CUSHIONING

Absa offers SMEs short-term loan repayment break over coronavirus effects

The lender announced, it would pay all supplier invoices within 14 days.

In Summary

•Absa will also provide options for customers to either restructure their loans by reducing their monthly installments over a period of up to one year

•The bank is also working to pay all invoices of Sh1 million and below within seven days

Absa Bank Kenya PLC managing director Jeremy Awori celebrates with staff at the Sarit Centre branch during the official unveiling of the Absa brand in Kenya on February 10
Absa Bank Kenya PLC managing director Jeremy Awori celebrates with staff at the Sarit Centre branch during the official unveiling of the Absa brand in Kenya on February 10
Image: COURTESY

Absa Kenya is working to enable small businesses meet their financial obligations as they toughen out the negative impact of the coronavirus outbreak. 

On Friday, the lender announced, it would pay all supplier invoices within 14 days. 

The bank is also working to pay all invoices of Sh1 million and below within seven days. 

"This should go a long way in helping these businesses maintain their cash flow and working capital," the lender said in a statement. 

Additionally, the lender has provided a window for customers with active personal and business loans, who may be experiencing financial strain due to the prevailing circumstances, to speak to a personal bankers and relationship managers to discuss a suitable repayment plan.

Absa will also provide options for customers to either restructure their loans by reducing their monthly installments over a period of up to one year, or take a short-term repayment holiday.

The Bank will assess each case based on its individual merit and respond to requests within seven days.

"We hope and trust that this will enable all affected customers to cope with any financial difficulties during this period," Absa said.