6 Types of Equity Bank Business Loans You Can Apply in 2024

Equity Bank equips people, especially the youth, with the resources and tools they need to open and run small businesses. Lack of capital should no longer hinder you from starting an enterprise. Equity Bank is almost 40 years old, serves over nine million customers, and issues business loans daily. Today, you’ll know the six types of Equity Bank business loans you can apply now to start an enterprise or expand an existing one.

Therefore, this article will enlighten you if you’re planning to start a business but are facing a financial shortage. Keep reading to find out about these loans. 

The Six Types of Equity Bank Business Loans

Equity Bank’s business loans appear in six categories. You should select the category that best suits your business type. The six loan categories include the following: 

1. Micro Finance Loans

Equity Bank Kenya targets the youth with most of its products. The Micro Finance Loans from Equity Bank target youths between 18 and 35 years.

The bank provides the following Micro Finance Loans: 

  • Micro Business Loans: The bespoke loan product categorically meets the needs of the youth. The youths can get working capital, purchase business assets, and improve their struggling ventures. 
  • Development Loans: Unlike Micro Business Loans, the Development Loans product targets small and medium enterprises. You can borrow one of these loans to expand an existing SME. 

Also read: How To Get Equiloan From Equity Bank Easily: The Ultimate Guide

2. Agricultural Loans

Agriculture is the backbone of our Kenyan economy. Anyone looking to become a farmer can target agricultural loans by Equity Bank. Even expert farmers can get a suitable loan to expand their livestock or crop farming projects. 

Equity has added several small loan products to the Agriculture Loans category. Here are examples:

  • Kilimo Biashara Loan: The Kilimo Biashara Loan could be the most appropriate if you are a small-scale farmer. Equity Bank will finance you to purchase seeds, seedlings, farming machinery, fertilizers, etc.
  • Micro Agribusiness loan: If you are a medium-scale farmer growing more than just staple food, your best Equity Bank’s business loan is the Micro Agribusiness loan. You can purchase farm machinery, seeds, fertilizers, etc.
  • Food and Agriculture Youth Financing Product: As the name suggests, this loan facility is specifically for youths in agriculture. It can help you set up and grow your farming project from nothing. 
  • Seed Production Loan: Farming has many expenses, including seed production. If you want a small boost to buy seeds and seedlings, here is the business loan to take out. 
  • Farm Inputs Loan: If you operate a monthly remittance account with Equity Bank Kenya, you can apply for the Farm Inputs Loan. Then, purchase all the farm inputs you could not save enough money for. 
  • Commercial Agriculture Loan: If you export food to other countries, you can apply for a commercial Agricultural Loan in Equity Bank. The loan can help you expand your farming projects. 
  • Kilimo Maendeleo Loan: This credit facility can assist farmers in getting money for construction projects. Whether you want to build for your livestock or start a greenhouse, the Kilimo Maendeleo Loan may be the best choice. 
  • Aggregated Agricultural Loan: Equity Bank made the Aggregated Agricultural Loan for farming groups. If you are in a group of small-scale farmers and need sponsorship to finish some projects, this is the loan you should take out.

Also Read: Eazzy Loan From Equity Bank: Everything You Need To Know

3. Women Loans

Women should no longer stay idle or wait for their husbands to provide. Equity Bank has multiple loans to help empower them in society. With these loans, women can start small businesses in any economic sector. These loans include: 

  • Fanikisha Platini: You can get this loan as an individual and use it to grow your business. It is also available to those looking to hold business motivational talks. 
  • Fanikisha Fedha: If you are a female business group holding similar interests, you could get the Fanikisha Fedha loan. It is ideal for groups of fifteen to thirty ladies. It also entails business training services. 
  • Fanikisha Dhahabu: The Fanikisha Dhahabu loan is ideal for individuals. If you need to start or boost your business, you can get this loan and repay it in about twenty-four months. 
  • Fanikisha Imara Loan: Among the six types of equity bank business loans is the Fanikisha Imara loan. A woman can take it out at a discounted rate. She could also enjoy free business training.
  • Fanikisha Almasi: If you need the Fanikisha Almasi Loan, you must have collateral. The bank provides flexible collateral choices, expert business advice, business training, etc. 

4. Trade Finance Loans

Equity Bank provides the Trade Finance Loans product to people who do import and export businesses. Whether you work locally or internationally, this loan could boost your trade. 

5. Mobile Loans 

Equity Bank provides the best mobile phone and digital loans. You can get one of its mobile phone loans to start or boost your business. For instance, the Eazzy loan can give you up to 200,000 Kenyan shillings. Eazzy Plus loan provides up to 3,000,000 Kenyan shillings to eligible people. 

6. Asset Finance Loans

Among the most popular types of equity bank business loans is Asset Finance loans. If you need to purchase business machinery, industrial plant and machinery, or agricultural assets, this loan type is the best. You can use the same items as collateral for the loan. 

Note: Equity Bank adds new business loan products often. Check its web pages regularly for updates. Also, ensure you have an active bank account, Equitel line/Eazzy App, and identify documents before applying for any business loan.