HF Group‘s banking subsidiary, HFC, has inked a deal with Jua Kali Contractors Federation of Kenya (JKCFK) in an effort to support the members of the federation to access credit and opportunities in Kenya’s real estate business.
According to the two parties, the partnership nicknamed ‘Ujenzi na Makao’, will create a much-needed rapport in the real estate market by supporting Jua Kali artisans with value addition for their products and services.
“Our partnership with JKCFK dubbed HFC Ujenzi na Makao provides tailor-made financing solutions to its members and clusters, within HFC’s lending policy and is a testament to our commitment to living up to our Group’s purpose of enriching lives,” said HF Group chief executive Robert Kibaara.
Prior to the partnership, the Jua Kali contractors lamented the lack of financing to service the contracts hence being a hindrance to actualizing their dream of being successful in the affordable housing projects despite being allocated preferential contracting of doors, windows, and other ring-fenced items by the government.
However, with HFC coming on board, the artisans will be provided with working capital in addition to training and capacity-building opportunities including idea conceptualization to procurement of products and services.
Through the HFC Ujenzi na Makao program, the artisan members will access working capital to facilitate works contracted for under the Government of Kenya’s affordable housing project.
The artisans will also be able to learn more about financing, joint market research, and exposure to strategic partners.
This training will leverage a partnership that the lender has with Strathmore University’s Small Business Development Centres, which will facilitate the training programs.
The bank has set aside Sh4 billion over the next few years to finance players in the affordable housing ecosystem.
Through the allocation of the funds, the bank will be able to bridge the gap in accessing loans by providing mortgage financing to enable individual members to own decent housing hence giving them dignity and enriching their lives.
