This archive report was first published on 19 July 2021.
Faulu Microfinance Bank has launched a Ksh 3 billion package to support small enterprises in the rift valley region, with a focus on agriculture, manufacturing, trade, tourism, and real estate.
The bank will lend over Ksh 1 billion to farmers, traders, contractors, manufacturers, and property developers in Nakuru, Nyandarua, and Laikipia counties, which are among the fastest growing business and economic hubs in Kenya's rift valley region.
Speaking during the launch of the bank's new branch in Nakuru Town, Faulu Bank CEO Apollo Njoroge said the institution is keen on strengthening its presence in the counties by providing financial support to small enterprises.
“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 devolved level,” said Njoroge.
The bank will offer trade and asset financing to growing businesses in the county, involved in value addition activities in agro-processing, manufacturing, horticulture, dairy, and housing.
Faulu has also partnered with Kenya Seed Company to help farmers purchase seeds, and will provide crop insurance to farmers through its bancassurance agency.
The bank has also officially opened a branch in Nyahururu town, which it has upgraded from a marketing office, to position itself strongly in Laikipia County, ranked by the Kenya Institute of Public Policy, Research and Analysis (KIPRRA), among the top five counties in terms of creating a conducive business environment for SMEs.
