Sidian Bank has secured KSh500 million ($5 million) from African Guarantee Fund (AGF) to support the growth of Kenyan SMEs.
The Guarantee line will be in place for a period of 4 years commencing 2021.
AGF Loan Portfolio Guarantee will enable Sidian Bank to scale up its lending activities to Small and Medium-sized enterprises through the provision of credit facilities.
Speaking at the signing ceremony the CEO of Sidian Bank Mr Chege Thumbi said, “This last year (2020) has been particularly difficult for SMEs, having to grapple with a lot of uncertainty. We expect that this guarantee facility and our other financial solutions will provide much-needed support to business owners and enable them to emerge stronger.”
African Guarantee Fund’s objective is to support Small and Medium-sized Enterprises (SMEs), to play their role of engine drivers of growth.
By closing the greatest obstacle, which is the financing gap, AGF enables SMEs to increase sustainable growth and to be a source of employment, skills and wealth creation. In turn, this serves to reduce poverty throughout the continent.
"AGF is very proud to partner with @SidianBank, which has long demonstrated commitment to empower #entrepreneurs through provision of transformational #financialsolutions. Our partnership goes beyond the financial impact and will ensure #socialimpact is attained." Jules Ngankam pic.twitter.com/ShOCXz1RF1
— AfricanGuaranteeFund (@AGF_Group) July 14, 2021