This archive report was first published on 5 August 2020.
On August 5, 2020, Equity Bank signed a Memorandum of Understanding with Crown Healthcare to support SMEs in the medical sector in acquiring medical equipment.
Under the agreement, Equity will provide equipment financing, trade finance solutions, and working capital facilities to SMEs at customized and competitive terms.
Speaking at the signing ceremony in Nairobi, Equity's Director of Marketing, David Nyamu, emphasized the bank's commitment to supporting organizations within the healthcare sector during the COVID-19 pandemic.
"In recent times, the pivotal role that the healthcare sector plays in providing essential services to the community has become more apparent. By signing this MOU, we want to support SMEs within the healthcare sector access medical equipment distributed and offered by Crown Healthcare," said Nyamu.
Equity will provide credit through equipment finance or hire purchase, purchase of receivables, and import-based equipment finance for both new and used equipment, up to 90 percent of the asset cost, for a maximum repayment period of 5 years.
Crown Healthcare Group Chairman, Shilen Thakerar, noted that the partnership has come at an opportune time, given the company's 70 percent market share in the provision of dialysis equipment.
"We have invested heavily in providing services and provisions for lab dialysis and radiology equipment across Kenya and East Africa. These machines are not cheap, and to partner with a bank with a strong balance sheet like Equity's, indicates that we have made the right move for our customers," he said.
