Equity, trade chamber unveil Sh200bn kitty for SMEs - Beaking Kenya News

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Wednesday, 14 October 2020

Equity, trade chamber unveil Sh200bn kitty for SMEs

 

The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity  Bank have signed a Sh200 billion  funding deal for local businesses. 


The money is available to KNCCI members as part of the post Covid-19 financial support.


The two institutions will provide a financial and training framework to a potential three million enterprises. hence increasing their financial inclusion, access to credit and capacity building.


Both parties will undertake joint activities to empower businesses countrywide financially and to build their capacity.


 KNCCI President Richard Ngatia said the partnership will see both Equity and KNCCI work together to develop financial solutions that will address the needs of Kenyan businesses and entrepreneurs.


“Chamber members across the country now have a reason to be happy. We have made the conscious decision to walk the journey with them and to support them when they need us the most," Ngatia said.


Equity Group Chief Commercial Officer Polycarp Igathe said the bank is committed to supporting local business to survive, recover and thrive post Covid-19.


“In line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation, we want to see SMEs in Kenya grow and rise above the economic challenges brought about by Covid-19," Igathe said.


The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness, the health sector and the manufacturing sector.


It also aims to support  women and youth entrepreneurs.


Businesses will benefit from competitive interest rates and flexible repayment periods of up to three years on their loans


Equity and KNCCI County Chapters in all 47 counties will establish working committees that will spearhead the training and lending to SMEs.

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