WomenWork, a technology-driven company focused on the advancement of African women entrepreneurs has launched Rebuild, a program that will offer KSh1.5bn interest-free loans for women entrepreneurs in Kenya.
The loan is aimed at stabilizing these businesses including retaining staff and adapting to the new economic environment.
The loan facility is open to businesses across all sectors that are operational in Kenya for at least six months and have 51 percent or more women shareholding, 50 employees or less, and generate revenues of up to five million Kenya Shillings per annum.
The Rebuild business support loans is part of the Mastercard Foundation COVID-19 Recovery and Resilience Program including three other organisations, with technical support from the Grassroots Business Fund and 4G Capital.
The eligibility for the loans includes an outline of the proposed use of funds and the ability to repay. Individual businesses will access interest-free loans starting from Kenya Shillings 31,200.
Borrowers can apply for additional emergency loans after repayment of the first one.
“We know even in ordinary times, women-owned businesses face difficulties accessing lines of credit. Such challenges have been exacerbated during these extraordinary days and have served as the motivation for the Mastercard Foundation to support a programme with strong intentionality,” said Daniel Hailu, regional head eastern and southern Africa Mastercard Foundation.
“We are aware that many businesses are facing significant challenges and have either closed or at the point of almost closing. We hope that our emergency funding will enable women to survive the devastating effects of Covid-19 on their businesses, and hopefully, protect against imminent job losses and stabilize their businesses through this period,” said Asha Mweru co-founder WomenWork Network.
- A valid Kenyan National ID
- Aged 18 – 70 years old
- Your business is majority woman-owned (51% and above)
- Your business has been in existence for at least 6 months prior to applying for loans
- You have an annual turnover of Ksh 5. million and below
- You have less than 50 employees
- Your business does not engage in alcohol, tobacco & drug-related businesses, weapons manufacture & war-related activities, gambling/betting, sex-related industries, or have ownership by Government or parastatal actors
- You’re a member of the WomenWork Rebuild by Facebook Group
To apply for the WomenWork Rebuild program, go to rebuild.womenwork.co.ke/rebuild.