Kenya: Family Bank acquires 1.95 billion shillings to lend to SMEs in the education sector

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Nairobi – Family Bank has secured a total of 1.95 billion shillings from BlueOrchard Finance Ltd of managed funds to expand into small and medium enterprises (SMEs) and support the education sector.

The financing will be used for further lending to MSMEs to enable the resumption of business activities after the challenges of Covid-19, to expand access to affordable credit granted to SMEs by the Bank and to promote access to finance. education for secondary, higher and vocational education. levels.

“Our long-term business perspective is to generate sustainable added value along the end-to-end value chain. This can only be possible by collaborating with partners such as BlueOrchard, an impact investment manager,” said Rebecca Mbithi, CEO of Family Bank.

Earlier this year, the bank acquired a 1.5 billion shilling loan portfolio guarantee facility from the African Guarantee Fund (AGF) to increase lending to small and medium enterprises, women-led businesses and climate-friendly investments.

In addition, the Bank acquired 1.1 billion shillings from the eco.business fund to increase access to finance for sustainable agricultural producers, particularly in the tea sector.

This brings the total amount of funds raised by the Bank to 4.55 billion shillings.

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