The Msamaria Women’s Loan is a financial product designed to empower women and contribute to thriving communities. Recognizing that empowering women has a ripple effect throughout society, this loan facility focuses on providing affordable and accessible finance to women seeking working and investment capital for their businesses.
Two Options for Women Entrepreneurs:
Msamaria offers two distinct loan products to cater to different needs: the traditional Msamaria Women’s Loan and the Msamaria Digital Loan.
Msamaria Women’s Loan (Traditional):
This option provides larger loan amounts and longer repayment periods, ideal for significant business expansion and investment. Key features include:
- Flexible Working Capital Loans: Available for both operational expenses and investment expenditures.
- Unsecured Limits: From KES 5,000 up to KES 10 million with a repayment period of up to 24 months.
- Empowerment Opportunities: Access to training and networking forums designed to enhance business skills and connections.
- Comprehensive Insurance Package: Includes Femina Medical Cover, Critical Illness Cover, Personal Accident Cover, and Death & Permanent Total Disability benefits.
Msamaria Digital Loan:
This option offers quick and convenient access to smaller loan amounts through digital channels, perfect for addressing immediate business needs. Key features include:
- Business E-loan Solutions: Including Business Plus, Business Plus Refinance, and Business Plus Top-up options.
- Digital Access: Available through USSD (*667#) and the MCo-opCash app.
- Loan Limits: From KES 100 to KES 1 million.
- Loan Tenure: Repayment periods of 1 to 6 months.
- Target Customers: Individuals, registered partnerships, business enterprises, and limited companies.
Eligibility Requirements for Both Loan Types:
While specific requirements may vary slightly between the two loan products, general requirements include:
- Business Age: The business must be operational for at least one year.
- Regular Cash Flow: Demonstrated consistent income generation.
- Business License: A valid business license for the current year (where applicable).
- Co-operative Bank Account: Applicants must open an account with Co-operative Bank.
- Bank Statements: If the Co-op Bank account is less than 6 months old, certified bank statements from other banks are required.
- Acceptable Security (for larger loans): May include chattels mortgage over household or business assets, land, or NSE securities.
- KRA PIN Copy: A copy of the applicant’s Kenya Revenue Authority Personal Identification Number.
The Msamaria Women’s Loan, in both its traditional and digital forms, provides valuable financial resources and support to women entrepreneurs, contributing to their success and the overall economic well-being of their communities.