KCB Bank Kenya Limited MSME customers in need of cheap loans to help address their cash flow challenges have a sigh of relief after the lender announced a discounted loan facility for them.
“This facility will enable these MSMEs to restart and rebuild as the pandemic-related restrictions continue to be lifted and recovery persists,” said Annastacia Kimtai, Director Retail, KCB Bank Kenya.
“These business enterprises are the lifeblood of our economy; we are going the extra mile to ensure they are adequately financed to weather these testing times and contribute to economic recovery and growth.”
The beneficiaries will receive financing solutions ranging between KSh 100,000 to KSh 5 million and payable within 36 months.
The business must be a KCB bank account holder and must have been in existence for at least six months. MSMEs who take up the facility will also receive non-financial services in terms of advisory provisions and training sessions on how to navigate through the prevailing market disruptions.
“We recognize the potential MSMEs have on the economic growth in Kenya and that is why the Bank takes a keen interest to support the sector. We have been working with the county governments to provide facilities to enterprises and cooperative societies whose businesses have been affected by the slowdown in business operations.” Annastacia noted.
“So far we have partnered with Laikipia and Kiambu County governments,” She said.
In October 2020, KCB also received approval for US$150 million, from the International Finance Corporation (IFC) as a lead syndicator, to support the growth of the Bank’s sustainable climate finance portfolio and scale-up lending to micro, small and medium enterprises including women-owned businesses.
