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WomenWork, Mastercard Announce Interest-Free Emergency Loans for Women Led Businesses

[PHOTO/ COURTESY]

WomenWork, in partnership with the Mastercard Foundation, has announced the launch of Rebuild, a program for women entrepreneurs.

The Rebuild Program includes an emergency interest-free short term working capital loan for businesses, expert-driven business training and support from an engaging peer community of other women entrepreneurs – all delivered online.

This is the first time that WomenWork is running such an initiative in partnership with the Mastercard Foundation in Kenya. The emergency loan facility is aimed at providing a soft landing against COVID-19 which has disproportionately affected women-owned businesses.

The access to the funding will act as a short-term working capital facility to enable entrepreneurs to stabilize their businesses, retain staff and adapt their businesses to better survive through the pandemic and beyond.

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In addition to the funding, program participants will receive a business needs assessment and be able to address any gaps with business experts by joining a network of diverse women entrepreneurs for peer support.

“We are aware that many businesses are facing significant challenges and have either closed or at the point of almost closing. We hope that our emergency funding will enable women to survive the devastating effects of COVID-19 on their businesses, and hopefully, protect against imminent job losses and stabilize their businesses through this period,” said Asha Mweru, Co-founder WomenWork Network.

The loan facility is open to businesses across all sectors that are operational in Kenya that have 51 percent or more women shareholding, 50 employees or less and generate revenues of up to Ksh5 million per annum.

“We know even in ordinary times, women-owned businesses face difficulties accessing lines of credit. Such challenges have been exacerbated during these extraordinary days and have served as the motivation for the Mastercard Foundation to support a program with strong intentionality,” says Daniel Hailu, Regional Head Eastern and Southern Africa, Mastercard Foundation.

Successful applicants of the Rebuild Program by WomenWork in partnership with the Mastercard Foundation will receive the emergency funds directly to their mobile money accounts or to bank accounts.

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Written by Francis Muli

Senior reporter at Kahawa Tungu, Muli has a passion for human interest stories. Believes in unearthing societal rots that have been hidden from the public eye.
Follow me on Twitter @FmuliKE. Email francis@kahawatungu.com

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