This archive report was first published on 17 June 2020.
On June 17, 2020, KCB Bank Kenya announced a Sh2 billion support package for thousands of Micro, Small and Medium Enterprises (MSMEs) in Laikipia County, aimed at mitigating the economic impact of the COVID-19 pandemic.
Under a partnership agreement signed with the County Government of Laikipia, KCB will provide affordable facilities to affected enterprises and cooperative societies. The County Government will cover part of the interest, while business owners and cooperative societies will pay the balance.
According to KCB Group Chief Operating Officer Samuel Makome, the 'interest sharing and guarantee model' is an innovative approach to facilitate credit and catalyze business growth among entrepreneurs.
Laikipia County Governor Hon. Ndiritu Muriithi welcomed the move, describing it as a significant boost to stimulate economic recovery in the county.
The partnership aims to provide existing MSMEs in Laikipia County with financing based on their ability to pay, using their cash flows as a basis. The County Government will also develop policies and structures to support the utilization and sustainability of the fund.
