Absa Bank Kenya has signed a partnership with Melanin Kapital, an impact investment platform to provide an investor readiness program that will see startups in the social impact space access up to KES 3 million in unsecured lending.
The program targets to reach 1,000 women-focused startups and will provide value add services such as financial training, investment-readiness capacity building, structured mentorship, structured networking, and access to finance.
Dubbed Tuungane 2X, the partnership will also seek to engage international like-minded partners to de-risk the credit facilities to the start-ups, enabling Absa Bank to offer favorable unsecured loans, ranging from between KES 100,000 to KES 3 million.
To qualify for funding, interested startups will have to access and register through the online program management platform – Tuungane 2X – and undertake a 6-months investment readiness program that will culminate into project pitches to impact investors as well as to Absa Bank.
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