FUNDING

Chamber of commerce, Mastercard disburse Sh3m Covid loans

The funds are targeting youth and women owned MSMES.

In Summary

•Businesses to get interest-free loans of between Sh20,000 and Sh30,000.

•Monies will be disbursed by via mobile money by 4G Capital.

Traders at a section of Kibuye market./FILE
Traders at a section of Kibuye market./FILE

Kenya National Chamber of Commerce and Industry (KNCCI) in partnership with the Mastercard Foundation, has lent Sh3 million to small businesses affected by Covid-19 Pandemic.

The loans are part of the Micro, Small and Medium Enterprises (MSMEs), Covid-19 Recovery and Resilience Program targeting MSMEs impacted by the pandemic.

The funds, inform of revolving interest-free loans of between Sh20,000 and Sh30,000 are targeting the youth and women-owned MSMES, to provide them with financial assistance so that they can continue to operate during and post Covid.

 

“The world has gone through unprecedented disruptions over the last several months occasioned by the Covid-19 pandemic. While this crisis started initially as a health issue, it very quickly morphed into an economic disaster that has severely impacted many businesses,” noted Louise Kabucho.

She is the project coordinator–KNCCI and the Mastercard Foundation Recovery and Resilience Program.

Speaking during the initial disbursement of funds to the first beneficiaries, in Nairobi, Kabucho said MSMEs have been hard hit not just in Kenya but across the globe.

Eligible MSMEs for the funds are for youth aged between 18- 35 years and Women (18 -70 years ) owned enterprises who are members of KNCCI.

This may include members from Jua Kali sector, hawkers, retailers ,fashion industry players and restaurants.

“As a responsible organization, we at the Kenya National Chamber of Commerce and Industry took a deliberate decision early on to stand with our members and to help them pivot back to a position of growth” Kabucho said.

Monies will be disbursed by via mobile money by 4G Capital.

As the effects of the Covid-19 global pandemic ripple through economies, women and young people are expected to bear the greatest burden as a result of reduced employment opportunities, layoffs and poorly performing MSMEs, most of which are owned by the latter.

Kenya National Federation of Jua Kali Associations CEO Richard Muteti has encouraged MSMEs across the country to utilize the opportunity to pivot back to a position of growth.

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