NAIROBI, Kenya March 16 – I&M Bank has partnered with Redington, an Information Technology supply chain company, to offer unsecured loans to its distributors and customers.
Through the partnership, Redington customers and distributors will be able to access a stock financing revolving loan from I&M Bank up to 100 percent of Redington’s invoice value.
“For many small businesses in Kenya, getting access to quick and convenient working capital to purchase inventory to grow their business is a big problem. Our new Stock Financing product aims to solve this problem,” I&M Bank, Kenya, CEO, Mr. Gul Khan said.
“We are excited that through this exclusive partnership, Redington distributors and customers will be able to scale their business with quick additional stock purchases and ease the strain on their cash flows.”
Redington’s General Manager Vipul Rathod and Senior Manager Mr. Ravi Shankar highlighted the need for working capital to drive business development, benefits of having the stock finance used and the impact it is going to have on business scalability on either side.
I&M Bank has a strategic focus on driving business growth from small businesses in Kenya. The Stock Financing product is expected to support this strategic initiative.
