Bank sets ksh 2 billion aside to support businesses

KCB Group

Kenya Commercial Bank (KCB) announced Friday setting aside a total sum of ksh 2 billion to support Micro, Small and Medium Enterprises (MSMEs)  in Laikipia County.

In partnership with the Laikipia County Government, the lender will provide affordable business loans to qualified traders to help them sail through the ongoing Coronavirus pandemic causing businesses to collapse.

In the partnership, the Laikipia County Government agreed to help in paying part of the interest against the loans given to the traders. The entrepreneurs will then clear the balance.

This is a commendable move by the bank and the county government. It will ensure business continuity which was at risk. The Central Bank already announced a prediction last month that over 75 per cent of small businesses risk collapsing in the near future due to the negative effects of the virus.

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