International Finance Corporation backed agency to rate cooperative societies

An agency backed by the International Finance Corporation (IFC) has developed a formula that rates agriculture focused cooperative societies and small scale businesses. This is expected to make it easier for the cooperatives and their members to access loans and social investors’ funds.

SCOPEinsight, the company also supported by the Embassy of Netherlands, says the rating system identifies strengths and weaknesses of a cooperative with an intention of linking them with training firms and consultants to facilitate and prepare them get financial support. The rating system is expected to increase the share of loans that go to agriculture, said the head of company’s Kenya operations Geoffrey Nyamota.