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Medical Credit Fund Partners with FACTS

FACTS AFRICA launched a partnership with PharmAccess Group’s Medical Credit Fund on 19 April 2018. Together, these organizations will be able to finance more small-to-medium-enterprises. Today, we will be taking a closer look at the first loan this partnership was able to set out: a five million Ksh loan to the Ruai Family Hospital.

  • Apr 30, 2018
FACTS launched a partnership with PharmAccess Group’s Medical Credit Fund on 19 April 2018. FACTS is a Supply Chain Finance company providing short-term working capital to SMEs that have limited access to finance from mainstream Financial Institutions. Together, these organizations will be able to finance more small-to-medium-enterprises. Today, we will be taking a closer look at the first loan this partnership was able to set out: a five million Ksh loan to the Ruai Family Hospital.

For more information about FACTS click here.

“[I want] to serve the greater community”

 

Dr. Maxwell Okoth started the Ruai Family Medical Centre in Nairobi in 2012. Dr Okoth wanted to open a healthcare facility in Ruai, a peri-urban center in the furthest eastern part of Nairobi, because “there are only a few professionally run facilities in Ruai.” This is probably why most of his clients have transferred from other facilities, and why his patient numbers have steadily increased over the years to an approximate 100 patients a day. The Ruai Family Medical Centre is a one-stop shop for a wide variety of patients, 65% of which belong to the middle class and 35% of which belong to the low-income demographic. The facility offers outpatient such as dental services, ultrasounds and x-ray services. Medical Credit Fund is already well acquainted with Ruai Family Medical Centre. Dr. Okoth received an entry loan in 2013 of 300,000 Ksh to renovate his facility and cover other necessary expanses and received a second loan of 3 million Ksh to buy a fully furnished ambulance. Dr. Okoth wanted to purchase an ambulance to “serve the greater community since there is no standby ambulance in the area to respond to emergencies.” Besides these long-term loans, the Ruai Family Medical Centre received two cash advances to pay bills and expenses on time and manage stock and cash flow more efficiently. In 2015 Dr. Okoth had a clear vision “for the future of my health facility, and I dream of expanding my facility to a full-fledged hospital”. And this year, his health facility was granted the status of Hospital.

 

“I dream of expanding my facility to a full-fledged hospital”

 

In short, Ruai Family Hospital was the perfect candidate for a first loan. Throughout the years, Ruai Family Medical Centre has proven itself to be a reliable financial partner, to be driven as they have made great strides, and to be conscious of its surroundings and their needs. This injection of funds will enable Ruai Family Hospital to continue to serve the community, to expand its efforts, and to keep its operations shipshape. We are proud to be a part of this transaction and wish Ruai Family Hospital all the best in their future endeavors.

 

Dr Maxwell Okoth receiving the 5 million Ksh loan from Medical Credit Fund and FACTS AFRICA.