This archive report was first published on 26 June 2020.
On June 17th, 2020, KCB Bank Kenya and the County Government of Laikipia signed a partnership agreement to support MSMEs in the county. The agreement saw KCB set aside Sh2 billion to provide affordable loan facilities to businesses affected by the COVID-19 pandemic.
Under the arrangement, the County Government will pay part of the interest while business entities and cooperative societies pay the balance. The fund targets existing MSMEs in Laikipia County, where entrepreneurs will be financed based on their ability to pay.
Laikipia County is home to 20,846 SMES, according to a 2019 survey. The county's favorable business environment has contributed to the growth of businesses within the county, creating employment opportunities for residents.
Two notable success stories in Laikipia County are Sagak Enterprises and Laikipia Vision tailors. Sagak Enterprises, founded by Samuel Njogu, has thrived in the county, thanks to support from the Laikipia Innovation and Enterprise Development Program. The program, initiated by Governor Ndiritu Muriithi, has enabled Njogu to mass-produce his BJ 50 tuk tuk model.
Laikipia Vision tailors, a group of tailors from various parts of the county, has also made a significant impact. Through the Laikipia Innovation and Enterprise Development Program, the group's chairman, Mr. Peter Kimani, received training on mask-making. They have since mass-produced masks for Laikipia County and other counties, creating employment opportunities indirectly.
The partnership between KCB Bank and Laikipia County aims to support the growth of MSMEs in the county, which has been largely affected by the COVID-19 pandemic. The funding will enable businesses to expand and increase employment opportunities for the people of Laikipia County.
