Businesses & Financial News

Nakuru: KCB targets small traders in a Sh0.8Billion kitty

By Monica Muema

KCB Bank Kenya has set aside at last Sh800 million to support thousands of Micro, Small and Medium Enterprises (MSMEs) and cooperatives in Nakuru County to help them weather the effects of the COVID-19 pandemic.

This follows the signing of a partnership agreement between the County Government of Nakuru and the Bank on Friday.

Under the arrangement, 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 KShs.52 million as interest subsidy and credit guarantee.

In this case, the government will pay part of the interest (5%) while business owners and/or cooperative societies will pay the balance of 7.5%.

“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.

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