Nairobi — Standard Chartered Kenya in partnership with Somo Africa has unveiled a Sh60 million 'Access to Finance Programme' that will support disadvantaged women by giving them access to small ticket loans.

The ticket loans will range from Sh250,000 to Sh2.5 million and will benefit the women by restoring and revitalizing their businesses.

The loans will be payable over a period of up to 3 years at an interest rate of 5 per cent.

"At Standard Chartered, we are committed to supporting the youth and women by creating opportunities to support them when they embark on entrepreneurship,"said Joyce Kibe, Head of Corporate Affairs, Brand and Marketing Kenya and East Africa.

The programme aims to enhance entrepreneurship skills, empower the beneficiaries to grow their businesses in competitive sectors and support access to formal financing opportunities.

The beneficiaries will also receive mentorship, financial and business training to ensure long-term support for their businesses and facilitate sustainable development.

"In line with the Bank's brand promise - 'Here for Good, we are committed to going beyond banking to stand with the community to support them navigate the various challenges they are faced with," said Nandhra Tanveer, Head, Financial Markets, Kenya.

"It is therefore with great pleasure that we extend these small ticket loans to support disadvantaged women based on their actual business needs and growth plans. Through this project we will empower them to rebuild their businesses and in so doing, improve the business environment which will in turn have a positive impact on the wider society."

The struggling businesses owned by disadvantaged women will be extended loans after an evaluation of their business models, immediate needs, and growth plans.