An estimated 3,000 small-scale businesses that are members of the Kenya National Chamber of Commerce and Industry (KNCCI) are set to access loans of between Kes10 million and Kes500 million to help them recover from multiple economic shocks.
The move follows the signing of a partnership between the Kenya Development Corporation (KDC) and the Kenya National Chamber of Commerce and Industry (KNCCI) to foster financial access to enterprises ,since their MoU signing in June 2022.
KNCCI President Richard Ngatia said the agreement formalizes the mutual interaction and strengthens the existing relationship between KDC and KNCCI at the strategic and working level and will see enterprises access long-term loans.
Ngatia said the engagement will catalyze enterprises to recover from multiple shocks that have hit businesses in the past three years including the lasting impacts of the Covid-19 pandemic, the war in Ukraine, and low productivity in agriculture arising from adverse effects of climate change.
“I wish to emphasize on the importance of this event as a strategic opportunity for businesses to acquire key information on products available, investment opportunities and the know-how on harnessing the financing opportunities availed to create more wealth and grow their businesses,” KNCCI President Richard Ngatia said.
The partnership will also encompass access to business opportunities and information-sharing forums between KDC and KNCCI members.
As the economy begins to recover from the adverse impacts of the pandemic, Ngatia said that ,KNCCI, is positioning itself to support private-sector businesses, reduce barriers to private investment, and increase support to enterprises while exploring strategic partnerships.