Equity bank and Kenya National Chamber of Commerce and Industry have signed a memorandum of understanding in bid to pump sh.200 billion to support small businesses across the country.
Gracing the event, KNCCI President Richard Ngatia and Equity Group Chief Commercial Officer Polycarp Igathe said that the MOU will see Equity bank set aside 200 billion shillings for KNCCI members to access as part of the post COVID-19 financial support for business.
The partnership will leverage the two institutions to provide financial and training framework to a potential 3 million enterprises hence increase their financial inclusion access to credit and capacity building.
Ngatia said that the partnership will see the two institutions work together to support the development of financial solutions.
“By partnering we are increasing opportunities, for our members and giving them access to Equity’s resources,” Ngatia said
On the other hand, Igathe said that his institution will support local business to maneuver through the COVID-19 pandemic in bid to recover financially.
“We want to see SMES in Kenya grow and rise above the economic challenges,” Igathe said.
Under the agreement both parties will undertake joint activities, to empower businesses, countrywide financially and build programs aligned to business operations.
The partnership will target SMEs operating within key sectors, including education, agriculture and agribusiness.
Consequently, Equity and KNCCI county chapters in all 47 counties will establish working committees to propel the training and lending to SMEs.