KCB INTRODUCES DISCOUNTED FINANCING FACILITY

KCB introduces discounted financing facility to boost KCB MSME
customers whose operations have been adversely affected by COVID-19.

By Ednah Kiarie

Micro, small and medium enterprises experiencing disrupted cash flows

will be able to access both secured and unsecured financing for

acquisition of trading assets and working capital to support business

activities and preserve jobs by strengthening their resilience in the

long-term. The facility has also been discounted to cushion the MSMEs

from the negative effects of Covid-19.

“We are working hard to impel economic recovery with a focus on

business enterprises. 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

KShs.100,000 to KShs.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.

The credit line has been contributing to the economic growth of the

Kenyan economy by helping develop green lending and creating

employment, especially for women-owned businesses.

KCB also has a wide range of SME loan products which include long term

and short-term SME loans, temporary and permanent overdraft facilities,

learning institutions loans, and dealer & Mpesa loans. KCB also extends

Asset-based finance facilities and Insurance Premium Financing.

Interested parties should walk into any KCB branch and will be assisted

by any KCB Relationship manager throughout the application process.

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