The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity have signed an MOU that has seen the bank set aside Ksh 200 billion for chamber’s members to access as part of the post COVID-19 financial support for businesses.
The partnership will see the two institutions provide a financial and training framework to a potential 3 million enterprises hence increasing their financial inclusion, access to credit and capacity building. They will also undertake joint activities to empower businesses countrywide financially and help them build their capacity through programs aligned to business operations development which include training and capacity building through enhanced coaching and business mentorship.
The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness, the health and the manufacturing sector as well as target women and youth entrepreneurs in the country. Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three years on their loan facilities.
Equity and KNCCI County Chapters in all 47 counties will establish working committees 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 creating and increased financial literacy in Kenya.
Equity Group Chief Commercial Officer Polycarp Igathe, had this to say, “In line with our purpose of transforming lives , giving dignity and expanding opportunities for wealth creation, we want to see SMEs in Kenya grow and rise above the economic challenges brought about by COVID-19. This partnership will see Equity customers and KNCCI members benefit from access to credit facilities, training, business development, mentorship and coaching thus resulting in enterprise and overall industry growth.”