Invest in Africa (IIA-Kenya) has announced its first ever financing linkage offered to a local SME in Turkana County in the form of a business loan under the IIA Credit Guarantee Scheme (CGS).
Akiberan Aberu Suppliers and Contractors Ltd, a wholly women-owned and run business based in Lokichar, Turkana County became the first company to open record books when it secured financing of up to 70% for an LPO issued to them for the supply of vegetables, fruits and other perishable farm produce to Tullow Oil.
The company is one of the local SMEs who are beneficiaries of the local content requirement of Tullow Oil in the partially marginalized region of Northern Kenya.
This milestone will see IIA-Kenya benchmark and draw lessons for effective community financing and open doors for other locally owned SMEs to get access to affordable credit.
Ms.Rael Mzee, the chairperson of Akiberan Aberu Suppliers and Contractors Ltd expressed her gratitude saying “this is a dream come true for my business. It is the beginning of a new journey to prosperity as some of the constraints we have been facing in accessing to finance are now a thing of the past. Thank you Invest in Africa.”
IIA-Kenya’s Country Manager, Wangechi Muriuki while signing the loan disbursement agreement expressed high optimism towards a successful and a mutually rewarding relationship between IIA-Kenya and SMEs on the African Partner Pool (APP) platform.
“We have stepped up to extend our commitment to bridge the financing gap by finally offering affordable credit directly through our Innovative Financing Scheme that is delivered though a Mobile Application that we have developed. The financing application is supported by the APP platform,” said Wangechi.
IIA aims to work with local communities, not just in Turkana County but all the 47 counties by enabling SMEs to access skills, markets and finance. It has also partnered with leading private and public sector organizations in Kenya in order to drive job creation and enterprise development in the economy.