This is a list of loan products offered by Sumac Microfinance Bank and their branches in Kenya. It is one of the 13 licensed microfinance banks in Kenya that has been in operation since 29th October 2012. The bank started off as a credit-only financial services provider in 2004 targeting low income-generating businesses. Its head office is located on the 2nd floor of Consolidated Bank House along Koinange Street. They have 5 branches across Kenya.
Sumac Microfinance Bank Loan Products
1. Business Loan
This product is designed for entrepreneurs with existing businesses to help them boost their business. It acts as working capital.
Features
- Loan Size: Ksh 50,000 – Ksh 10 million
- Security & Collateral: Title deeds, Logbooks, Shares or Fixed Deposits
- Processing Time: 48 hours
Access Requirments
- 6 months Certified bank statement
- Licenses and necessary permits
- Business Registration Certificates where applicable
- Sketch Map Area of Residence and business premises
- ID and PIN copies of business owners & Company directors
- Copy of company PIN and Certificate of Registration for companies
- Copy of VAT Certificate where applicable
- Resolution to borrow for partnerships and companies
- Memorandum and Articles of Association for companies
- Current tax and company returns
- Copy of utility bills i.e. water and or electricity
- Evidence of business i.e. contracts, receipts of business transactions etc
- 2 passport size photos
2. Inua Biashara Loan
This loan product is designed to enable micro and small business entrepreneurs to cater for their working capital requirements as well as improve their cash flow position. It is available to all micro and small business enterprises, individuals, firms, and organizations involved mainly in general retail business e.g general shops, Hardware stores, Jua kali artisans, agribusiness traders etc.
Loan size: Ksh 5,000 – Ksh 300,000
Security: Guarantors, Business stock and assets, Household chattels, or Livestock (Dairy cows etc)
Processing Time: 48 hours
Access Requirements
- Existence of already established business – at least one-year-old.
- To open and maintain a Sumac MFB current/Savings account
- ID and PIN certificate copies
- 2 Passport size colour photographs
- Six months certified bank statements
- Evidence of emerging need e.g LPOs, LSOs, Invoices etc.
3. Biashara Plus Loan
This is another credit facility designed to enable business entrepreneurs to cater for their working capital requirements as well as improve their cash flow position.
Loan Size: Ksh 50,000 – 2,000, 000.
Security: Title Deeds, Log Books, Lien on Fixed Deposits, or Lien on shares of listed companies
Processing Time: 48 hours
Access Requirements
- Existence of already established business – at least one-year-old.
- To open and maintain a Sumac MFB current/Savings account
- ID and PIN certificate copies
- 2 Passport size colour photographs
- Six months certified bank statements
- Evidence of emerging need e.g LPOs, LSOs, Invoices etc.
4.Biashara Dhabiti Loan
This product targets all business people involved in transportation and distribution of goods, specialized services like construction, sinking boreholes, car hire, farmers, etc.
Loan Size: Ksh 50,000 – 2,000,000
Security: Title Deeds, Log Books, Household Chattels, Business stocks/Equipment, Dairy cows, Lien on Fixed Deposits, or Lien on shares of listed companies.
Processing Time: 48 hours
Access Requirements:
- Existence of already established business – at least one-year-old.
- To open and maintain a Sumac MFB current/Savings account
- ID and PIN certificate copies
- 2 Passport size colour photographs
- Six months certified bank statements
- Evidence of emerging need e.g LPOs, LSOs, Invoices etc.
5. Asset Finance
This is a loan product for people who want to acquire assets, often for business purposes, though personal reasons are still acceptable. Such assets may include motor vehicle and machinery, furniture and fittings, electronics etc.
Loan Size: Ksh 50,000 – 10,000,000
Security: Same financed asset
Grace period: One month
Processing Time: 48 hours
Access Requirements
- 6 months Certified bank statement
- Licenses and necessary permits
- Sale agreement with the vendor and 30% deposit in customer’s sumac account
- Business Registration Certificates where applicable
- Sketch Map Area of Residence and business premises
- ID and PIN copies of business owners /Company directors
- Copy of company pin and Certificate of Registration for companies
- Copy of VAT certificate where applicable
- Resolution to borrow for partnerships and companies
- Memorandum and Articles of Association for companies.
- Current tax and company returns
- Copy of utility bills i.e. water and or electricity
- Evidence of business i.e. contracts, receipts of business transactions etc
- 2 passport size photos
6. Bridging Loan
This loan product is meant to help entrepreneurs meet their emerging needs without necessarily affecting their existing cash flows. The loan targets business persons involved in the supply of goods and services e.g. LPOs, LSOs transportation and distribution of goods, payment for licenses, specialized services like sinking boreholes, car hire, farmers etc.
Minimum Loan: Ksh 10,000
Security: Title deeds, Logbooks, Lien on Shares (NSE), Lien on Fixed Deposits or Dairy cows.
Processing Time: 48 hours
Access Requirements
- Existence of On-going business
- Open Sumac savings/current account
- 6 months Certified bank statement
- ID and PIN copies
- 2 passport size photos (colour)
- Evidence of an emerging need e.g.
- LPO, LSO, service contracts, license, invoices etc.
7. Kawi Loan
This is a clean energy product which is meant to help individuals access clean energy equipment and installation. These equipment are; cooking stove, biogas, solar panel, KPLC installation, generator installation etc.
Loan Size: Ksh 2,000 – Ksh 1,000,000
Security: Title deeds, Logbooks, Lien on Shares (NSE), Lien on Fixed Deposits, or Dairy cows.
Grace Period: 1 month
Processing Time: 48 hours
Access Requirements
- Resolution to borrow for partnerships and companies
- Memorandum and Articles of Association for companies.
- Current tax and company returns
- Copy of utility bills i.e. water and or electricity
- Evidence of business i.e. contracts, receipts of business transactions etc
- 2 passport size photos
8. Overdraft Facility
- Title deed
- Shares
- A fixed deposit (Held in Sumac MFB)
- Dairy cows, insurance through appointed insurer, Sumac being the first claimant plus Chattels mortgage on dairy cows
NB: Where the security is dairy cows, maximum allowable OD size is kes 50,000
- Existence of On-going agribusiness project
- Open Sumac savings account
- 6 months certified bank statement
- ID and PIN copies
- 2 passport size photos (colour)
Security/Collateral
- Stock Insurance Cover – Stock insurance facility for stocked commodities
- Warehouse receipt from the cereals board (Original)
- A duly signed verification form indicating the authenticity of the warehouse receipt (signed and
stamped by an authorized officer of the concerned cereals board) - Signing of the verification form should be witnessed by a commissioner for oath
Access Requirements:
- Existence of On-going cereals farming activity for at least three seasons
- Two previous consecutive warehouse receipts
- Open Sumac savings/current account 6 months Certified bank statement
- ID and PIN copies
- 2 passport size photos (colour)
- Lease agreement of the land if leased or copy of the title deed if owned
- Evidence of other income-generating activity
Access Requirements
- 6 months certified bank statement
- Registration documents
- Resolution to borrow and Minutes for the group
- Trust deed and constitution
- Copies of I.D. and PINS of the officials/signatories
- Two passports for each signatory
This loan is available to landlords who may want to alleviate their businesses at large.
Loan Size: up to Ksh 1,000, 000.
Grace Period: 1 month
Processing Time: 48 Hours
Access Requirements
- Well-filled Deed of Rental Assignment AND Tripartite Agreement on Rental collection.
- For amounts above Ksh500,000 rental house insurance be put in place
- Rental collection Agency relationship for at least 6 months
13. Peppea na Karo Loan
This is a product designed to help customers meet school fees needs for their children and for themselves.
Loan size: Ksh 5,000 – 300,000
Security: Logbook or shares or Land title deed
Processing Time: 48 Hours
Access Requirements
- Certified fees structure/Proforma invoice
- 6 months Certified bank statement
- ID and PIN copies
- 2 passport size photos (colour)
List of Sumac Microfinance Bank Branches
1. Sumac Microfinance Bank Head Office
Location: Consolidated Bank House, Second Floor, Koinange Street
Contacts: 0725 223 499, 020 224 9047, 0738 637 245
2. Sumac Microfinance Bank Ngara Branch
Location: Magu House, Park Road
Contacts:0736 223 494, 0770 937 199
3. Sumac Microfinance Bank Koinange Branch
Location: Nginyo Towers, Ground Floor, Koinange Street
Contacts : 0776 231 372 , 0790 806 330
4. Sumac Microfinance Bank Nakuru Branch
Location: Ndimu House, Ground floor, Kenyatta Avenue
Contacts: 0743 946469, 0751 284 141
5. Sumac Microfinance Bank Githunguri Branch
Location: Opposite Githunguri Police Station
Contact: 0776 231 374
6. Sumac Microfinance Bank Thika Branch
Location: Nafelin Plaza, Ground Floor, Mama Ngina Drive, Thika Town
Contact: 0797 709 748
