RELIEF

Standard Chartered issues Sh650m special corona loans to businesses

In Summary
  • This has assisted manufacturers and suppliers to get their products to market faster than would in normal situations.
  • All financing was subject to companies having received regulatory approvals to manufacture the essential goods.
The Standard chartered bank on Kenyatta avenue
The Standard chartered bank on Kenyatta avenue
Image: MONICAH MWANGI

Standard Chartered Bank Kenya has extended over Sh650 million in financing to companies that provide goods and services to help the fight against COVID-19 in Kenya.

The bank provided financing at preferential rates to support the clients with capital expenditure and working capital.

This, it said, has assisted manufacturers and suppliers to get their products to market faster than in normal situations.

 

Chief executive officer, Kariuki Ngari, said the financing was extended to the various sectors dealing in essential goods and services especially in the health sector.

“We are going above and beyond only financing companies that provide goods and services to help the fight against COVID-19, to those planning to switch into making products that aid in the fight against COVID-19 pandemic, and also financing the health sector,'' Kariuki said in statement.

He added that financing towards the health sector and specifically private hospitals will boost the purchase of medical equipment, personal protective equipment and recruitment of extra staff.

All financing was subject to companies having received regulatory approvals to manufacture the essential goods.

Since the beginning of the pandemic, Standard Chartered has implemented a raft of measures to ensure the safety of its staff, support to their retail and business customers.

It has given a three-month holiday for loan holders, a 12-month extension on personal loans and mortgage and a six to 12-month credit card payment extension.

Additionally, the bank has restructured loan facilities worth over Sh22 billion to offer customers relief and donated over Sh122 million to support vulnerable communities during these challenging times.