Tala on Friday announced the launch of a Sh605Million COVID-19 rebuild fund to bolster Kenyan businesses and communities negatively impacted by the rapid spread of Coronavirus in the country.
The fund, which Tala plans to grow through additional funding and partnerships, will prioritize existing Tala customers as well as Tala businesses that provide essential services to their communities.
Eligible customers will be invited to apply for the fund’s first new product, a 0% fee, 6-month community support loan of Sh30,000, designed to support businesses that are helping Kenyans recover and rebuild.
“We believe small businesses are the backbone of the Kenyan economy. Businesses, and business owners, who provide essential goods and services to their broader communities will help Kenyans survive this crisis and will be on the front lines leading efforts to rebuild,” said Ivan Mbowa, General Manager, Tala Kenya.
“Tala wants to give those businesses the ability to get a head start in helping communities recover and rebound. That’s why we are offering select business owners 0% fee community support loans with extended tenures,” he added.
All Tala customers who run a business that is providing essential support to their community qualify for a community support loan.
According to Mr. Mbowa, Tala will be prioritizing loans for businesses that provide the necessities a community needs to cope with a crisis, such as food, water, health & medical services, critical household supplies, education, and logistics related to these services.
“By investing in entrepreneurs and small businesses we can multiply our impact, and we believe supporting small businesses is the best way to contribute to reviving communities and local economies,” said Mr Mbowa.
The chief executive further said that the mobile lender is mooting lending more than the Sh605 million stating that this is just the beginning of the rebuild fund.
“We are constantly evaluating additional ways to support customers and their communities by providing timely tools and assistance,” stated Mr. Mbowa “We continue standing with Kenyans and our customers, believing that we will overcome and emerge out of this crisis tested but ultimately more resilient,”