Faulu Bank in Ksh 1 Billion Package to support Small Enterprises in the Rift

Faulu Microfinance Bank has set aside Ksh 1 Billion to support Small and Medium sized Enterprises in Nakuru, Nyandarua and Laikipia counties. The fund is targeting farmers, traders, contractors, manufacturers, and property developers in the three counties which have been termed as the fastest-growing business and economic hubs in the rift. 

Faulu Bank is set to have the package run for the next three years with a total of Ksh 3 Billion. With 1Billion set for each year targeting small enterprises.  

This financial support package is part of Faulu’s strategy to increase its presence in counties by increasing its support to SMEs. Faulu targets to support SMEs to help them grow and play a bigger role in the economy’s key sectors like agriculture, trade, tourism, trade and real estate. 

“Faulu is keen on strengthening its play in the counties, where the economic action is taking place, by providing much needed financial support to improve the capacity of small enterprises to take advantage of unfolding trade opportunities at the developed level.” Apollo Njoroge, Faulu Bank CEO. 

Faulu’s products to SMEs in the Rift 

Faulu is providing trade and asset financing to agro-processing, manufacturing, horticultural, dairy, and housing enterprises in the county.

The finance products also provide Local Purchase Order (LPO) and Local Service Order (LSO) financing, invoice discounting, supply chain financing, tender/bid bonds, advance payment guarantee, retention bond, payment guarantees, and customs bonds. 

The Bank, through its bancassurance will also provide crop insurance to farmers in the region. 

Faulu Microfinance Bank has over 500,000 customers countrywide including groups and individual customers. It is also targeting households in the target areas with personal finance products. This comprises a substantial number of teachers, civil servants, and county government employees.

Partnership with Kenya Seeds Company to help farmers buy seeds

In its effort to support farmers, Faulu bank has partnered with Kenya Seeds Company to help the farmers purchase the seeds they need conveniently. This is in consideration of Nakuru’s high agricultural output in maize, potato and wheat. 

Faulu has also opened a branch in Nyahururu town in order to strengthen its position in Laikipia County, which is ranked among the top five counties in terms of creating a conducive business environment for SMEs by KIPPRA.   

Laikipia County Governor Ndiritu Muriithi colladed Faulu Bank emphasizing that Laikipia county is open to working with financial services providers to deepen commerce as they transform the local economy. 

“Our growth strategy is focused on addressing the unique financial needs of small businesses forming the bulk of our customer base. The Bank’s capital injection resources shall sustainably support and accelerate our business objectives.” Njoroge. 

Faulu bank is also providing training to its SME customers on how to build their operation and improve their financial risk management. 

2 thoughts on “Faulu Bank in Ksh 1 Billion Package to support Small Enterprises in the Rift

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