Family Bank has entered into a partnership with Simba Corporation Limited in a deal that will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Fuso trucks, Mitsubishi and Mahindra products at competitive interest rates.
Business owners in the agribusiness sector and the education and religious institutions will be able to access 100% financing with a five-year repayment period while other business enterprises access 95% financing repayable in a period of up to 60 months. Other customers, including Public Service Vehicles, will be able to access up to 80% financing repayable in a period of up to 48 months.
Additionally, customers who run their own businesses or are in the transport business will also be able to take advantage of competitive insurance rates through the insurance partner, Kenya Orient Insurance and this can be incorporated within the asset finance facility as one single total cost. The insurance package will include accidental damage excess protector, political violence, terrorism cover and the theft of the alternator and starter for the school buses.
“As a Bank that values SMEs, we aim to bridge the gap hindering their growth and this partnership is a big step in that direction. With this partnership, we will not only offer entrepreneurs financing for automobile products but will also extend to them favourable terms and quick approvals that will ensure their businesses keep growing,” said Family Bank chief executive officer Rebecca Mbithi during the launch.
“I want to thank Simba Corporation for their commitment towards the SME sector and also for coming on board to help us meet the growing and ever-changing needs of our customers,” she concluded.
Ms Mbithi’s sentiments were echoed by Simba Corp’s chief commercial officer Ameet Shroff who said that their mission is to create value for customers through mutually beneficial relationships. Customers will be able to access this asset financing deal across Family Bank’s 91-branch network and can collect their desired vehicle from any Simba Corporation distributor countrywide.
“We are confident that our customers will enjoy the financial support, which we believe will go a long way to grow their businesses,” said Shroff.