Tuesday, July 5, 2022
HomeEDUCATIONSh1.95billion Acquired For Lending To SMEs, Education Sector

Sh1.95billion Acquired For Lending To SMEs, Education Sector

Sh1.95billion Acquired For Lending To SMEs, Education Sector.

Family Bank has received a total of Sh1.95 billion (USD 17 million) in managed funds from Blue Orchard Finance Limited (BlueOrchard) to extend to SMEs and support the education sector.

The funding will be used for onward lending to MSMEs to enable the resumption of business operations following the challenges of COVID-19, to expand access to affordable credit extended to SMEs by the Bank, and to promote access to education for secondary, higher, and vocation education levels through customized financial services, according to the bank.

“Our long-term business perspective is to drive sustainable value addition across the end-to-end value chain. This can only be possible through collaboration with partners such as BlueOrchard, a leading impact investment manager,” said Family Bank CEO Rebecca Mbithi.

“As a Bank, we have taken an active role in building a sustainable business that seeks to provide value in the communities that we operate in. Further to supporting SMEs, we are deliberate in supporting key drivers of the economy like the education sector,” she concluded.

This year, the Bank obtained a Sh1.5 billion loan portfolio guarantee facility from the African Guarantee Fund (AGF) in order to increase lending to SME, women-led businesses, and climate-friendly investments.

Furthermore, the Bank obtained USD 10 million, or approximately KES 1.1 billion, from the eco.business Fund in order to increase access to finance for sustainable agricultural producers, particularly in the tea sector. This brings the bank’s total funding raised to Sh4.55 billion.


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Sh1.95billion Acquired For Lending To SMEs, Education Sector

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