The coronavirus pandemic is hitting the global economy hard. While it is hard to exactly tell the extent the damage the virus will have on the economy, economists and researchers agree that it will have severe adverse impacts, some of which are already being experienced.
In African countries where the virus was initially on a go slow, it has lately been spreading like bushfire, with the World Health Organisation (WHO) warning that the continent should prepare for the worst in the coming months. Early antibody testing is already revealing more infections, a clear indication that we should indeed be prepared for the worst.
In Kenya for example, with the lockdowns, curfews and restrictions in place, the virus is almost bringing the economy to its knees, with MSMEs and SMEs being the most affected, economically. Business owners and operators are crying for the government to uplift the curfews and open the county borders so that they can get back to work.
As most of these businesses are doing all they can to stay afloat, so are the other sectors of the economy, especially the financial services sector. Financial institutions are now creating products that will favour businesses during this corona crisis.
Finding a reliable, satisfactory financial service provider is also becoming very hard for most entrepreneurs, first:
- because this new change was unanticipated, therefore making it hard for businesses to make proper adequate planning and second
- because there is an abundance of financial service providers.
Like mentioned earlier, the corona crisis has affected many businesses adversely and most entrepreneurs are seeking for ways to bring their businesses back on track. SMEs which account for more than half of most countries’ GDP and are responsible for nearly seven in every 10 jobs now have to contend with reduced demand, disrupted supply chains and worsening lack of finance. These SMEs, the World Economic Forum say, need to be provided with the necessary financial backing to support their employees, their communities and to give hope to the millions of people who need them to survive.
Ngao Credit, one of the most reliable financial services providers in Kenya, is coming in handy with the Jijenge loan credit.
Jijenge Loan Product and how to qualify
The Jijenge Loan product has been revised to cater for the needs of SMEs during this pandemic. Unlike most other loan products, Jijenge will allow you to start payments after 3 months.
The product has been structured in such a way that SMEs settle the interest only for the first two months and repay the principal plus interest in the third month with an interest rate of 10% per month. SME’s in the Business of Supplies, Construction and Tenders operating in the country can all qualify for this loan product. All you will need is your original logbook, ID and PIN, latest 6 months bank statements, post- dated cheque(s) and comprehensive insurance. Once the documents are reviewed and you qualify, you can get your loan in less than 6 hours.
By enabling SMEs to pay this loan facility after three months, Jijenge erases the concerns of the entrepreneurs being unable to meet their payment obligations.
If your business has been severely challenged due to the corona pandemic, the Jijenge loan product will undoubtedly help you bounce back, enabling you to keep your business operations going, cushioning yourself, and your business against the economic disruptions caused by this pandemic.