Solv Kenya has set up Ksh. 780 million for lending to Small and Medium enterprises in Kenya to help in funding orders.
Solv Kenya chief executive Sheila Kimani says the move will benefit the MSMEs by offering them competitive prices as well as availing more customers to manufacturers.
“This programme will not only address MSMEs’ growth challenges but give them options for accessing competitive pricing, more customers for manufacturers and traders and new markets for financial institutions,” she said.
The marketplace, launched in India in 2020, is backed by standard chartered, one of the entities that incubated Solv under Standard Chartered Plc’s innovation.
According to the startup, over a thousand MSMEs have been registered in the past three months, which will see them enjoy its lending services without needing collateral.
Solv moved to Kenya in July from its parent country, turning out to be a business enabler by allowing businesses to exchange goods and trade with each other.
It also offers other services to businesses, such as insurance and credit services.
Between January and June this year, Solv has managed to support businesses in India with more than Ksh. 30 billion.
The Standard Chartered Bank, which serves as the Kenyan subsidiary, supports Solv by giving a significant amount of the loan to be given by the marketplace.
Other partners by the marketplace in Kenya include Sanlam Investments East Africa, with whom Solv got support to roll out the Shilingi Fund.
This move is highly anticipated to boost MSMEs operations whose major challenges are financially related, such as lack of collateral and credit rationing.
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