Crown Paints and I&M Bank have announced a partnership to provide a stock financing to paint dealers and customers placing orders to Crown Paints.
Under the stock financing solution, I&M Bank will provide an Unsecured Loan of up to Ksh. 10 million to existing Crown Paints dealers who will be required to repay it within 60 days. Cash customers will be eligible for a loan of up to Ksh.. 500,000 to be repaid within 60 days. Crown Your Space customers and Team Kubwa Sacco members will receive loans ranging from Ksh. 150,000 to Ksh.. 500,000 to be repaid within 12 – 24 months. Customers who wish to access these facilities will conduct the process through the USSD code *458#.
Crown Paints PLC Group Chief Executive Officer Dr. Rakesh Rao noted that the initiative will ensure continuous improvement in service offerings and open credit lines for customers who might be unable to access them from other financial institutions.
“Through our partnership with I&M Bank, we are looking to introduce a unique Stock Financing Solution for our authorized dealers and customers which will be in form of credit through an Unsecured Loan based on their business and payment performance with Crown Paints over the years. We believe that this solution will go a long way in creating the necessary headroom for our dealers and customers to be able to achieve their business goals”, Dr. Rao said.
Commenting on the development, Kihara Maina, CEO, I&M Bank Limited noted, “A key strategic focus area for I&M Bank is driving business growth through diversification of various revenue streams. Key among them is to grow the loan book quality and portfolio, by building quality interest earning assets via partnerships such as these, especially those that support the MSME segments of our market.” This partnership with Crown Paints is therefore most welcome as it aligns with our Corporate Strategy and is expected to complement I&M Bank’s strategic Digital Lending initiatives for MSME clients, as the Stock Financing options for Crown Paints dealers will be offered through a digital platform.” Maina, added