KCB has introduced a financing facility to boost its SME customers whose operations have been adversely affected by the COVID-19 global crisis.
Micro, Small and Medium Enterprises (MSMEs) experiencing disrupted income systems will be able to access both secured and unsecured financing for acquisition of trading assets and working capital. This capital will be used to support business activities and preserve jobs by strengthening their resilience.
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 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. 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,” said Annastacia Kimtai, Director Retail, KCB Kenya.
In October 2020, KCB received approval for Ksh.15 billion (USD 150 million), from the International Finance Corporation (IFC), as a lead syndicator. The funds received were purposed 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 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 mobile money 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.