FINANCIAL SUPPORT

Isuzu and Family Bank sign agreement to support SMEs purchase business vehicles

The partnership will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Isuzu pickups and trucks at competitive interest rates.

In Summary
  • Dubbed Isuzu Strong, Kenya Strong, the asset finance agreement is designed to cushion SMEs from the economic slow-down caused by Covid-19.
  • In addition, the deal gives SMEs access to a credit line facility of Sh200,000 on their mobile phones to support their business needs.
Family Bank CEO Rebecca Mbithi and Isuzu EA MD Rita Kavashe after the signing of an asset financing agreement that will see SMEs get upto 95per cent financing on Isuzu trucks and pickups
Family Bank CEO Rebecca Mbithi and Isuzu EA MD Rita Kavashe after the signing of an asset financing agreement that will see SMEs get upto 95per cent financing on Isuzu trucks and pickups
Image: COURTESY

Family Bank and Isuzu East Africa customers can now access up to 95 per cent financing on commercial vehicles courtesy of a partnership agreement between the two entities.

The facility will be payable within 60 months on a 90-days repayment holiday.

Dubbed Isuzu Strong, Kenya Strong, the asset finance agreement is designed to cushion SMEs from the economic slow-down caused by Covid-19.

The partnership will enable Small and Medium-Sized customers in the agribusiness, trade and logistics businesses to conveniently purchase Isuzu pickups and trucks at competitive interest rates.

Schools and churches will be able to access 100 per cent financing while PSV owners can access up to 80 per cent financing with a 48-months repayment period, while customers buying trucks will be able to pay back in 60 months.

“We aim to continue cushioning SMEs and through this partnership, which is a catalyst to their growth. Through the 90-day repayment holiday, we are seeking to offer flexible terms to business owners to be able to expand their businesses,” said Family Bank Chief Executive Officer Rebecca Mbithi.

According to Isuzu East Africa Managing Director Rita Kavashe,this initiative was aimed at revitalizing SMEs which have been hard hit by closures, inter-county movement restrictions and reduced spending caused by job losses

Isuzu East Africa recognizes the uncertainty in the market caused by the negative impact of Covid-19. This partnership with Family Bank comes at the right time to mitigate these challenges,” said Isuzu EA Managing Director Rita Kavashe.

In addition, the deal gives SMEs access to a credit line facility of Sh200,000 on their mobile phones to support their business needs.

With every vehicle purchase, SMEs will also obtain two AMREF Maisha Covers in case of emergency evacuation services, where AMREF Flying Doctors will provide air and ground ambulances.