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Co-op Bank, Simba Corporation in deal to offer asset financing

NAIROBI, Kenya May 25 – The Co-operative Bank of Kenya has partnered with motor vehicle dealer, Simba Corporation in a deal that will see their customers benefit from up to 95 percent financing while purchasing FUSO trucks.

Through a statement issued Monday, the two firms noted that the customers will additionally access working capital of Sh 500,000.

“Customers will get asset finance facilities from Co-op bank which will enable them to acquire Fuso trucks from Simba Corporation in a deal that will see the Bank fund up to 95 percent of the value of the truck and top it up with Sh 500, 000 working capital,” the firms said.

The loan is repayable over a period of up to five years and the customers will be benefit from a two-month repayment holiday to enable them run businesses without the pressure to repay.

“The Co-operative Bank of Kenya and Simba Corporation customers will have an opportunity to purchase commercial vehicles at affordable rates and additionally access working capital following a partnership signed between the two institutions,” the statement added.

Most of the beneficiaries targeted are individuals, SMEs and large commercial businesses. 

Simba Corporation Managing Director Motor Division Naresh Leekha said the deal is aimed at cushioning businesses and enabling them to thrive during the ongoing Covid-19 pandemic that has impacted most businesses

  “This pandemic has affected almost every industry even the essential ones, we are committed to help keep our customers’ businesses going. Our trucks are the best in the market, and we would like all customers to have access to purchase them and have a comfortable payment period, “ Naresh said.

Similarly, the bank renewed its special Motor Vehicle Purchase Schemes with Isuzu East Africa to enable Micro Small Enterprises (mSMEs) purchase the vehicles at the negotiated price.

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