Absa partners with Melanin Kapital to launch unsecured loans for startups
Absa Bank has partnered with Melanin Kapital, a pan-African investment platform, to launch an investor readiness program to offer up to Ksh. 3 million unsecured loans to startups in Kenya.
The initiative, baptized Tuungane2x to see her empowered, plans to reach 1,000 women-focused startups and improve financial inclusion. This by providing them with financial training, investment readiness capacity building, structured mentoring, structured networking and access to finance.
Speaking at the launch of the partnership, Elizabeth Wasunna, Director of Corporate Banking Services at Absa Bank, said: “It has always been risky for investors and lenders to invest in small businesses for a variety of reasons that hold back also their growth, in particular the lack of structures and correct documentation. , safeguards, relevant networks and track record among other challenges. ”
For her part, Melanie Keïta, CEO of Melanin Kapital, said: “As a pan-African digital impact investment platform, Melanin Kapital aims to make financing possible for early impact businesses by removing them from risk, by making them investable and by connecting them to the driven capital impact. We aim to bridge the financial gap of the SDGs by channeling more investment to start-up entrepreneurs operating in Africa, seeking pre-seed, seed as well as funding focused on solving an impact problem. critical social. ”
As part of this partnership, the bank has also engaged with international partners to reduce the risk of credit facilities to start-ups, allowing Absa to offer advantageous unsecured loans, ranging from Ksh. 100,000 to Ksh. 3 million.
To benefit from funding, interested startups will need to access and register through the online program management platform. Tuungane2X and undertake a 6 month investment readiness program. The program will end with project pitches for impact investors as well as Absa Bank.
For Absa, this initiative is part of an ongoing campaign to reach over one million women entrepreneurs over the next five years through the Absa She Business account.
“As a bank, we have maintained a strong inclination and commitment to expanding the role and influence of women in business and our partnership with Melanin Kapital is another of the many such activities in which we are involved. let’s engage, ”Wasunna added.