KCB Bank MSME customers to enjoy discounted facility to help address cashflow challenges

KCB introduced discounted financing facility to boost KCB MSME customers whose operations have been adversely affected by COVID-19.

Micro, small and medium enterprises experiencing disrupted cash flows will be able to access both secured and unsecured financing for acquisition of trading assets and working capital to support business activities and preserve jobs by strengthening their resilience in the long-term. The facility has also been discounted to cushion the MSMEs from the negative effects of Covid-19.

“We are working hard to impel economic recovery with a focus on business enterprises. This facility will enable these MSMEs to restart and rebuild as the pandemic-related restrictions continue to be lifted and recovery persists,” said Annastacia Kimtai, Director Retail, KCB Bank Kenya.

“These business enterprises are the lifeblood of our economy; we are going the extra mile to ensure they are adequately financed to weather these testing times and contribute to economic recovery and growth.”

The beneficiaries will receive financing solutions ranging between KShs.100,000 to KShs.5 million and payable within 36 months. The business must be a KCB bank account holder and must have been in existence for at least six months.

MSMEs who take up the facility will also receive non-financial services in terms of advisory provisions and training sessions on how to navigate through the prevailing market disruptions.

“We recognize the potential MSMEs have on the economic growth in Kenya and that is why the Bank takes a keen interest to support the sector. We have been working with the county governments to provide facilities to enterprises and cooperative societies whose businesses have been affected by the slowdown in business operations.” Annastacia noted. “So far we have partnered with Laikipia and Kiambu County governments.” She said.

In October 2020, KCB also received approval for US$150 million, from the International Finance Corporation (IFC) as a lead syndicator, to support the growth of the Bank’s sustainable climate finance portfolio and scale-up lending to micro, small and medium enterprises including women-owned businesses.

The credit line has been contributing to the economic growth of the Kenyan economy by helping develop green lending and creating employment, especially for women-owned businesses.

KCB also has a wide range of SME loan products which include long term and short-term SME loans, temporary and permanent overdraft facilities, learning institutions loans, and dealer & Mpesa loans. KCB also extends Asset-based finance facilities and Insurance Premium Financing.

Interested parties should walk into any KCB branch and will be assisted by any KCB Relationship manager throughout the application process.