Grant beneficiaries of Bank of Kigali’s partnership with Investing for Employment, an investment facility created by KfW Development Bank (KfW) which seeks to relieve SMEs from the financial shock caused by the pandemic, have welcomed the lenders’ recent nomination of the best bank in Rwanda. The accolade, issued during the 28th annual awards for the World’s Best Banks by Global Finance, was attributed to BK’s commitment to restore growth and drawing a way forward during the unprecedented economic conditions created by Covid-19. In September 2020, the bank secured Rwf5.8billion from the Investing for Employment (IFE) as part of the efforts to support Rwandan SMEs to alleviate their struggles with regard to maintaining employment following the Covid-19 pandemic. “Thanks to Bank of Kigali’s grant, my hotel is almost fully functional with all employees back to work. Through the grant, I was able to pay salary arrears of 26 employees which also had a positive impact on their families,” said Raymond Niyonzima, Home Inn Ltd Managing Director and beneficiary of the grant. “I recommend any other business affected by the pandemic in need of assistance, to approach Bank of Kigali for support. I also take this opportunity to thank Bank of Kigali and KfW program for the timely assistance provided to me”. Niyonzima added. Niyonzima is among the Bank’s customers who have so far received financial relief. He shares similar sentiments with Teddy Gacinya, City Infant School owner. “The grant I received from Bank of Kigali enabled me to maintain and clear salary arrears of 20 employees and to recruit new ones. This grant came in the right time when I needed it the most as it allowed me to easily catch up from the long schools’ closure arising from the pandemic.” Gacinya commended the bank’s management for the relief, citing that through the grant, “my loan’s accrued interests were also paid.” Prioritising customer needs Consequently, Laurent Bisabira, Managing Director at Nyagatare Rice Company, commended the bank’s effort for prioritising its customers’ needs”. “The KfW grant provided by Bank of Kigali assisted me to retain my employees when I was almost suspending their contracts. This enabled me to keep them up to when the crisis is over. I recommend my fellow businessmen to keep good relationships with their banks for support in such difficult situations.” For Martine Umubyeyi, La Colombiere School Principal, the grant allowed them to pay a total of 122 staff members. “I encourage everyone to bank with Bank of Kigali as it stood out to support its customers when they really needed it. In addition to that, their loans’ approval process is short. I thank Bank of Kigali for trusting us and providing us with the grant even though we were new to the bank” she asserted. Similarly, Marguerite Nyagahura, founder of First Impressions International School reiterated, “The pandemic had severely affected the school’s operations. With the help of Bank of Kigali’s KfW grant, we were able to reopen the school, pay staff salaries, taxes and rental debts.” “My sincere gratitude goes to Bank of Kigali for constantly thinking about its customers especially during these unprecedented times” Nyagahura noted. A better future in sight “I can now see a brighter future, thanks to Bank of Kigali’s KfW grant. The bank assisted me to pay for my staff salaries and rental debts,” said Olivier Philippe, owner of L’Epicurien restaurant. He added, “The Bank’s staff were professional and they provided the grant in a very short time.” Santos Musonera, Head of Business of Bank of Kigali echoed similar sentiments, citing that the bank’s program to support Rwandan businesses in the pandemic era, lays a future of hope in the post-covid-19 times. Musonera pointed out that SMEs seeking to benefit from the grant can submit applications at the bank’s Head Office or any Bank of Kigali branch near them. What you need to qualify According to BK the disbursements are in the form of interest relief for clients servicing loans as well as working capital granted to support the payroll of the business. Consequently, the eligibility process will involve making a case that the beneficiary will protect and maintain quality jobs at their enterprise. -- To qualify, businesses are required to provide the below: Payroll for employees and proof of RSSB contribution (Pension and Maternity); Minimum of 5 full time employees with a maximum of 250 full-time employees; The impacted Enterprise banks more than 50% its cashflows in Bank of Kigali; Privately owned and not listed on public stock exchange; No Directors, Managers or Shareholders of the enterprise are politically exposed; Enterprise is significantly affected by the pandemic shown by a 30% reduction in Revenues or Profit levels; Enterprise had positive profitability in 2019 or in average of 2017 – 2019; Enterprise had no loan arrears for more than 30 days since 2017 until 28th Feb 2020; Shareholders have not extracted liquidity – e.g. through dividend disbursements, share buy backs or repayments of shareholder loans (before their due dates) - since 1st March 2020; Enterprise would perform well if granted the temporary bridge funding; Request and information to be submitted at grant@bk.rw or call centre number 4455.
