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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