KCB Group has set aside at least Ksh 800 million to support Micro, Small and Medium Enterprises and cooperatives in Nakuru County, Kenya’s 4th City.
This is through a partnership with the Nakuru County government which has also set aside KSh52 million as interest subsidy and credit guarantee.
In this case, the County Government will pay part of the interest (5 per cent) while business owners and/or cooperative societies will pay the balance of 7.5 per cent.
KCB will in turn provide affordable facilities to the enterprises and cooperative societies that have been affected by the pandemic.
“We want to support the businesses as they push for recovery from the effects of the pandemic. We are deliberate in our effort to be the ‘partner kwa ground’ for MSMEs across the country. We believe that the support given will go a long way to benefit the livelihoods of our people and our economy as a whole,” said KCB director retail, Annastacia Kimtai.
“The interest sharing and guarantee model is one of the innovative ways the bank has developed to facilitate credit to catalyse the business growth of the entrepreneurs and enable economic recovery. We know that small businesses are most at risk from the economic disruption posed by the global outbreak of coronavirus. It is only through strategic partnerships including with county governments that we can support businesses to weather this crisis,” she added.
Beyond the funding, KCB will also support entrepreneurs through its social investment arm KCB Foundation where through the 2iajiri programme, it will provide youths with skills training and business development support to grow their businesses.