Family Bank, Simba target SMEs with vehicle credit line

Family Bank customers will now receive up to 100 percent financing to buy trucks and buses from motor deal Simba Corporation, and repay the loan over a five-year period at 13 percent interest rate.

The partnership targets small and medium-sized customers in the agribusiness, trade and logistics seeking to buy Fuso trucks and buses, Mitsubishi and Mahindra products.

Prices of the trucks and buses range from Sh3 million to Sh6 million.

Entrepreneurs in agribusiness, education as well as religious institutions will be able to access 100 percent financing, while other business enterprises access 95 percent funding.

“As a bank that values SMEs, we aim to bridge the gap hindering their growth and this partnership is a big step in that direction. With this partnership, we will not only offer entrepreneurs financing for automobile products but will also extend to them favourable terms and quick approvals that will ensure their businesses keep growing,” said Family Bank chief executive officer Rebecca Mbithi on Thursday.

Simba Corporation is the sole distributor for Mitsubishi, Mahindra and Fuso trucks including the new Fuso FI and the popular Fuso Canter in Kenya.

“We continue to make it our mission to create value for our customers through mutually beneficial relationships as shown in our partnership today (Thursday) with Family Bank. We are confident that our customers will enjoy the financial support, which we believe will go a long way to grow their businesses,” said Simba Corporation’s chief commercial officer, Ameet Shroff.