This archive report was first published on 7 August 2020.
On August 7, 2020, Equity Group Holdings signed a Memorandum of Understanding with Crown Healthcare to support Small and Medium-sized Enterprises (SMEs) in the medical sector.
Under the agreement, Equity will provide equipment financing, trade finance solutions, and working capital facilities to SMEs in the medical sector. The bank will also offer its products and services 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.
Under the equipment financing facility, Equity will provide credit through equipment finance or hire purchase, purchase of receivables, and import-based equipment finance for both new and used equipment. The financing will be up to 90% of the asset cost, with a maximum repayment period of 5 years and a three-month grace period available on request.
Crown Healthcare Group Chairman, Shilen Thakerar, welcomed the partnership, citing the opportune timing given the company's 70% 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.
