Saturday, August 18, 2012

Grofin sets Sh3billion to fund Kenyan Entrepreneurs

Kenyan entrepreneurs are set to benefit from a Sh3 billion loan from a financial institution to help them in their business plans.
Grofin Services, a non-bank finance firm that operates in 9 countries in Africa will finance local businesses that show potential but lack the collaterals required by the traditional lending institutions such as banks.
According to its Chief Executive Officer for Africa Guido Boysen, the company will fund 20 to 25 Kenyan businesses based on their viability rather than whether they have security for the loans.
“Unlike the traditional banks that require collateral in the form of assets, before lending money to businesses, we demand what the entrepreneurs can readily provide viability of the business and the seriousness and credibility of the managers,” he said.

For more Read the original story
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