Small and medium healthcare providers to get boost in accessing financing

GE Healthcare and Medical Credit Fund (MCF), part of the PharmAccess group have entered into a financing partnership that will enable small and medium private healthcare providers to access loans for the purchase of manufactured medical equipment.

The deal will allow healthcare providers to access loans for the purchase of GE Healthcare manufactured medical equipment.

The announcement was made during a Radiology Clinical Day organised by GE Healthcare and the Kenya Association of Radiologists (KAR).

The partnership aims to improve access to better quality healthcare for patients living in underserved areas by financing the purchase of various diagnostic equipment.

Under the partnership, the MCF will provide access to mobile-based lending and business improvement programmes to eligible healthcare providers, while GE Healthcare will support the program through provision of GE equipment and technical support.

Borrowers who qualify for loans include eligible healthcare facilities in the private sector offering a broad array of primary care services and especially with an explicit focus on family and mother-child care.

Borrowers will be able to secure loans of up to $100,000(Sh10 million), by providing limited information notably their MPESA /MTIBA statements, with a 24 months repayment plan.

“There is a case for innovative financing models and technical support to healthcare SMEs to support them to grow and improve the quality of healthcare services they deliver to underserved populations. Together with GE Healthcare, we are looking at social entrepreneurship in the healthcare space as an entry point to strengthen the healthcare system and to support the achievement of UHC goals,” said Mr Isaiah Okoth, Country Director Kenya, PharmAccess Foundation.

Mr Andrew Waititu, General Manager for GE Healthcare East Africa said, “We are committed to developing new delivery models that improve access, clinical quality and patient outcomes as we progress towards Universal Healthcare Coverage. Our collaboration with Medical Credit Fund is a significant step towards attainment of this goal”.

The interest rate cap regulation has further reduced lending to SMEs, with banks preferring to lend to larger, well established and less risky customers.