KITTY

DTB commits Sh1.6bn in Covid-19 recovery loans for SMEs

At least Sh1.2 billion to be advanced by June this year.

In Summary

•The lender is a focused on supporting women, youth and persons living with disability- owned businesses recover from the effects of Covid-19.

•DTB is among top tier banks selected by the National Treasury to provide access to financing for Kenyan MSMEs under the Credit Guarantee Scheme.

DTB bank. /FILE
DTB bank. /FILE

Diamond Trust Bank (DTB) will lend at least Sh1.6 billion to Micro, Small and Medium Enterprises (MSMEs) this year to aid in Covid-19 recovery, it has  announced.

Board chairman Linus Gitahi said priority will be given to MSMEs that are led by women.

He spoken in Nairobi on Tuesday, at a breakfast hosted by the bank to celebrate its women MSMEs customers.

Of the Sh1.6 billion that was allocated to DTB, 30 per cent should go to women, youth and persons living with disability. We’re calling upon registered businesses across all sectors, for any financing needs including working capital, term loans or asset financing to take advantage of the facility
DTB Head of  Branches and Alternate Channels, George Otiende.

“We all know that the pandemic had a terrible impact on our lives and livelihoods. MSMEs have felt the brunt of the pandemic-induced harsh economic conditions that characterized much of 2020,"Gitahi noted.

DTB is among top tier banks selected by the National Treasury to provide access to financing for Kenyan MSMEs under the Credit Guarantee Scheme.

Gitahi asked entrepreneurs to digitise and digitalise their businesses.

“They sound very alike. There is digitisation and there is digitalisation. The first one is very simple, because you convert your forms and other records into digital formats. Digitisation is turning your business into something digital. It means you are moving your business from brick and mortar into something digital,” said  Gitahi.

Head of branches and alternate channels, George Otiende said the lender is expected to advance the bulk of the funding, Sh1.2 billion, by June this year.

“Of the Sh1.6 billion that was allocated to DTB, 30 per cent should go to women, youth and persons living with disability. We’re calling upon registered businesses across all sectors, for any financing needs including working capital, term loans or asset financing to take advantage of the facility,” he said.

Otiende said this would be in addition to other measures taken to help businesses get back on their feet by replenishing their working capital, aiding the acquisition of business assets and recovery from the impact of the Covid-19 pandemic. 

DTB held the meeting as part of its efforts to deepen financial literacy and business acumen among its women-led MSME customers.