NAIROBI, Kenya, Oct 3 – Crown Paints have launched a partnership with I&M Bank that will see authorized paint dealers and customers get quick and convenient working capital when they place orders exclusively from the paint manufacturer.
Under the partnership, the bank will offer an unsecured load of up to Sh10 million to existing Crown Paints dealers who will be required to pay within 60 days.
Cash customers will be eligible for a loan of up to Sh500,000 to be repaid within 60 days while Crown Your Space customers and Team Kubwa Sacco members will receive loans ranging from Sh150,000 to Sh500,000 to be repaid within 12 – 24 months.
Customers who wish to access these facilities will conduct the process through a code USSD *458#.
Crown Paints PLC Group Chief Executive Officer Dr. Rakesh Rao noted that the initiative will ensure continuous improvement in service offerings and open credit lines for esteemed customers who might be unable to access them from other financial institutions.
“We believe that this solution will go a long way in creating the necessary headroom for our dealers and customers to be able to achieve their business goals,” Crown Paints Chief Executive Officer Rakesh Rao said.
I&M Bank’s C.E.O Kihara Maina said that the bank’s focus is to grow businesses through diversification of revenue streams.
“Key among them is to grow the loan book quality and portfolio, by building quality interest earning assets via partnerships such as these, especially those that support the MSME segments of our market.” noted Maina
He also cited that the partnership will benefit Crown Paints to enhance business efficiencies, and ease payment processes from distributors.
