FINANCE AND BUSINESS DEVELOPMENT SERVICES FOR ENTREPRENEURSHIP DEVELOPMENT: (SME lending in Kenya, from microfinance institution to SME bank )

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1 FINANCE AND BUSINESS DEVELOPMENT SERVICES FOR ENTREPRENEURSHIP DEVELOPMENT: (SME lending in Kenya, from microfinance institution to SME bank ) What is K-Rep Bank Vision - Mission- To be the financial services organization of choice for the majority of Kenyans. To provide exceptional financial services that create value and enrich the lives of our customers, shareholders, employees and the community. 1

2 What is K-Rep K Bank K-Rep Bank is a licensed commercial bank that specializes in microfinance. It is the first micro-finance commercial bank in Kenya. Microfinance is a development intervention that has evolved overtime to operate on a commercial viable basis and aims at providing banking and financial services to low-income and poor people. The bank is distinguished from other commercial banks or financial institutions, by its social mission of addressing poverty by supporting employment, income generation and savings mobilization activities of low-income & poor people, as a means of building an asset base for poor house-holds. Who established it? The bank was established by the K-Rep Group limited, a micro-finance development agency, involved in research, advisory services and the development of micro finance products. 2

3 1. Micro-credit PRODUCTS & SERVICES K-Rep s micro credit portfolio consists of three types of group loans:- Group Loan Type 1 ( Juhudi ): are made to groups of 3-8 individuals both men and women who K- Rep forms into one big group. PRODUCTS & SERVICES Group Loan type 2 ( Chikola ): are made to voluntarily formed groups of on average 20 members on the same terms as Juhudi loans except for a monthly repayment schedule; a minimum monthly savings requirement of $2.60; and all members can simultaneously apply for a loan of which the term is months. Solidarity Loan ( Kati-Kati ): are made to voluntarily formed solidarity groups (5-10 existing clients who have outgrown the other group loan products) and range from $1,282 to $3,205 per group. 3

4 PRODUCTS & SERVICES 2. Individual Loans K-Rep s individual loans are designed for both existing group clients and new individual clients, as well as for organizations, and are offered through the bank branches They can be summarized as follows:- PRODUCTS & SERVICES Retail Loan: Loans are made to individuals and institutions such as companies; partnerships; government institutions; associations/clubs and NGOs. The loans range from $3,205 to $64,103 and are repayable within 3 years. Applicants pay a 1% commitment fee and the loans are priced between 15% and 17% p.a. (declining balance). 4

5 PRODUCTS & SERVICES Consumer Loan: Loans are made to salaried employees, with the loan size, which begins at $321, not exceeding 4 times the employee s net monthly pay. The term is 1-2 years, and the client must save a minimum of 15% of the repayment amount each month. There is a 1% commitment fee and the interest rate varies from 14% to 17% (declining balance). Overdraft Facility: K-Rep offers this facility to current account holders who have a good track record in servicing term loans. The interest rate charged is 15% - 17% p.a. on the declining balance. PRODUCTS & SERVICES 3. Wholesale Loans These loans are made to MFIs; co-operative societies and other associations who in turn on-lend to microfinance clients. The loan term is 1 to 3 years and interest rates range from 12% - 15% (declining balance). 5

6 PRODUCTS & SERVICES 4. Deposits K-Rep offers a wide range of customer deposits (savings) accounts, which include:- Conventional savings accounts. Conventional current accounts with cheque facilities. Group savings 5. Others WHAT ARE SMEs? Definition: SME s are defined in various ways as follows: Based on the number of employees in an enterprise i.e. between 5 20 employees Based on loan size of between $7,027 & $140,548 Based on the business turnovers of about $140,548 per month 6

7 GROW THE SMEs 1. The bank has put a structure in place that allows interaction of the bank and customers which reduces partiality 2. Screening, appraisal and monitoring functions are segregated in order to apply fairness. 3. Upon disbursements all SME accounts are monitored whether performing or not through visits by the Monitoring Officer. GROW THE SMEs 4. Risk rating of accounts based on a number of variables has been put in place. These variables are: Operating Margins/Cash Flow (DSC = debt service coverage calculations are based on historicals or projections that include our loan using EBIT.) Balance Sheet Management/ Credit History/Character 7

8 GROW THE SMEs Collateral/Secondary Source of Repayment Industry, Market, Competitive Advantage Produce Financials Monitoring GROW THE SMEs 5. Collateral challenge has been overcome by way of: Basing approval on Cashflow; that is the ability of the business to repay The cashflow is matched to loan amount to determine the loan duration The bank prepares financial records from business records of the entrepreneur for purposes of lending Secondary collateral is therefore a comfort. 8

9 GROW THE SMEs The bank negotiated risk sharing guarantee facilities to enable grow the SME business with Development Partners. Private School financing with IFC risk share of 60%. Growth Oriented Women Entrepreneurs (GOWE) with ADB risk sharing at 50% Community based with projects in partnership with Water & Sanitation Project, a project within the World Bank. GROW THE SMEs K-Rep Bank SME Portfolio Year Oct 2006 Gross loan Portfolio (millions $) 4,251 17,694 19,130 20,759 44,423 55,759 69,291 9

10 This document was created with Win2PDF available at The unregistered version of Win2PDF is for evaluation or non-commercial use only.

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