By Shadrack Nyakoe
Kenya National Chamber of Commerce and Industry (KNCCI) and Equity Bank have signed an MoU that has seen Equity Bank set aside Ksh.200 billion for KNCCI members to access as loans.
The cash is part of the post Covid-19 financial support for businesses.
At least 3 million enterprises will access credit to boost their businesses.
Speaking at the event, KNCCI President Richard Ngatia, emphasized that the partnership will see both parties support the development of businesses.
“Chamber members across the country have a reason to be happy. We have made the conscious decision to walk the journey with them and support them when they need us most. By partnering with Kenya’s largest bank , we are increasing opportunities for our members and giving them access to Equity’s resources in terms of manpower, financial resources and a comprehensive training curriculum that will see their businesses grow,” said Mr. Ngatia.
Equity Group Chief Commercial officer Polycarp Igathe said that the Bank is committed to support local businesses to survive, recover, and thrive post Covid-19 pandemic.
“In line with our vision of transforming lives, giving dignity and expanding opportunities for wealth creation, we want SMEs in Kenya to grow and rise above the economic challenges brought about by Covid-19,” he said.
The partnership targets SMEs operating in key sectors of the economy including education, agriculture, and agribusiness.
The two parties will establish committees in all the 47 counties that will spearhead the training and lending to SMEs in an effort to solve the mismatch in financial inflows and outflows resulting in improved industry performance, increased job creation and increased financial literacy in Kenya.
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