Isuzu, Family Bank sign agreement to support SMEs lift the business curve - Capital Business
Connect with us

Hi, what are you looking for?



Isuzu, Family Bank sign agreement to support SMEs lift the business curve

NAIROBI, Kenya, Jun 30 – Family Bank and Isuzu East Africa customers can now access up to 95 percent financing payable within 60 months on a 90-days repayment holiday on commercial vehicles courtesy of a partnership agreement between the two entities.

Dubbed Isuzu Strong, Kenya Strong, the asset finance agreement is designed to cushion SMEs from the economic slow-down caused by Covid-19.

The partnership will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Isuzu pickups and trucks at competitive interest rates.

Schools and churches will be able to access 100 percent financing while PSV owners can access up to 80 percent financing.

“Every sector has been hard hit by the Covid-19 pandemic and SME sector has not been spared. We aim to continue cushioning SMEs and through this partnership, which is a catalyst to their growth. Through the 90-day repayment holiday, we are seeking to offer flexible terms to business owners to be able to expand their businesses,” said Family Bank Chief Executive Officer Rebecca Mbithi.

“We are thankful to Isuzu East Africa for coming together to lift the business curve and for providing favourable environment amidst such adverse times.” she added.

Speaking at the partnership signing ceremony, Isuzu East Africa Managing Director Rita Kavashe said the initiative was aimed at revitalizing SMEs which have been hard hit by closures, inter-county movement restrictions and reduced spending caused by job losses.

Isuzu East Africa recognizes the uncertainty in the market caused by the negative impact of Covid-19. This partnership with Family Bank comes at the right time to mitigate these challenges. Significantly, for the next three months SMEs will enjoy a 90-days grace period before they can begin to repay their loans,” said Isuzu EA Managing Director Rita Kavashe.

The Isuzu and Family Bank partnership will enable PSVs to get 80% financing with a 48-months repayment period, while customers buying trucks will be able to pay back in 60 months. Schools and churches will get 100% financing for their purchases.

Advertisement. Scroll to continue reading.

In addition, the deal gives SMEs access to a credit line facility of Ksh 200,000 on their mobile phones to support their business needs. With every vehicle purchase, SMEs will also obtain two AMREF Maisha Covers in case of emergency evacuation services, where AMREF Flying Doctors will provide air and ground ambulances.


More on Capital Business


OTTAWA, June 13 (Xinhua) — Canadian Prime Minister Justin Trudeau on Thursday announced 5 billion Canadian dollars (3.6 billion U.S. dollars) in funding as...


NAIROBI, June 13 (Xinhua) — Kenya on Thursday presented its 3.9 trillion shillings (about 30 billion U.S. dollars) budget for the financial year 2024/2025,...


JUNE 13 – The US Federal Reserve has signalled that it will cut its key interest rate just once this year despite inflation easing....


NAIROBI, Kenya, June 13 – All government ministries, departmental agencies (MDAs), and county governments will conduct staff rationalization in efforts to increase productivity and...


NAIROBI, Kenya, June 13 – The Kenyan government plans to borrow Sh263 billion from the domestic market to help finance the Sh3.92 trillion budget...


JUNE 13 – A car safety testing scandal in Japan has raised concerns about legal compliance and corporate governance after five automakers admitted to...


PARIS, June 13 (Xinhua) — Slowing demand growth and surging supply put global oil markets on course for a major surplus this decade, according...


NAIROBI, Kenya, June 13 – The Kenya Association of Manufacturers (KAM) has opposed Eco Levy, a new environment tax targeting manufacturers and importers of...