By TalkAfrica Reporter
Busia County, Kenya: The business community in Busia County is optimistic that the partnership between Kenya’s National Chamber of Commerce and Stanbic Bank will provide opportunities for them to access loans easily.
According to the Busia chamber of commerce chairman Sylvanus Abungu, the partnership will play a big role in enabling the businesses, and members of the chamber to access loans without security demands from the bank.
He says for small and medium enterprises who wish to access loans below Ksh50,000 from the bank will do so without being subjected to lots of demands from the institution.
Addressing the press after the signing of the agreement on behalf of the chamber and the bank during the Busia Galla award ceremony Mr. Abungu says one of the benefits they will gain from the partnership is that the chamber will just write a letter to the bank on behalf of the business person applying for the loan and the letter will act as the security to access financial help from the bank.
“We have worked with the Stanbic for the last 6 months and we are now unveiling Stanbic bank to the Busia business community today and we are now telling them that in banking and in business there is no end. This is the time we want to have a sample of the cuisine that is made by the Stanbic bank in the business reality.” He stated.
He further noted that the bank has got several business opportunities that are yet to be tapped by other financial institutions in the region and through partnership. It will see such opportunities being capitalized by the chamber and the business community for their own benefits.
“I know the bank has a lot of products that have never been tapped across the region by other banks that is why the chamber has gone for them. We have other partners, but now we have gone for the Stanbic” says Abungu.
“Before they even set up their branch in Busia, as chambers we wish to invite the business community in Busia to prepare to do business with Stanbic bank, prepare to get new products from the bank, especially for asset financing and other things so that we can grow Busia and grow our business together with Stanbic bank,” he adds.
Florence Wanja the head of Business and commercial clients at Stanbic bank noted that their partnership with the chamber will provide an opportunity for small and medium businessmen and women to access loans with ease.
“Today as we come to Busia we see a huge opportunity in terms of financing Businesses. Busia is the gateway to the region and with the entrance of the Democratic Republic of Congo into the region, we see the Busia chapter being quite relevant in terms of enabling us to work with members to support them in financing their business,” she noted.
