Financial constraints are known to be an age old challenge for entrepreneurs and are deemed to represent one of the highest barriers for businesses looking to start up and grow. It becomes an even bigger issue for women entrepreneurs because according to a report by IFC, the average growth rate of women’s enterprises is significantly lower than the average growth rate for SMEs run by men. A number of factors have been investigated as contributing to the slow growth of women-owned businesses, such as;
In 2014, Chase Woman sought a lending partnership with IFC (International Finance Corporation) through which a loan of $25M was approved for Chase bank. And the first tranche of $15M was disbursed. The purpose of the loan is to empower women by lending affordable loans, while also growing the portfolio of SMEs in the bank.
It will enable more investment groups to be formally registered as limited liability companies, and propel their investments. The loan is available to any woman entrepreneur banking with Chase Bank. The loan amount that can be borrowed ranges from $10,000 which is KES 900,000 minimum to $1,000,000 which is KES 90,000,000 maximum.
The eligibility for the loan is on condition that:
Are you a woman entrepreneur interested in getting access to these funds? Share with us your details below and a Chase Woman representative will get in touch with you to guide you through the application process.