List of Sumac Microfinance Bank Loan Products

This article provides a list of Sumac Microfinance Bank loan products in Kenya. Sumac is one of Kenya’s 13 licensed microfinance banks and has been in business since October 29, 2012.

In 2004, the bank began as a credit-only financial services provider, focusing on low-income enterprises. Its headquarters are on the second floor of Consolidated Bank House on Koinange Street. They have five branches in Kenya.

Here is a list of Sumac Microfinance loan products including loan terms, amount, and processing time and features.

Sumac Microfinance Bank Loan Products

Sumac Microfinance Loan Products
Poto/Courtesy

1. Business Loan

This product is intended for entrepreneurs who already have a business and want to grow it. It serves as operating capital.

Features 

  • Loan Size: Ksh 50,000 – Ksh 10 million
  • Security & Collateral: Title deeds, Logbooks, Shares, or Fixed Deposits
  • Processing Time: 48 hours

Requirements

  • 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 intended to help micro and small business owners meet their working capital needs while also improving their cash flow situation. It is open to all micro and small businesses, people, firms, and organizations primarily engaged in general retail commerce, such as general stores, hardware stores, Jua Kali artists, agribusiness dealers, and so on.

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

Read also, List of Faulu Microfinance Bank Loan Products

Application 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 color photographs
  • Six months of certified bank statements
  • Evidence of emerging need e.g. LPOs, LSOs, Invoices, etc.

3. Biashara Plus Loan

This is another loan facility meant to help business owners meet their working capital needs while also improving their cash flow situation.

Loan Size: Ksh 50,000 – 2,000, 000.

Security: Ti