Sh100 million loan boost for fashion designers

What you need to know:

  • Group Chief Executive James Mwangi said players would enjoy access to the money to support the whole clothing and textile ecosystem which includes agriculture, ginneries, spinners, drapers, fashion and design through lease and asset finance products.

A bank has set aside Sh100 million to nurture talents of upcoming Kenyan fashion designers.

Equity Bank Thursday said the seed fund dedicated to creative entrepreneurs had been reserved to promote the fledgling design and apparel retail market estimated at more than Sh30 billion a year.

Group Chief Executive James Mwangi said players would enjoy access to the money to support the whole clothing and textile ecosystem which includes agriculture, ginneries, spinners, drapers, fashion and design through lease and asset finance products.

“By providing financial literacy lessons to such a talented and youthful group, Equity Group is seeking to equip them with the necessary skills required to navigate through the dynamic financial environment. Fashion designers equipped with financial literacy skills, we believe, will be better placed to exercise prudence and even harness available financial resources including credit products,” Mr Mwangi said.

He spoke Thursday during a graduation ceremony for a group of 40 upcoming fashion designers who were the finalists in the bank’s Vijana Na Equity; Design Your Destiny fashion competition.

They underwent a 30-hour financial training programme custom designed for players in the creative sector. Present was Association of Fashion Designers of Kenya Chairperson Sally Karago.