Absa Bank Signs Partnership with Melanin Kapital to provide unsecured lending for startups

Absa Bank Kenya has signed a partnership with Melanin Kapital, an impact investment platform to provide an investor readiness program that will see startups in the social impact space access up to KES 3 million in unsecured lending.

The program targets to reach 1,000 women-focused startups and will provide value add services such as financial training, investment-readiness capacity building, structured mentorship, structured networking, and access to finance. 

DubbedTuungane 2X, the partnership will also seek to engage international like-minded partners to de-risk the credit facilities to the start-ups, enabling Absa Bank to offer favorable unsecured loans, ranging from between KES 100,000 to KES 3 million.

To qualify for funding, interested startups will have to access and register through the online program management platform – Tuungane 2X – and undertake a 6-months investment readiness program that will culminate into project pitches to impact investors as well as to Absa Bank. 

READ; Absa Bank Kenya Announces KSh10 Billion Kitty for Women Entrepreneurs