Kenya - Startup under 3 years old

Describe your project or startup in a few words

Renest Haraka Loan is revolutionizing the financial services industry by providing innovative, user-centric solutions that empower individuals and businesses to achieve their financial goals.

01.01 Describe your startup in more detail

Offering loans at interest rates lower than the market rate is our primary products and services. We are revolutionizing the financial services industry by providing innovative, user-centric solutions that empower individuals and businesses to achieve their financial goals. Our vision is to become a leading industry in the financial services industry, known for our dedication to customer success and technological innovation. We aim to build a financial ecosystem that is transparent, inclusive, and empowering for all users. Traditional financial services often lack transparency, accessibility, and personalization, leaving many users underserved and overwhelmed. By addressing the gaps in traditional financial services, RENEST HARAKA LOAN is poised to capture a significant share of this growing market.

01.02 What is the main problem you are trying to solve?

Offering loans at interest rates lower than the market rate is our primary products and services. We started this in order to serve small business owners that want more financial support than what mobile loans can provide, as the typical loan amount for these loans is only $35. Due to their lack of an income record that would provide them with a financial identity, this group of people is also unable to secure bank loans or other microloans. This lack of financial records has cripple the effort to encourage wholistic SMES among those at the base of the pyramid. There what our company aim to reach this population and give them financial assistance but also to empower them how to generate and save so that they can be able access higher financial assistance.

01.03 Tell us the major benefits and/or advantages of using the product/service that your startup provides (at least 3).

Our product and services targets a group neglected by many financial services due to lack of financial identity. By reaching this especially those at the base of the pyramid in the society we have empower many especially women to be financially free and independent. By supporting small business we have also been able to empower the society hence reducing unemployment rate. We have also seen most of our clients enhance their business growth as a result of access to additional financing that they could not obtain from other financial institutions. This increase in retun has resulted in consistent income and a better life for our clients. The company has also created direct employment opportunity to another of youth and women. Apart from the employment opportunity the company offers cutting edge training on financial literacy to all those who are employed so that they can offer to our customers too.

01.04 Please describe who exactly your startup’s product/service is aimed at serving. Who are the targeted beneficiaries?

Our primary consumers are those who are unable to obtain larger loans from banks due to a lack of financial identity. This includes records of their savings and expenditures, which banks and financial institutions use to calculate credit scores before authorizing loans. Despite having the capacity to start and manage a small business, they are unable to obtain small loans from other mobile lenders due to the high cost of loans offered and this is where our company comes in. Our primary competitors therefore, are mobile lending companies . Compared to other financial lenders, we are still establishing ourselves as a financial institution, but over the last two years, we have recognized significant potential and a large market for ourselves. Our company has placed more emphasis on providing great customer service, which is missing in current mobile lenders that employ threats and intimidation to collect back loans.

01.05 When was your company established?

2022-03-23

01.06 Are you already selling your product/service?

Yes

01.07 How many other owners are there within your startup?

5

01.08 Among the other owners, how many are female?

2

01.09 Please describe the profile of the other owners within your startup (skills, experience, etc.)

We have credit manager working with Co-operative bank Kenya. He oversees the credit risk assessment process, manages credit portfolios, and ensures prudent lending practices in accordance with company policies and regulatory requirements. The other person is Loan supervisor she has experience in finance and she works as loan administrator. We also have sales representative. The Sales Representative is responsible for promoting financial products and services, acquiring new clients, and maintaining relationships to drive revenue growth.

01.10 If you have a website, a social media page (Facebook, Instagram, Linkedin…), or app, please provide the link(s) here:

http://renestharakaloans.sportbikeskenya.com/access.php

01.11 Which industry best describes your project?

g) Financial services

02.01.01 My startup contributes to the No poverty goal

7 - Strongly Agree

02.01.02 No poverty - Justification for my startup

Our primary consumers are those who are unable to obtain larger loans from banks due to a lack of financial identity. This includes records of their savings and expenditures, which banks and financial institutions use to calculate credit scores before authorizing loans. Despite having the capacity to start and manage a small business, they are unable to obtain small loans from other mobile lenders due to the high cost of loans offered and this is where our company comes in. Our loan facility is able to help those customers especially at the base of the pyramid to get financial assistance that is cheap and affordable to help them in managing their businesses. This has really helped many to be independent financially which has significantly improved the lives of our customer through financial empowerment.

02.02.01 My startup contributes to the Zero hunger goal

7 - Strongly Agree

02.02.02 Zero hunger - Justification for my startup

We consider offering financial products tailored to small-scale farmers and agricultural businesses. Since our loans come with favorable terms, they will be used for purchasing equipment, seeds, or investing in sustainable farming practices. We also consider providing microfinance services specifically designed for farmers in developing regions. These services could help farmers access capital for agricultural inputs, such as seeds, fertilizers, and irrigation systems, ultimately increasing productivity and food security. We will Facilitate financing along agricultural value chains to support smallholder farmers and agribusinesses. This could involve providing working capital to suppliers, distributors, or food processors, thereby strengthening the entire agricultural ecosystem.

02.03.01 My startup contributes to the Good health and well-being goal

5

02.03.02 Good health and well-being - Justification for my startup

First of all, we have developed financial products and services tailored to support healthcare access and affordability. This could include healthcare loans to help individuals and families cover the costs of medical care, medications, and preventive services. We also intend to forge partnerships with local healthcare providers, community clinics, and public health organizations to support community health initiatives. By working together with stakeholders at the grassroots level, you can address the unique health needs and challenges faced by different communities and populations. We have also implemented employee health and wellness programs within our organization to promote the well-being of your workforce. Offer benefits such as mental health support services and access to fitness facilities to foster a healthy and productive work environment.

02.04.01 My startup contributes to the Quality education goal

5

02.04.02 Quality education - Justification for my startup

We have developed financial products tailored to support education, such as student loans. These products have helped individuals access quality education at all levels, from primary school to higher education. Forge partnerships with schools, especially high schools, to offer financial aid packages or tuition assistance programs for students. Currently, we have students who are benefiting from the program by paying tuition fees. We will also collaborate with educational institutions to help ensure that financial support reaches those who need it most and promotes access to quality education for all. Our company has plans to engage in community outreach initiatives to raise awareness about the importance of education and lifelong learning. Participate in educational events, volunteer programs, and mentorship opportunities to inspire individuals of all ages to pursue continuous learning and personal development.

02.05.01 My startup contributes to the Gender equality goal

6

02.05.02 Gender equality - Justification for my startup

We have ensured that our financial products and services are accessible to women, including savings accounts, loans, and investment opportunities. Implement inclusive loan practices that address the specific needs and preferences of female clients, such as flexible repayment schedules or gender-sensitive customer service. We also provide tailored financial support and resources for women entrepreneurs to start and grow their businesses. This includes small business loans, networking opportunities, and access to business development services. Supporting women-led businesses not only drives economic growth but also promotes gender equality in the workforce. We also intend to implement gender equality policies and practices within our organization to create a supportive and inclusive work environment for all employees. This includes promoting equal pay for equal work, offering parental leave and flexible work arrangements, and actively addressing gender bias and discrimination.

02.06.01 My startup contributes to the Clean water and sanitation goal

6

02.06.02 Clean water and sanitation - Justification for my startup

We plan to support community-based water management initiatives that empower local communities to take ownership of their water resources and sanitation facilities. Provide funding for community-led projects, capacity-building workshops, and participatory decision-making processes to ensure sustainable water governance and management practices. We will also partner with schools, community organizations, and local authorities to promote water and sanitation education programs. Support initiatives that raise awareness about the importance of clean water, proper sanitation practices, and hygiene behaviors to prevent waterborne diseases and improve public health outcomes. Lastly, we intend to promote water efficiency and conservation measures by offering financing for water-saving technologies such as drip irrigation systems, water-efficient appliances, and greywater recycling systems.

02.07.01 My startup contributes to the Affordable and clean energy goal

4

02.07.02 Affordable and clean energy - Justification for my startup

02.08.01 My startup contributes to the Decent work and economic growth

7 - Strongly Agree

02.08.02 Decent work and economic growth - Justification for my startup

We support SMEs by providing them with tailored financial products and services that enable them to grow and create jobs. Additionally, our microfinance and microloan services empower underserved individuals to start and expand their businesses, fostering financial inclusion and entrepreneurship. We plays a significant role in job creation by expanding our operations and investing in various projects. We ensure that our employment practices promote decent work conditions, including fair wages, safe working environments, and opportunities for professional development. Our inclusive financial services are designed to meet the needs of women, minorities, and other underserved groups, promoting economic participation and equality.

02.09.01 My startup contributes to the Industry innovation and infrastructure

4

02.09.02 Industry innovation and infrastructure - Justification for my startup

02.10.01 My startup contributes to the Reduced inequalities goal

7 - Strongly Agree

02.10.02 Reduced inequalities - Justification for my startup

We develop financial products that are accessible to underserved populations, including low-income individuals, rural communities, and marginalized groups. Our microfinance services empower small entrepreneurs who lack access to traditional banking, while our mobile banking solutions extend our reach to remote areas, ensuring that everyone has access to financial services. Our inclusive financing policies target investments in sectors that create jobs and opportunities for disadvantaged groups. Through impact investing, we direct funds towards projects that achieve social and economic benefits, such as affordable housing and education. We adhere to fair lending practices to ensure equal access to financial resources for all. One of our key initiatives was the launch of a microfinance program in a rural region, which provided small loans to over 1200 local entrepreneurs, leading to the creation of hundreds of jobs and significant economic upliftment in the area.

02.11.01 My startup contributes to the Sustainable cities and communities goal

4

02.11.02 Sustainable cities and communities - Justification for my startup

02.12.01 My startup contributes to the Responsible consumption and production goal

4

02.12.02 Responsible consumption and production - Justification for my startup

02.13.01 My startup contributes to the Climate action goal

4

02.13.02 Climate action - Justification for my startup

02.14.01 My startup contributes to the Life below water goal

4

02.14.02 Life below water - Justification for my startup

02.15.01 My startup contributes to the Life on land goal

4

02.15.02 Life on land - Justification for my startup

02.16.01 My startup contributes to the Peace Justice and Strong Institutions goal

4

02.16.02 Peace Justice and Strong Institutions- Justification for my startup

02.17.01 My startup contributes to the Partnerships for the goal

6

02.17.02 Partnerships for the goal - Justification for my startup

We offer training and education programs to build capacity in financial literacy, sustainable business practices, and impact investing. We aim to establish knowledge hubs that provide resources, research, and data on sustainable development and finance. We also organize workshops, seminars, and conferences to facilitate knowledge exchange and collaboration among stakeholders. Utilizing fintech solutions, we increase financial inclusion by making financial services more accessible and affordable, particularly in underserved regions.

06.01 There are a large number of customers who already use a product/service very similar to the product/service we envision creating.

7 - Strongly Agree

06.02 The product/service represents an entirely new type of product/service.

4

06.03 The product/service could be described as a new technology.

4

06.04 The product/service is an improvement on an existing product or service.

7 - Strongly Agree

06.05 The product/service could be described as an extension of a range of products or services.

6

06.06 The product/service responds to a demand or need that has not been satisfied by other products/services.

7 - Strongly Agree

06.07 The product/service is a new version of an old product/service.

4

06.08 Justification for my startup

Many small businesses struggle with cash flow management due to the inflexibility and high cost of traditional financing options. Current solutions often lack the speed and customization needed to address real-time financial needs. We are introducing FinFlow, a real-time cash flow management and financing platform designed specifically for small businesses. We also offer instant, customized financing options based on real-time data, allowing businesses to access funds within minutes. Our platform is designed to scale with the growth of small businesses, with plans to expand into new markets.

06.09 Competitive Analysis

Our primary consumers are those who are unable to obtain larger loans from banks due to a lack of financial identity. This includes records of their savings and expenditures, which banks and financial institutions use to calculate credit scores before authorizing loans. Despite having the capacity to start and manage a small business, they are unable to obtain small loans from other mobile lenders due to the high cost of loans offered and this is where our company comes in. Our primary competitors therefore, are mobile lending companies such as Tala and Branch. Compared to other financial lenders, we are still establishing ourselves as a financial institution, but over the last one year, we have recognized significant potential and a large market for ourselves. Our company has placed more emphasis on providing great customer service, which is missing in current mobile lenders that employ threats and intimidation to collect back loans. The potential market share is expected to be 10m

11.05 Are you initiating actions within your community to promote the role of female entrepreneurs?

Yes, currently we have recruited 4 female employees in our company which is offering direct benefit in terms of education.