The Kenya National Chamber of Commerce and Industry and Equity Bank have formed a partnership that will see the financial institution set aside Sh200 billion for the chambers to access as part of the post-COVID-19 financial support for businesses.
Under the MoU, the two institutions will provide financial and training framework to a potential 3 million enterprises.
KNCCI President Richard Ngatia said the partnership will see the two institutions work together to support the development of financial solutions in a bid to address the needs of Kenyan businesses and entrepreneurs.
“Chamber members across the country now have a reason to be happy.
Speaking during the signing ceremony, Equity Group Chief Commercial Officer Polycarp Igathe said the bank is committed to supporting local business to survive, recover and thrive post-COVID-19 and to help them create more jobs.
The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness.
Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three years on the loan facilities.
“In line with our purpose of transforming lives, giving dignity and expanding opportunities for wealth creation,” Igathe said.
“We want to seem SMEs in Kenya grow and rise above the economic challenges brought by COVID-19.”
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