KCB aims to Spend Kes.800m to Cushion MSMEs

KCB aims to Spend Kes800m to Cushion MSMEs in Nakuru County

BQ Reporter January 10, 2022

KCB in partnership with Nakuru county is targeting to revive thousands of Small and Medium Enterprises (MSMEs) and cooperatives in the County that were hit by the effects of the Covid-19 pandemic through a Ksh 800 million fund set up by the lender.

Nakuru county has set aside Ksh 52 million as interest subsidy and credit guarantee, and is set to pay 5% of the interest while business owners and cooperative societies will pay the balance of 7.5 percent.

The lender 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.

Commenting on the patnership, the Nakuru county governor noted that the partnership speaks directly to the core of the county’s economy – MSMEs as it is a main driver of the country’s economy hence requires to be fully supported.

KCB also partnered with Laikipia County to cushion (MSMEs) in the county against the effects of covid-19 by setting up a Ksh 2 billion fund.

Beyond the funding, KCB will also support entrepreneurs through its social investment arm KCB Foundation where through the 2jiajiri programme, it will provide youths with skills training and business development support to grow their businesses.