Minimum amount Kshs.50,000
Maximum amount Kshs.2,000,000
Security N/A
Discount margin (Loan to value) N/A
Validity/Maximum tenor As will be specified in the tender
Interest rate N/A
Commitment/Processing fee Commission of 1% of the guarantee amount subject to a minimum of Kshs. 1,000
Credit Reference Bureau Clean Report
This provision targets the following public procuring entities as defined in the public procurement and disposal act: Government ministries, SAGAs, public schools, county governments, the judiciary, national assembly and public hospitals.
The commission for the bid bond can be paid through KCB collection account no. 1111394423 or MPESA using pay bill 830800 Account Number : 340000301
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