Local lender boost SMEs, farmers loan kitty
Farmers and small traders are set benefit after microfinance firm SISDO boosted its loan kitty set aside for these groups from the current Sh300 million to Sh1 billion. The lending institution which held its annual general meeting over the weekend, resolved to grow its loan book in proposals made in a new strategic plan adopted by shareholders in the meeting.
According to the chairman of SISDO board, Roselyn Gakure, the institution has already disbursed more than Sh300m in the first six months of 2012 from the Sh150m during the same period last year. “We see this as a very achievable target, going by what we have been able to achieve in the first six months of 2012,” commented Gakure.
“The new management has taken this new challenge from the Board with a lot of gusto and we are happy to report to our shareholders that we are already on course in attaining our objectives set in the new strategic plan.” The institution is also eyeing transformation into deposit taking MFI status. “Our clients who number over 10,000 have cash collateral deposited with us in excess of Sh07.6m up from Sh181.5m deposited the previous year. This means that this is cash that is available for onward lending if we were a deposit taking institution,” said CEO Moses Banda.