 FCB is duty bound as per its business mandate and philosophy to impact positively on the lives of the society at large. To this end, our efforts in nation building, are always purposeful and closely aligned with government goals particularly relating to poverty eradication.
It is for this reason that we launched a special microfinance product earlier in 2009 under the brand name of BORESHA. The name Boresha which is derived from the Swahili word of BORA means “TO MAKE BETTER”.
Thus, through Boresha we hope to add much value to the economical and social conditions of the low/limited income households, particularly, the micro and small scale entrepreneurs. This includes men and women of the market place whether as artisans, food vendors, traders, Mobile
sellers, GSM-Recharge card vendors, garment traders, kiosk owners, low salaried civil servants, teachers, small scale professionals, business starters, small scale enterprises and salaried employees.
The product has so far been received exceptionally well by the market and the level of financing requests and disbursements continue to grow with most requests particularly coming from women groups in places such as Garissa and Malindi.
In order to make our microfinance program truly effective and value adding, we have packaged a comprehensive product which comprises of the following components:
1. Credit
Our Micro-finance program provides two types of financing
products for its beneficiaries:
a. Micro-finance, exclusively designed for women for small scale income generating activities
b. Micro-enterprise finance, designed for small entrepreneurs,
who need capital to expand their existing businesses.
2. Savings
Savings is an integral part of our microfinance program and all beneficiaries of the program are sensitized on the merits of savings and are encouraged to develop a proper savings culture. This will also allow the program to mobilize and use savings as a revolving fund
3. Non-financial Services
The non-financial services of our program consist of a training component that aims to transfer necessary skills, knowledge and awareness to the beneficiaries of the program. This has the ultimate objective of assisting the beneficiaries to confront and eventually overcome constraints that cannot be addressed solely by the financing aspect of the program. The holistic approach of this program requires that not only should credit be offered but other faculties of the beneficiaries must be developed as well. The training program aims to expose the beneficiaries to different ideas and covers various aspects including the following:
- Enhance the human and operational skills of the program participants and the staff.
- Enable the borrowers to make the best utilization of the funding provided to them.
- Promote greater awareness to the beneficiaries about the economic, social and other aspects surrounding them.
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