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
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: Title Deeds, Log Books, Lien on Fixed Deposits, or Lien on shares of listed companies
Processing Time: 48 hours
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.
4. Biashara Dhabiti Loan
This product is aimed at all businesses involved in the transportation and distribution of commodities, as well as specialized services such as construction, borehole sinking, automobile rental, farmers, and so on.
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
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 certified bank statements
- Evidence of emerging need e.g. LPOs, LSOs, Invoices, etc.
5. Asset Finance
This is a loan for persons who desire to buy assets, usually for business objectives, but personal motives are also acceptable. Motor vehicles and machinery, furniture, and fixtures, electronics, and other assets are examples of such assets.
Loan Size: Ksh 50,000 – 10,000,000
Security: Same financed asset
Grace period: One month
Processing Time: 48 hours
Requirements
- 6 months Certified bank statement
- Licenses and necessary permits
- Sale agreement with the vendor and a 30% deposit in the 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 intended to assist entrepreneurs in meeting their new demands without disrupting their present cash flows. The loan is intended for business people involved in the supply of goods and services, such as LPOs, LSOs, transportation and distribution of commodities, payment for licenses, specialized services such as borehole sinking, automobile hire, farmers, and so on.
Minimum Loan: Ksh 10,000
Security: Title deeds, Logbooks, Lien on Shares (NSE), Lien on Fixed Deposits or Dairy cows.
Processing Time: 48 hours
Application Requirements
- Existence of Ongoing business
- Open Sumac savings/current account
- 6 months Certified bank statement
- ID and PIN copies
- 2 passport-size photos (color)
- Evidence of an emerging need e.g.
- LPO, LSO, service contracts, licenses, invoices, etc.
7. Kawi Loan
This is a clean energy product designed to assist individuals in obtaining clean energy equipment and installation. These items include a cooking stove, biogas, solar panel, KPLC installation, generator installation, and so on.
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
Application 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 an appointed insurer, Sumac being the first claimant plus Chattels mortgage on dairy cows
NB: Where the security is dairy cows, the maximum allowable OD size is kes 50,000
- Existence of an Ongoing agribusiness project
- Open a Sumac savings account
- 6 months certified bank statement
- ID and PIN copies
- 2 passport-size photos (color)
Security/Collateral
- Continuous cereal agricultural activities over at least three seasons
- Two previous warehouse receipts in a row
- Create a Sumac savings/current account.
- A six months Bank statement that has been certified
- Copies of ID and PIN
- 2 passport-sized color photographs
- If the land is leased, a lease agreement must be provided, or a copy of the title document must be provided if the land is owned.
- Evidence of additional revenue-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
12. Check-Off loans
Sumac provides unsecured loans to government payroll clients [Civil Servants] and employees whose employers have signed a Memorandum of Understanding [MOU] with Sumac to deduct loan repayments directly from their paychecks [Check-Off].
These loans are designed for government ministry employees, teachers, National Police Service members, Kenya Wildlife Service officers, and Kenya Forest Service officials, among others. Every loan is processed and disbursed within 24 hours.
Features
- Repayment period of up to 84 months.
- No hidden charges; the age limit is 59 years of age.
- The check-off arrangements are agreed with the various institutions by the head office and branches are advised appropriately.
Benefits
- Competitive interest rates are charged.
- Fast and efficient loan processing and disbursement.
- Your salary is the security.
- No late payment fees.
Requirements
- Duly filled out Check-off loan application forms.
- Bank Statements for the past 6 months.
- The applicant’s certified original pay slips for the last three [3] months.
- Copy of National ID and PIN
- 2 Clear colored Passport photo.
- Copy of appointment letter.
This loan is available to landlords who have premises generating rental income and may want to alleviate their businesses at large.
Loan Size: up to Ksh 1,000, 000.
Grace Period: 1 month
Processing Time: 48 Hours
Requirements
- Deed of Rental Assignment AND Tripartite Rental Collection Agreement.
- Rental house insurance should be purchased for amounts greater than Ksh500,000.
- Relationship with a rental collecting agency for at least 6 months
14. Pepea na Karo Loan
This is a loan product designed to help users meet academic or school fee 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
Requirements
- Certified fees structure/Proforma invoice
- 6 months Certified bank statement
- ID and PIN copies
- 2 passport-size photos (color)
Summary: Sumac Microfinance loan products
The above are the various Sumac Microfinance loan products offered at various bank branches that are listed below. Customers can enjoy a wide range of loans that comes with requirements that are easy to meet.
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
