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Best bank for a small,Growing business
ali
#1 Posted : Monday, June 22, 2009 4:00:00 AM
Rank: Veteran


Joined: 6/11/2008
Posts: 892
Morning Team

I am looking for the best bank for an SME account. I would like a bank that will be able to support me grow my biz after like 6 months of faithful banking with them

I am told Equity or Barclays

Anyone who knows if KCB or Stanchart have such an account

Which would offer me the best service,product or loans and support to grow into the big league?

Thank you in advance


Jesus,make me a blessing to my family and my country Kenya
For in him (Jesus) we live and move and have our being-Acts 17:28
Brendah
#2 Posted : Monday, June 22, 2009 9:05:00 AM
Rank: Member


Joined: 6/22/2009
Posts: 5
You could try Fina bank. They have a good SME account though their interest rates on loans are abit high.

www.peakanddale.com
Djinn
#3 Posted : Monday, June 22, 2009 9:29:00 AM
Rank: Elder


Joined: 11/13/2008
Posts: 1,565
I swear by Equity. Go for Equity.

The problem with equality is that we desire that it be with those that have more than us rather that those that have less
willin2learn
#4 Posted : Monday, June 22, 2009 12:50:00 PM
Rank: Veteran


Joined: 2/12/2008
Posts: 1,178
@Ali,



you need to be more specific. Are you looking for an SME account or SME loan. If the later i just know virtually all Banks will require you to have operated an account with them for over 6 months to allow for financial analysis. Other than EB,Barclays and CBA,you can also try Coop Bank.

Interest rate @ 16.75% on reducing balance

Max. tenor 5 yrs

Loans of upto 10 m

Happy hunting
Pablo
#5 Posted : Monday, June 22, 2009 2:58:00 PM
Rank: Member


Joined: 3/17/2008
Posts: 564
Location: Nairobi
Boss,I dont know about barclays but for sure I know Kcb is very friendly to SME's.

Be greedy when others are fearful,be fearful when others are greedy.
Silk
#6 Posted : Monday, June 22, 2009 7:05:00 PM
Rank: Member


Joined: 8/25/2008
Posts: 144
Kcb are currently popularising their Sme account. Walk into any of their branch and pick a fliar. Can't remember whether it's Mavuno a/c or what.

Life is too short.
Marash
#7 Posted : Tuesday, June 23, 2009 5:54:00 AM
Rank: Member


Joined: 7/1/2008
Posts: 13
Try Family Bank,they have good affordable products as long as your turnover is good.
premio
#8 Posted : Tuesday, June 23, 2009 5:04:00 PM
Rank: Member


Joined: 5/31/2009
Posts: 223
Be specific what kind of support,cash loans,asset finance,bond guarantee or what. Stanchart is my bank but strike them of the list they want a non movable asset for security like a house evn if u bank 1m a week. If your monthly turnover is below 100k Barclays wont even stare at you they want your deposits but ukitaka loan they will be very useless unless uko na payslip. The best banks are KCB/CFC if u have a good turnover and family bank or Equity even if u bank 50k a month. My 50 cents go for family bank they are really supportive. Dont just bank maintain a healthy balance that should grow with time . They make the credit analyst think u r doing better with time and utapata that form eti we are pleased to inform you that your apli.......has been ...aprro...GD luck
nyari
#9 Posted : Wednesday, June 24, 2009 4:59:00 AM
Rank: Member


Joined: 11/13/2006
Posts: 94
I'd also go with Family,I've been with them for so long they should probably be paying me. These guys are very flexible and understand 'your' business,but be sure they'll visit your place of business to check you out
When evaluating a bank; look at how well they treat you and who their clientele is. In most cases if you're small and starting out the big banks won't even look at you. CFC is also good but their interest rates are horrendous. Went there for Asset financing and although they approved my application I rejected it based on the rate.
Happy hunting
Sasha
#10 Posted : Wednesday, June 24, 2009 5:56:00 AM
Rank: Veteran


Joined: 9/5/2007
Posts: 627
Auuuuuwwiiiiii! Please ignore everyone telling you to go to CfC! I feel like killing anyone who suggests that they are good! That is the most useless bank ever! That's ofcourse after they merged with Stanbic! All decisions are made is SA! They harass me for 2 years to get an overdraft coz my turnover is good! I reluctantly apply and start planning to expand the business! 9 months down the line, a decision had not been reached! I closed my account and moved to KCB who were very friendly!

Please also avoid Barclays! They get very suspicious if you have a windfall! Refer to yesterdays Nation about the guys whose account was frozen with Kshs 13m ati because they 'needed to understand where the money came from'!


Immorality: The morality of those who are having a better time!
babamoi
#11 Posted : Wednesday, June 24, 2009 1:57:00 PM
Rank: Member


Joined: 1/16/2007
Posts: 8
Have you tried ABC bank or Chase bank? Affordable and personalised business. I use chase but i know both to be flexible

ikeepmyteethinthejarbesidethebed
lexus
#12 Posted : Thursday, June 25, 2009 8:11:00 AM
Rank: Member


Joined: 3/18/2009
Posts: 38
equity is the way to go.they will support you all the way.

work smart
mhenga
#13 Posted : Wednesday, December 02, 2009 6:59:14 AM
Rank: New-farer


Joined: 12/2/2009
Posts: 2
Location: nairobi
For the account i would suggest CFC or KCB. Get to build a relationship with them through an investment or current account then later go for the loan.
9 OUT OF 10 OF WISDOM CONSISTS IN BEING WISE IN TIME.
popat
#14 Posted : Wednesday, December 02, 2009 7:26:54 AM
Rank: Member


Joined: 12/2/2009
Posts: 298
Location: kenya
when all is said and done go for Family bank or Equity.At least the are flexible and understanding and ready to journey with you.Happy searching.
P_tah
#15 Posted : Thursday, December 03, 2009 2:42:48 PM
Rank: Member


Joined: 10/20/2009
Posts: 3
Location: Meru
I would advice you to go to Family Bank. They can build you from the scratch if they see that you have the potential. Just maintain a good account where you will be making frequent deposits and withdrawal in the course of the month.The problem with Equity is that what they do is just dishing out money rather than prudent lending. Family bank won't ask you about security coz it comes last, that first thing they first look at your potential to repay the amount that will be loaned to you.
Good times becomes good memories, bad times becomes good lessons.
slammers
#16 Posted : Thursday, December 03, 2009 3:16:08 PM
Rank: Member


Joined: 5/1/2009
Posts: 205
Never ever bank with standard chartered take months to process an overdraft when they have an asset ten times the overdraft value
Try equity the loan processing period is short
VituVingiSana
#17 Posted : Thursday, December 03, 2009 8:25:51 PM
Rank: Chief


Joined: 1/3/2007
Posts: 15,148
Location: Nairobi
cfc was good... cfc stanbic? bure kabisa...

Other banks are growing but cfc stanbic is shrinking as customers bail...
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett
JDS
#18 Posted : Friday, December 04, 2009 8:05:36 AM
Rank: Member


Joined: 6/17/2009
Posts: 42
I would suggest you go with Family Bank. equity used to be good but i think something entered in their heads. Credit officer Equity bank bure kabisa, wait you default they will harrase you gurantor so much.
kazinikazi
#19 Posted : Tuesday, December 15, 2009 5:18:57 PM
Rank: Member


Joined: 11/14/2009
Posts: 3
i would suggest you go with kcb - get into biashara club. i was with coop who required i bank for at least 6 months, but after a yr they wouldn't look at me. then i moved to equity and became a member, but was shocked to realise they're the most expensive bank for an sme!! they charge 3 times for a check book, will pass the cost of searching the co. registration details to you (i never experienced this with kcb or coop), and many more. when i went to ask for lpo financing (which they had said takes only 3 days to process, i stayed for 2 weeks without response only to be told by credit officer that i hd to bring colateral, so i wondered what for since the lpo is financing itself...in kcb i bankd for 5 months and accessed over a mili for working capital using an lpo with no extra cost!!! you just need to create a very good working r/ship with the branch guys and they'll push your facility for you like their life depends on it...and they also hv overseas biz trips and local seminars! they took me to china last yr oct for a trade fair at a very decent all-inclusive cost..
kissedxx
#20 Posted : Tuesday, January 05, 2010 2:25:50 PM
Rank: New-farer


Joined: 1/5/2010
Posts: 66
Location: Nairobi
CFC-Stanbic.. Major fail!!!.. I'm checking out to move to family bank and already opened some accounts at equity to try it out..
"If you understand, things are just as they are; if you do not understand, things are just as they are"
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