The Governor of Meru County Kiraitu Murungi accompanied by Deputy Governor Titus Ntuchiu and top County Government officials has today, in an event graced by CAS for Trade Industrialization and Enterprise Development Hon. Lawrence Karanja, signed an MoU with CFC Stanbic Bank Kenya to provide small business owners and SMEs capital/credit at low interest rates as part of Meru County Post-Covid 19 Recovery Strategy 2020-2022 which was launched in March this year, in partnership with the Ministry of Trade.
CFC Stanbic Bank was represented by Country CEO Mr. Charles Mudiwa and the Head of Stanbic Bank Group Foundation, Ms Pauline Mbaya.
Governor Kiraitu announced that under the agreement, up to Sh1 billion will be availed in low interest rate credits for capital to small business owners across the County at comfortable terms to enable them recover from the effects of the COVID-19 pandemic.
20 desktop computers and 3 laptops were given to various cooperatives from across the County, which will be used for capacity building, training on online banking, marketing and entrepreneurship to women, youth and operators in SMEs.
CFC Stanbic Bank pledged to expand working relationship and cooperation with Governor Kiraitu’s administration in other areas including public health through cancer screening camps across the County which will kick off in the coming weeks.
Deputy Governor Titus Ntuchiu called on residents to ensure that they repay back the money once they have borrowed from the program so that it can benefit others. He noted that the money is given as loans and not freely, therefore those who will be lent must ensure they repay it for sustainability of the program.
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