Gulf African Bank has signed a deal to finance women in the mining industry.
The lender is partnering with the Association of Women in Energy and Extractives Kenya (AWEIK). Under the partnership, women who are interested in supplying items to mining industry players will submit their invoices to the mining, oil and gas companies, obtain local purchase orders (LPOs) and then use these LPOs to apply for loans from Gulf Bank.
Gulf Bank will then lend secured financing of up to Sh100 million. Loans will be secured against a range of items, including gold jewellery, precious stones and metals.
To qualify for the funding, businesses must be women-led and women-run. Additionally, at least 50 per cent of the business’ team should be women.
“If you are a woman in business along the oil, gas and mining value chain and you happen to secure yourself an LPO from a company and you go to Gulf, they will give you 100 per cent financing,” said AWEIK official Alaka Lugonzo, speaking during the group’s tour of the Base Titanium mining factory in Kwale on Friday.
Beneficiaries of the loan do not have to have an account with Gulf Bank. Women in Kenya still find it difficult to access credit for business ventures from financial institutions because of lack of collateral, poor financial literacy and the small size of their businesses.
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