The Kenya National Chamber of Commerce and Industry has partnered with Equity Bank to help business people affected by Covid -19.
The businesses will get affordable loans.
According to the plan, Equity bank will provide financial education before offering loans from sh.1000 to sh.10 Million.
The first Vice President of the Chamber Erick Ruto said sh.200 billion has been allocated for the purpose.
Addressing the press in Kitale on Monday, Ruto said the bank will issue loans at an interest rate of between 8 percent and 9 percent to members who will prove that they incurred losses due to Covid- 19.
“We have also secured sh.600 million grant from the MasterCard foundation which will also be issued to our members upon proving they have been the organization’s members for the past one year” said Ruto.
He added that the Chamber has exerted pressure on counties with huge pending bills to pay suppliers.
Ruto said they have already signed an MOU with the council of governors to ensure contractors at county governments are paid on time.
“Currently, most of the suppliers and contractors have been paid their pending bills, let those who have not been paid write to us for immediate intervention” added Ruto.
The briefing was attended by regional director Stanley Basikwany, Trans Nzoia chairman Martin Waliaula among other leaders.
Basikwany asked the government and Banking institutions to use local contractors in their respective areas for supplies and service delivery instead d of using those in Nairobi and those from outside the Country.
This he said will help empower the locals financially to boost their livelihoods.
Waliaula lauded the government’s directive to source masks from locals.
He said the process of testing the quality of the masks at KEBS is at an advanced stage and that he is impressed by the fact that traders from Kitale region are among those whose products were being considered.
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