This archive report was first published on 24 May 2020.
On May 24, 2020, Co-operative Bank announced the renewal of a special motor vehicle purchase scheme with motor dealers Isuzu East Africa and Simba Corporation.
The bank's Head of Business Banking, Moses Gitau, attributed the renewal to the scheme's huge popularity among SMEs.
Under the scheme, SMEs can acquire vehicles at highly negotiated terms, with the bank providing up to 95 per cent financing of the vehicle purchase price.
Additionally, customers can apply for a Sh500,000 working capital facility to support their businesses, especially during the Covid-19 pandemic.
The loan has a repayment period of five years with a further 60 days' grace period and a negotiated motor vehicle insurance cover.
