KCB Bank has set aside about Ksh. 800 million to support thousands of MSMEs and cooperatives in Nakuru County to help them weather the effects of the COVID-19 pandemic. This is in partnership with the County Government of Nakuru. The fund targets existing MSMEs in Nakuru County where entrepreneurs will be financed according to their ability to pay based on their cash flows.
Under the partnership, KCB will provide affordable facilities to enterprises and cooperative societies whose businesses have been affected by the outbreak. In the arrangement, the County Government has set aside Ksh. 52 million as interest subsidy and credit guarantee. In this case, the government will pay 5% part of the interest while business owners and/or cooperative societies will pay the balance of 7.5%. Beyond the funding, KCB will support entrepreneurs through its social investment arm KCB Foundation where through the 2jiajiri programme, it will provide youths with skills training and business development support to grow their businesses.
“We want to support the businesses as they push for recovery from the effects of the pandemic. We are deliberate in our effort to be the ‘partner kwa ground’ for support towards MSMEs across the country. We believe that the support given will go long way to benefit the livelihoods of our people and our economy as a whole,” said KCB Bank Director Retail Annastacia Kimtai.
Also speaking at the launch ceremony, Nakuru County Governor, H.E Hon Lee Kinyanjui said, “We are keen on this partnership as it speaks directly to the core of our economy- MSMEs. The country is aligned to the fact that this segment is what drives the economy and therefore requires to be fully supported.”