Commonly Asked Questions
- Why should I choose CBA Bank for SME banking?
Our highly qualified SME team understands and aspires to deliver not just exceptional service but a relationship of a lifetime that is at the heart of CBA SME Banking. You will also get to experience the 5 Star service of the bank.
- How do I begin banking with CBA Bank?
Open one of the CBA Business current Accounts. We offer a wide range of contemporary business accounts that provide a customized business solution for your business needs. There is an account to suit your business, regardless of the industry in which you operate. We offer five accounts to choose from.
-Flat fee accounts
These are bundled accounts that are designed for business customers who want predictable monthly charges on their business accounts.
-Pay As you go Accounts
These are non-bundled accounts aimed at the business customers who prefer per transaction charging on their business accounts.
- Who can apply for an SME loan at CBA Bank?
All Business customers can apply for funding. Only we require applicants
need to be running legally established businesses.
- How long will it take to open an account or get a loan from CBA?
On account opening – You shall walk into the branch and walk out with an account while loan applications take up to 24 hours.
- What types of finance does the CBA offer?
CBA offers SMEs long and short term working capital, Business diversification loans, investment and stock loans.
- What is the largest SME loan amount I can borrow from CBA?
CBA does not offer cut off on loans amount. It all depends on project you are undertaking and the ability to repay?
- Can I get a loan from CBA if my business is a startup?
Typically, we look for 3 years track record. However, we may make an exceptional consideration for those with good track record in other businesses or in certain cases, if the value of the collateral and supporting cash flows are good.
We also advise our customers to open our Business current accounts that offer a good opportunity to build collateral while still enjoying our services.
- Can I prepay my loans at CBA bank?
Prepayment is permissible and at CBA we shall not charge a pre-payment charge.
- Does my business need to be located in a specific region?
No. Your business can be located in any town in Kenya CBA has branches in all key towns in Kenya.
- Does CBA require collateral deposits before lending to SMEs?
It depends on the type of loan facility requested for. Some types of loan require collateral, while some do not. The main focus is on cash flow and the ability to repay the loan.
- Is CBAs lending preference skewed toward SMEs operating in specific industries?
CBA lends to all sectors of the economy except for illegal sectors
- Does CBA give moratorium on facilities?
Yes, CBA offers moratorium on facilities. This however, depends on the project type.
- Is it compulsory for an applicant to have an existing account with CBA before applying for a loan?
Yes, every SME is required to have or open an account with CBA before applying for a loan facility.
- Can an entrepreneur have more than one loan facility running simultaneously?
Yes you can have more than one loan running at CBA bank, as long as the cash flows are sufficient to repay all loans.
- How can I apply for a CBA bank SME Loan?
Whether or not you have decided or still undecided, we are always delighted to talk to you about our services. You can get in touch with us either on the phone, email. Generally, we ask you to fill out our Customer Information form and provide us with supporting documents for the business to start credit assessment process.