How to Make the Most of Mkono's Loans Program

Your loan requisition has been approved. Congratulations! What now? Continue reading to get direct tips from Mkono success officers on succeeding within our loans and mentorship program. ​

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Understand your loan contract
Before getting access to your loan, you will need to sign your loan contract, in which you will notably find your payment schedule. So, it is important to get familiar with it! If you have any questions or concerns, you should contact your Success Officer. 
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Make your monthly payments in time
Mkono loans have a repayment period of 3 to 6 months. During that time, you will be expected to repay your loan in equal installments. Your Success Officer will remind you of your due dates, most often via WhatsApp, but it is important to know your repayment schedule. If you are not able to provide a payment in time, you should alert your Success Officer. Since Mkono relies on a community success model, every loan repaid benefits other members of the program!

Communicate with your Success Officer 
Your Success Officer is your main point of contact, meaning that they are there to answer any questions you may have. At the same time, you are expected to communicate any changes you experience that affect your ability to repay a loan. While you should follow your repayment plan, our team will try to understand your situation and provide you with alternative solutions.

Attend your mentorship sessions prepared
One of the unique features of Mkono’s services is our mentoring program. As an entrepreneur, you will be matched with 2 Allies who are young professionals that will be able to provide you with expert advice on how to grow your business. They will schedule 3 separate meetings with you over the course of 3 to 4 months.

​To get the most out of these sessions, come prepared! Know the challenges your business faces. Come up with some solutions on how to tackle them. Have a plan on how to use your loan. That way, your Ally will have a better understanding of your vision as an entrepreneur and will provide you with more suited solutions for your business.

Engage with our community!
At Mkono, you will have the opportunity to participate in Mkono’s activities. Often, we will ask entrepreneurs to share their stories and experience with our services. We also have content dedicated to helping you! We encourage you to take part in these extra things.

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All in all, at Mkono, we look for entrepreneurs who have a vision, and that are motivated to make a difference within their community. As Jasmine, one of our Success Officers puts it, “Just tell us your story and make us believe in your business. And if we do, then we would be more than happy to give you a hand.”

• To get more insight into the application process, check out this blog article.
• Who are the entrepreneurs Mkono supports, you wonder? This page is for you.
• Our first article as part of our new thought leadership series, Mawazo, is available here.