Small Medium Enterprises ,SMEs,have dominated business talk as COVID-19 continues to ravage the Kenyan economy as supply chains remain disrupted, even corporates which depend on SMEs for balance sheet resilience have become more vocal on the need to shield the SMEs from turmoil.
Benson Kamau ,chairman Monet's systems limited at jamia mall in Nairobi that deals with computer and laptops office equipments has welcomed the initiative by equity bank ,saying that its one of the most greatest opportunity they have receicved from the finacial lenders.
"Am happy for this good news from the bank,because its timely ,our small medium businesses had gone down drastically but now we have received the boost,"Kamau said.
Kamau said the financial boost will help most of their businesses revive ,adding that they will now get loans without any collateral like before,and has urged fellow business partners to take advantage of the loans and start their business.
The small businesses have taken a beating from the restriction of movement, slowdown of the economy and the cautious approach brought by the covid 19 pandemic.
Firms that are expected to benefit from Equity’s onward lending of the IFC loan are those fitting the set criteria such as having between 10 and 300 employees or annual sales of Sh10 million to Sh1.5 billion. The loan size per borrower will range from Sh1 million to Sh200 million.
Small and Medium Enterprises (SMEs) have played a vital role in modern economies and have had a great influence in the development of kenyas economy,SMEs majorly rely on banks and other financial institutions for funding.
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