NIC Bank Executive Director Alan Dodd and Toyota Kenya MD Arvinder Singh Reel during the signing of the agreement at the Toyota showroom in Nairobi. [Photo/businessdaily]NIC Bank and Toyota on Wednesday signed an agreement to boost its market share growth among SMEs and private enterprises .The bank is offering a 95% asset acquisition loan for the purchase of brand new Toyota single cabin Hilux pick-ups.The agreement will see NIC Bank gift clients a 90 days grace period. The move was part of the bank’s plans to cement its position as a leading asset acquisition financier in the country. “Most banks have asset financing facilities. We are doing something different and this is why we have offered a tripled grace period given the region’s average lies at 30 days. With this, we seek to make asset acquisition manageable and have our customers running their businesses operations effectively,” said Mr Dodd.Individual businesses owners and SMEs within the agriculture, construction, Jua kali and wholesale business sub sectors that mostly require transport are the target of this idea.Mr reel further added “We have a good understanding of the challenges that our customers experienced last year and believe this partnership will help them have easy access to finance. The grace period is long enough to ensure acquisition costs are flexible and cut down the loan repayment struggles as well."

Do you have a lead on a newsworthy story? Share news tips with us here at Hivisasa!