KCBĀ introduces discounted financing facility to boost KCB MSME customers
New Post has been published on https://newscheckz.com/kcb-introduces-discounted-financing-facility-to-boost-kcb-msme-customers/
KCBĀ introduces discounted financing facility to boost KCB MSME customers
Ā Micro, small and medium enterprisesĀ experiencing disrupted cash flows will be able to access both secured and unsecuredĀ financing for acquisition of trading assets and working capitalĀ to supportĀ business activities and preserveĀ jobsĀ byĀ strengthening their resilience in the long-term.Ā
The facility has also been discounted to cushion the MSMEs from the negative effects of Covid-19.
āWe are working hard to impel economic recovery with a focus on businessĀ enterprises.Ā Ā
This facility will enable these MSMEsĀ to restart and rebuild as the pandemic-related restrictions continue to be lifted and recovery persists,ā said Annastacia Kimtai, Director Retail, KCB Bank Kenya.
āThese 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.ā
The beneficiaries will receiveĀ financing solutionsĀ ranging between KShs.100,000 to KShs.5 million and payable withinĀ 36Ā months.
The business must be a KCB bank account holder and must have been in existence for at least six months.
MSMEsĀ who take up the facility will also receiveĀ non-financialĀ servicesĀ in terms of advisoryĀ provisionsĀ and trainingĀ sessionsĀ on howĀ to navigateĀ throughĀ the prevailing market disruptions.
āWeĀ recognize the potential MSMEs have on the economic growth in Kenya and that is why the Bank takes a keen interest to support the sector.Ā
We have been working with the county governments to provide facilitiesĀ to enterprises and cooperative societies whose businesses have been affected by the slowdown in business operations.āĀ Annastacia noted.Ā āSo far we have partnered with Laikipia and Kiambu County governments.ā She said.
In October 2020, KCB also received approval for US$150 million, from the International Finance Corporation (IFC) as a lead syndicator, to support the growth of the Bankās 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.Ā
KCB also 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 dealer & Mpesa 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.
