Micro Group Loan

This is a loan facility for micro and small enterprises that have registered with a group,
looking to meet working capital for their business. The loan is guaranteed by other
members of the group.

FEATURES:
  • Maximum repayment period of 12 months
  • Loan facility of up to Kes 1,000,000.00
  • Minimum loan amount Kes 10,000.00
GROUP QUALIFICATION:
  • Be located within the stipulated business unit’s area of operation
  • Have members who are currently running small or micro-enterprises
  • Be registered appropriately with the relevant Government authorities
  • Open a bank account for depositing members’ savings with Kingdom Bank
  • Demonstrate a capacity to administer loan funds and be united
  • In case of an existing group, the group must have operated a merry-go-round program for at least six months
  • Members’ businesses must have been in existence for at least six months
.
  • Members are eligible for loans after an initial period of eight weeks of training and uninterrupted savings. RMs/ROs to attend all weekly meetings to prepare members by familiarizing them with lending procedures and bank requirements
  • The disbursement to be done on a ratio of 2:2:1 based on group membership. The second application to be done after a month subject to satisfactory schedule payments of previous advanced loans
  • Loans to be given at most 5 times of each members savings
  • Comprise a minimum membership 5 and a maximum of 30 members
  • The group meetings to be held weekly. Members must be willing to make the weekly mandatory deposit amount
Forex Rates by October 4, 2022
USD: BUY 119.90 SELL 126.60GBP: BUY 135.30 SELL 145.55EUR: BUY 117.70 SELL 127.20