They say that the business of doing business is a serious business. It is, therefore, upon those in the business of doing to be serious at whatever they undertake.
Every business, however big or small is in the business of making money. In fact, the real essence of starting a business is to make money. Money, therefore, is the driving force and factor behind every business. Without money, one cannot set up a business and without money, buyers cannot buy products or subscribe to a service.
Statistics show that almost 80 percent of businesses in Kenya are Small Medium Enterprises (SMEs). These SMEs are run and operated by young and energetic entrepreneurs who are eager to make a living and run away from the encroaching poverty in their lives.
Despite the fact that the SMEs are an important factor in the economy of Kenya, they are faced with numerous challenges. These challenges are threatening to drive most of them out of business. Some of these challenges, coupled with the prevailing tough economic times, are threatening to bring the majority of them to their knees. One major challenge is that of finances. Most SMEs in the country lack what it takes in terms of finances to help them remain afloat.
Many SMEs have closed shop in Kenya due to lack of finances. Some who have tried to seek for credit from financial institutions have ended up disappointed because most financial institutions are not willing to lend to SMEs. The passing of the Interest Capping Law seemed to have made matters worse for the SMEs. Although the law was meant to make access to finances for Kenyans easier than ever before, it only served to make matters worse.
But despite all these challenges, one commercial bank appears to be the only emerging savior where SMEs and entrepreneurs can seek refuge for their businesses. This is the Co-operative Bank of Kenya. Being among the top banks in the country, having taken position two among the best performing banks in Kenya according to Cytonn Investments, Co-op Bank has leveraged itself as a credible financial institution that both individuals and businesses can count on.
One of the major inventions by Co-op Bank is that of Mco-op Cash app, a mobile App that is like a bank on itself. Apart from proving all the banking services to the user, Mco-op Cash App enables both individuals and business to take loans at an interest of 1.16 percent. This is the lowest interest so far in the country. The loan via Mco-op Cash App is easy to get and does not involve a lot of processes of paperwork.
The bank also has a wide range of loans as well as financial facilitations for small businesses in Kenya. Most SMEs have not realized this about the bank. Those who have, are smiling all the way as their businesses flourish with financial assistance flowing in from Co-operative Bank of Kenya.
Having looked at other banks, even those that call themselves as the entrepreneurial banks, Co-operative Bank of Kenya is all round, serving people across the board and rescuing those in the process of economic sinking. Most small banks in Kenya pride themselves as SME financial institutions but try seeking credit from them as an SME and see if you will get it on time. You will either get it when it is too late or never get to see it at all.
With SMEs now facing credit challenges in the country, I bet Co-op Bank of Kenya is the best option at the moment.