I&M Bank has signed a strategic stock financing partnership with leading IT supply chain company Redington, to offer unsecured loans to its business customers and distributors.
In the partnership, Redington distributors and customers will have a Stock Financing revolving loan from I&M Bank up to 100% of Redington’s invoice value.
I&M Bank, Kenya, CEO, Mr. Gul Khan noted that “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. 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 cashflows.”
Speaking during the launch, Redington’s General Manager Vipul Rathod and Senior Manager Mr. Ravi Shankar highlighted the need for working capital need 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. Redington also highlighted the cashflow & business terms its partners are going to benefit from.
I&M Bank has a focus on driving business growth from small businesses in Kenya. The Stock Financing product is expected to support this initiative.