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Microfinance is defined as a type of banking service that is provided to low-income individuals or groups or unemployed. Faulu Microfinance banking company is a limited liability company duly incorporated in Kenya under the companies act. It is a Christian relief organization, loan scheme program that targeted the economically active poor in Mathare.
The following are the various types of loans offered in Faulu Microfinance bank.
1. ASSET FINANCE LOANS
The loan caters for Chama groups, individuals and businesses
2. BIASHARA LOANS
The loan is given to women with small and medium scaled businesses to access affordable financial services.
3. THE CHAMA LOANS
It targets investment groups, family Chama’s and table banking groups.
It targets the small Sacco’s, land buying companies, investment groups, individuals and land buyers
4. MWAMBA LOANS
It targets individual entrepreneurs with large scale businesses to access affordable financial services.
5. USHIRIKA LOANS
It targets the eligible groups such as self-help groups, Chama’s, the church, investment clubs and community based
6. MWANGAZA LOANS
It is used to enable medium and big scaled business women to access affordable financial services.
7. BUSINESS SME LOANS
It targets small micro-entrepreneurs