This archive report was first published on 22 May 2020.
On May 22, 2020, Co-operative Bank announced the renewal of its special Motor Vehicle Purchase Schemes with Isuzu East Africa Ltd and Simba Corporation Group to support Micro, Small and Medium Enterprises (MSMEs) in acquiring vehicles at affordable terms.
The bank's head of business banking, Moses Gitau, attributed the renewal to the scheme's huge popularity among SMEs, who have found it to be the most affordable means of acquiring a wide selection of vehicles for their transport needs.
Under the special scheme, SMEs can access financing of up to 95% of the purchase price, with a repayment period of five years and a 60-day grace period. Additionally, customers can apply for a Sh500,000 working capital facility to support their businesses during the challenging Covid-19 season.
Isuzu East Africa Ltd and Simba Corporation Group are offering a range of vehicles under the special scheme, including the Isuzu TFR and Mitsubishi Fuso, as well as Mitsubishi Canter FE 71, 84,85CG, and 85CH models.
Businesses and SMEs are invited to apply for the special motor vehicle purchase scheme at any of the 155 branches of Co-operative Bank countrywide, or at Isuzu East Africa dealers and Simba Colt dealers.
