Microfinance Institutions could just be the real-time solution for SMEs and growing businesses in Kenya. Businesses all over the world are faced with the challenges posed by the ever changing and turbulent competitive environment. The business world is never static.
To survive in the ever-changing business environment, microfinance institutions have put in place strategies that give superior value to customers .This brings about sustainable advantage thus attaining high-performance level over competitors.
However, while choosing the favorable microfinance suited for your needs, a couple of factors centered on convenience of the services received should top your checklist.
1 Efficiency Of Services to Clients
Ensure the microfinance of your interest is reliable whenever needed. Where there is a customer support system dedicated to keeping you in the loop round the clock.
Bidii Credit provides an efficient way to access credit by minimizing unnecessary processes. We are aware that access to capital for SMEs is of great importance in nurturing free enterprise, healthy business rivalry, innovation, and growth in all economies.
2 Individual lending
This is the simplest and the oldest credit lending model where small loans are given straight to the borrower. Most SMEs have greatly benefited from this model since it is easy, efficient, and confidential.
Individual loans are given based on a combination of personal guarantors, individual savings accounts as well as co-signers and household securities to ensure repayment.
At Bidii Credit we have embraced the individual lending model for all our products and this has benefited our clients through efficiency and effective turnaround time.
3 Non-Financial Services
Access to funds as well as improved services also play a significant role on the development of SMEs. To maximize usage of the resources availed by the lenders, microfinances provide non-financial packages such as training of their clients. This is done through physical meetings, webinars and/or monthly circulations of written materials on various topics of interest.
Bidii Credit values the growth and well being of our clients’ businesses . All our relationship officers are well trained to provide free business advice to our clientele. We work hand in hand with our clients listening to their needs and finding the right package to improve their endeavors.
4 Credibility of the microfinance
People shy away from financial institutions for the fear that after investing with them some of these microfinances end up going under. Long-term survival and sustainability are critical for a business owner. Microfinances allows SMEs to protect, diversify, and increase their sources of income, the essential path out of poverty and hunger.
The ability to borrow a small amount of money to take advantage of a business opportunity, to pay for school fees, or to bridge a cash-flow gap can be a first step in breaking the cycle of poverty.
Bidii Credit is a licensed financial provider. Our top management is tasked with overseeing operations and ensuring they run seamlessly.
5 Choose a Micro-finance That Understands Your Business
SMEs vary widely in size and capacity for growth. As an entrepreneur you should look for a microfinance that understands the nature of your business. This ensures that they offer you a suitable product that will boost your business effectively.
We value our customers and take time to understand their needs. This guides us in offering them the most suitable product out of our wide range of SME loans.