Kenya National Chamber or Commerce and Industry, Equity sign Memorandum of Understanding to offer Ksh. 200 billion to Kenyan businesses
Nairobi Tuesday 13 October 2020,
The Kenya National Chamber of Commerce and Industry (KNCCI) and Equity have signed an MOU that has seen Equity set aside Ksh 200 billion for KNCCI members to access as part of the post COVID-19 financial support for businesses
The partnership will see the two institutions provide a financial and training framework to a potential 3 million enterprises hence increasing their financial inclusion,access to credit and capacity building
Under the agreement, both parties will undertake Joint activities to empower businesses countrywide financially and to build their capacity through programs aligned to business operations development which include training and capacity building through enhanced coaching and business mentor-ship.
Speaking during the signing ceremony KNCCI President Richard Ngatia emphasized that the partnership will see both Equity and KNCCI work together to support the development of financial solutions that will address the needs of Kenyan businesses and entrepreneurs
‘Chamber members across the country now have a reason to be happy We have made the conSC1ous decision to walk the journey with them and to support them when they need us the most By partnering with Kenya’s largest bank, we are increasing opportun1Ues for our members. and giving them access to Equity’s resources 1n lerms or manpower financial resources and a comprehensive training curriculum that will see their business grow •
Commenting on the partnership, Equity Group Chief Commercial Officer Polycarp lgathe said that the Bank is committed to supporting local business to survive, recover and thrive post COVID-19 and to help them create more jobs.
‘In line with our purpose of transforming lives , giving dignity and expanding opportunities for the creation.we want to see SMEs in Kenya grow and rise above the economic challenges b’o.ght about by COVID-19. This partnership will see Equity customers and KNCCI members benefit from access to credit facilities, training, business development. mentorship and coaching thus resulting in enterprise and overall industry growth •
The partnership will target SMEs operating within key sectors of the economy including education, agriculture and agribusiness, the health sector and the manufacturing sector as well as target women and youth entrepreneurs in the country Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three (3) years on their loan facilities.