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The company says it will be prioritizing loans for businesses that provide the necessities a community needs to cope with a crisis./COURTESY

Coronavirus

Tala unveils Sh650mn fund to help borrowers cope with COVID-19 crisis

NAIROBI, Kenya, Apr 3 – Microloan startup Tala has launched a Sh605 million rebuild fund to assist their Kenyan borrowers to cope with COVID-19 crisis.

In a statement, the Los Angeles startup says the funds will bolster Kenyan businesses and communities to survive the pandemic that has disrupted all sorts of operations in the country and around the world.

Under the new fund, eligible borrowers will be invited to apply for the Fund’s first new product, a 0 percent fee, 6-month Community Support Loan of Sh30,000, designed to support businesses that are helping Kenyans recover and rebuild.

“We want to give those businesses the ability to get a head start in helping communities recover and rebound,” said Ivan Mbowa, General Manager, Tala Kenya.

All Tala customers who run a business that is providing essential support to their community are invited to apply for a Community Support Loan.

However, the company says it will be prioritizing loans for businesses that provide the necessities a community needs to cope with a crisis, such as food, water, health & medical services, critical household supplies, education, and logistics related to these services.

“By investing in entrepreneurs and small businesses we can multiply our impact, and we believe supporting small businesses is the best way to contribute to reviving communities and local economies. But this is just the beginning for the Rebuild Fund,” said Mbowa.

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