This archive report was first published on 29 June 2020.
On June 29, 2020, Family Bank and Isuzu East Africa announced a partnership to provide financing for commercial vehicles to SMEs in Kenya, cushioning them from the economic slowdown caused by Covid-19.
The partnership, dubbed Isuzu Strong, Kenya Strong, will enable SMEs in the agribusiness, trade, and logistics sectors to purchase Isuzu pickups and trucks at competitive interest rates. Schools and churches will be able to access 100% financing, while PSV owners can access up to 80% financing.
Family Bank Chief Executive Officer Rebecca Mbithi said, "Every sector has been hard hit by the Covid-19 pandemic, and SMEs have not been spared. We aim to continue cushioning SMEs and through this partnership, which is a catalyst to their growth."
Isuzu East Africa Managing Director Rita Kavashe added, "Isuzu East Africa recognizes the uncertainty in the market caused by the negative impact of Covid-19. This partnership with Family Bank comes at the right time to mitigate these challenges."
Under the partnership, SMEs will enjoy a 90-day repayment holiday, and they will also have access to a credit line facility of Ksh 200,000 on their mobile phones to support their business needs. Additionally, every vehicle purchase will come with two AMREF Maisha Covers for emergency evacuation services.
