Equity has signed a Memorandum of Understanding with Crown Healthcare to enable SMEs in the medical sector to acquire medical equipment. Under the agreement, Equity will provide equipment financing, trade finance solutions, working capital facilities as well as offer the bank’s products and services at customized and competitive terms.
Speaking at the signing ceremony in Nairobi, Equity Director of Marketing, David Nyamu said the Bank is keen on supporting organizations within the healthcare sector to have access to the necessary medical equipment, more so during this Covid-19 pandemic.
“In recent times, the pivotal role that the healthcare sector plays in providing essential services to the community has become more apparent. By signing this MOU, we want to support SMEs within the healthcare sector access medical equipment distributed and offered by Crown Healthcare,” said Nyamu.
Under the equipment financing facility, Equity will provide credit through equipment finance or hire purchase, purchase of receivables and import-based equipment finance for both new and used equipment. The financing will be up to 90% of the asset cost, for a maximum repayment period of 5 years. A three months grace period to allow for set up and testing will be available on request.
Crown Healthcare Group Chairman, Shilen Thakerar said the MoU has come at an opportune time when Crown enjoys 70% market share on the provision of dialysis equipment.
“We have invested heavily in providing services and provisions for lab dialysis and radiology equipment across Kenya and East Africa. These machines are not cheap and to partner with a Bank with a strong balance sheet like Equity’s, indicate that we have made the right move for our customers,” he said.
The Bank has also committed to offer trade finance solutions such as Letters of Credit, Post Import Finance, and Guarantees to aid in the importation of various equipment. For organizations seeking short terms loans, Equity will provide overdraft and short term working capital loans, also at competitive terms.
Already, the Bank has embarked on opening accounts for Crown Healthcare customers who want to benefit from the partnership. Customers will also access other bank products including office space financing/purchase of office building; construction loans/development loan; motor vehicle and ambulance financing; invoice discounting; insurance products and services and access to different payment channels such as POS machines and Eazzypay, and liquidity management solution -EazzyBiz.