CRDB has set aside Sh24 billion for soft loans to be extended to female entrepreneurs.
The CRDB Managing director, Dr Charles Kimei, said the loans were part of the bank’s initiative to empower women through its Women Access to Finance Initiative (Wafi).
“The loans aim at empowering female entrepreneurs for them to engage in businesses within and outside the country,” Dr Kimei said.
Dr Kimei observed that many female entrepreneurs’ efforts to expand their businesses often failed due to lack of capital.
He said besides the loans, CRDB would educate female entrepreneurs on how best to utilise the funds as well as to prepare business plans.
“So far, 42 female entrepreneurs have accessed the loans through Wafi; they are doing well in their businesses,” she said.
According to Ms Mwamfupe, one must be the bank’s customer with a business registered for the Taxpayer Identification Number (TIN).
Beneficiaries repay the loans depending on the performance of their businesses, she said, explaining: “If a woman borrows Sh500,000, for instance, she can repay it in two years’ time depending on how her business is doing.”
