During the current economic crisis brought about by the Corona Virus, Stanbic Bank has shown leadership by offering Small and medium sized enterprises a three-month repayment break. This will help the SMEs cushion themselves against the economic disruptions brought about by the pandemic.
The offer is effective April 1, meaning that the SMEs will be required to resume repayments in July. At the same time, the bank has advised large corporate customers to contact it for assessment and restructuring of their loans based on their respective industry circumstances.
The move came after the Central Bank of Kenya (CBK) directed SMEs to contact their banks for assessment and restructuring of loans based on their circumstances. The lender becomes the first to offer a definite period within which SMEs will not be required to service their loans.
Stanbic Bank CEO Charles Mudiwa, had this to say, “The reality is that SMEs are going through a tough period. We are therefore committed to unlocking new solutions to allow them to continue to run their businesses efficiently.”