Are you a business owner who is looking to secure a business loan? If you are, here is a list of Equity Bank business loans in Kenya for you to consider.
We will discuss in detail the various loans as well as features and eligibility criteria.
We hope that by the end of this article, you will be able to make an informed decision to get the best business loan at an affordable rate.
Equity Bank Business Loans
Equity bank has made a name for itself in the banking industry in Kenya. It was the award-winning best bank in Kenya in 2019.
Recently, the bank revamped its business loans by subdividing them by industries.
Below are the Equity Bank Business Loans.
1. Agri-Business Loans
This Equity bank business loan is available for farmers all over the country. There are various subcategories to this loan, each with varying features as below.
Equity’s bank Farm inputs loan
Some farmers make remittances to their equity bank accounts at the end or beginning of each month. This Equity Bank business loan is made available for them.
- Access to a minimum of KES 5,000 and a maximum of KES 200,000
- A repayment period of up to 12 months
- Collateral – which could be sales proceeds already made or waiting to be sold in future
- Need to have two guarantors who already have active bank accounts with Equity Bank
However, you must have received at least three months’ pay through your Equity bank account and should be able to demonstrate the ability to pay.
Equity bank Kilimo Maendeleo Loan
If you are a farmer and you were planning to purchase a pickup or even build a biogas plant this year, this is the type of business loan to take. It is a financial vehicle that aims to help farmers develop themselves.
Benefits of taking this loan facility
- One has access to a maximum of KES 1,000,000 from KES 50,000.
- The repayment period is two years – how cool is this?
- Mentorship and training opportunities are available to farmers who have taken this product
- If you receive monthly remittances like a tea or dairy farmer, then this product is more suitable for you.
- Interest rates that this Equity bank business loan attracts is way more negotiable based on the region of operation.
You must have received your remittances through Equity Bank for the past three months to qualify for this loan.
Equity bank Commercial Agriculture Loan
Large and medium-scale farmers need a loan product that can cater to their enormous costs. As a result, Equity bank has a business loan product specifically for them.
Moreover, this loan is beneficial as it enables these farmers to bulk purchase fertilizers, inputs, and chemicals. If a farmer would like to drill boreholes or acquire more agricultural land, then they should make use of this product.
Equity bank Kilimo Biashara loan – Small scale
Just like the bank has loans for large scale farmers. It also has credits for small scale farmers.
Whereby farmers can borrow up to KES 100,00 to be able to purchase firm inputs as well as hire menial labor.
The repayment period is a year, and the bank accepts a combination of chattels and general securities to act as security for this loan.
2. Equity bank Small and Medium enterprises loans
SME’s are the driving wheels of the Kenyan economy. Therefore, any credible bank will develop loan products to cater to this group. Equity Bank business loans have products made for Small and medium enterprise organizations which are:
Equity bank Construction Loan
If you would like to construct some real estate projects for rent or sale, this is the loan for you.
Feature of this product
- The repayment period is between 10 years to 20 years, dependent on the type of houses you will be constructing.
- Insurance cover, negotiated legal fees are all value-added services offered to anyone who takes this business loan facility.
- Moreover, you will also be able to get investment advice from industry experts.
The repayment terms of this loan are very flexible.
Equity bank Trade finance
The world has become a global village, and anyone can trade from anywhere with anyone in the world. Trade finance is, therefore, an Equity bank business loan that helps small business trade.
The products here include:
- Import – Export collections,
- Bank guarantees
- Post Import financing
- Letters of credit
- LPO financing
- Invoice discounting
There are many other products under this business loan apart from those listed above.
Equity bank Development Loans
Expansion and growth is one primary goal of many small and medium enterprises. As a result, Equity bank has this loan facility to facilitate just that.
This loan feature as a flexible repayment period and is easy to access.
Equity bank will ensure that your business succeeds in whichever lifecycle it is. Therefore, if you ever need a loan, check out the list of other Equity bank loans in Kenya.