Browsing: SME loans

Telkom Business has announced the introduction of Telkom Lend, a platform that will enable small businesses to seek money online and receive a response within one day.

• Telkom Business has announced the introduction of Telkom Lend. This platform will enable small businesses to seek money online and receive a response within one-day
• companies are now in charge of their own payments. With funding offers ranging from US$1,175 ( R20,000) to US$ 293,834 (R5 million ) based on monthly revenue, the money can be paid back over three to twelve months on a daily or weekly basis
• The eligibility of applications is determined using Telkom’s proprietary automated scoring mechanism. This saves time and allows entrepreneurs to focus on their enterprises
• Applicants seeking funding must have been in business for at least six months, have a monthly revenue of at least  US$1,763 (R30,000), and have at least three months of trading

The Kenyan bank said it would use the loan to help it increase working capital and trade-related lending to its small and medium-sized enterprise (SME) clients in Kenya, especially those facing COVID-19 related challenges.

The loan from IFC is one of the single-largest credit facilities to a Kenyan lender.

Besides shoring up the bank’s capital base, the new loan will also be lent to customers, fitting IFC’s’ impact investing criteria.

IFC encourages the banks it funds to lend to women-owned enterprises and climate-related ventures such as renewable energy projects.…