By David Kipkorir
Medical Credit Fund (MCF) – PharmAccess Group’s non-profit health fund dedicated to health SMEs in Africa has issued its 1000th new loan for 2018.
Mediheal Diagnostic and Fertility Center is one of the health SMEs that received a Cash Advance loan.
MCF said since mid-2017 it has availed Mediheal Diagnostic and Fertility Center of 10 Cash Advances worth almost Sh30 million.
The hospital group is based in Kenya (Nairobi, Nakuru and Eldoret) and also has an outlet in Rwanda.
Their facility in Nairobi offers outpatient services, In Vitro Fertilization (IVF) and complete diagnostics and has 25 IVF and 12 dialysis beds.
The cash advances have been crucial to health SMEs for managing cash flows, especially when insurance payments are delayed.
Short term working capital needs have been bridged by Cash Advances; this has included timely salary payments and restocking of the pharmacy.
Speaking at the news of 1000 new loans in 2018, MCF Managing Director Arjan Poels said he was very proud the MCF team had disbursed 1000 health SME loans and been able to assist companies like Mediheal in their working capital needs.
He thanked the Ministry of Foreign Affairs of the Netherlands and our other investors who have made the initiative possible through their continued support.
Mediheal Group Executive Chairman Salim Hasham said the health facility is working actively to serve the population with a comprehensive range of healthcare services and its collaboration with MCF’s many services significantly leverages their work.
“The credit, accreditation, and digital platforms go a long way in our ability to provide more effective care and at a much higher level of quality to our beneficiaries”, Hasham added.
Some of the attractive features of a Cash Advance loan are the ease of access through quick processing times, no requirement for collateral and no fixed monthly installments.
In addition, loan repayment is based on revenues generated through the borrower’s e-till and they can choose what percentage of revenue is used to pay back as installments.
MCF loans also have a very high repayment rate of 97 per cent compared with the 89 per cent for general SME loans in Kenya.
