How To Apply For A Mkono Loan : A Handy Guide For Entrepreneurs

Photo by Priscilla Du Preez on Unsplash

Interested in a Mkono loan, but not sure where to start? No worries, we’ve compiled a step-by-step guide to applying to our loans program; check it out to get real insight on the process and the Mkono entrepreneur experience.

Mkono provides 2 main services: loans and mentorship sessions. Every entrepreneur meeting our eligibility criteria can access either of these services (or both!) depending on their individual needs. We walk you through the application process for our loans.

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Applying for a loan: a handy guide

Step 1 : Check if you meet the eligibility criteria
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• Be between 18 and 40 years old, although exceptions are possible.
• Have a registered and profitable company in Kenya.
• Be a member or a graduate of our local partner communities.
  • Currently, our services extend to only members belonging to our partner communities, primarily incubators, accelerators and mentorship programs.
  • Our current list of partners include: Ongoza, Garden of Hope Foundation, SOMO, Mowgli mentoring, Nairobits, and Sinapis.
• Have been recommended or vetted by our local partner communities. 

Step 2 : Fill out the application form

In the form, you will be asked to provide relevant information about your company, including its activities and financials (annual revenue, annual expenses, etc.).

You will also be asked to specify what loan amount you are applying for and how you plan to use it. 

Note that we offer loans up to 100,000 KSH for a repayment period up to 6 months.

Step 3 : Relax while we review your application!

Our application will be forwarded to one of our Success Officers working in our Operations team. They will make sure that all information provided is accurate and matches our criteria. 

​Step 4 : Speak with one of our Success Officers

If the initial review of your application gets a thumbs up, a Success Officer will schedule a call with you. This is to get more information about you and your business and make sure that our services match your needs.

Step 5 : Sign your loan contract

Congratulations! Your request has been approved. So, what’s next? You will be asked to sign our loan contract. When that is done, your loan will be issued. 

Step 6 :  Make your monthly payments

As a Mkono entrepreneur, you will need to pay equal installments every month. A specific repayment schedule will be listed in your contract.

A week and a day before your payment is due, a Success Officer will remind you of the date. Success Officers will often reach out to you via WhatsApp.

Mkono relies on a community success model to maximize repayment rates.

​This means that each repaid loan benefits other members of the community. As such, as an entrepreneur, you have the responsibility to repay your loan on time and in full.

​Step 7 : Continue communicating with your Success Officer

Your Success Officer is there to support you throughout the whole process. If you have questions and concerns about your loan, do not hesitate to contact them; they will be happy to help you! 

Step 8 : If needed, reapply for a loan

If you’ve liked your experience with us, repaid your loan, and duly followed your payment process, then great news! You are eligible to apply for another loan, this time up to 200,000 KSH.

Click the image to download the guide

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Our team is dedicated to providing you support throughout the whole process. Your designated Success Officer will check in on you and your business regularly. The more regular communications we have, the better our team is equipped to support you! 

Collaboration and awareness are some of the important values we uphold at Mkono; this means that for any concerns and questions you might have, there will always be somebody available to help you.

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• Download the guide here.
• ​See how entrepreneurs are making use of their loans here.
• Check out our 2021 impact so far here.
• Explore our volunteer network here!