About The Loan
The loan is available to youth who wish to start or grow business ventures in the blue-economy ecosystem. It can be used for working capital or to purchase assets for both startups and expansions in fisheries, aquaculture, marine tourism, marine biotechnology, maritime transport, coastal conservation.
Loan Amount:
- Minimum: Kshs.. 50,000 – Maximum: Kshs.. 1,000,000
Loan Term:
- Maximum: 3 years
Repayment Period: A. Working capital/equipment purchase:
- Kshs.. 50,000: Max 9 months
- Kshs.. 50,001-100,000: Max 12 months
- Kshs.. 100,001-300,000: Max 2 years
- Kshs.. 300,001-1,000,000: Max 3 years B. Seafarer employment:
- Max Kshs.. 200,000 for up to 9 months
Loan Security:
- Social collateral from the group, CBO, Investment Club, or SACCO
- Loans secured by chattels will require two guarantors
- Loans up to Kshs. 100,000 will require flexible security (chattels, stock, livestock, business assets, guarantees)
- Repeat/Top-up loans up to Kshs. 300,000 will require flexible security (after successful repayment of first loan)
- Conventional securities will be required for:
- First-time loans above Kshs.. 100,000
- Top-up/repeat loans above Kshs.. 300,000
- Certificate of Undertaking
Seafarer employment: the loan facilitates pre-embarkation and embarkation costs for cruise ship employment
Requirements:
Guarantors:
- Will require 3 guarantors i.e. Parent/guardian, KMA official, Seafarers Union official
Documentation:
- Recommendation letter from KMA
- Membership in Seafarers Union of Kenya
- Letter of Intent or offer letter for seafarer employment
- KMA-provided list of service providers and associated costs (e.g., Bandari College, medication fees)