Small traders to access cheap loans of up to Sh500m from KDC
Business
By
Macharia Kamau
| Nov 30, 2022
Small and medium-sized enterprises will now access cheap long-term loans thanks to a deal between the Kenya Development Corporation (KDC) and the Kenya National Chamber of Commerce and Industry (KNCCI).
The deal, which was announced yesterday, formalises interactions between the two agencies and will see SMEs get loans of between Sh10 million and Sh500 million.
The partnership will see over 3,000 KNCCI members - largely SMEs as well as large enterprises - access financing from KDC at affordable rates, thus enabling them to better manage the credit shocks and risks as they recover and grow their businesses.
KDC acting Director General Christopher Huka said the engagement will catalyse enterprises to recover from multiple shocks that have hit businesses in the past three years.
Businesses have been hit by the impact of the Covid-19 pandemic, Russia's invasion of Ukraine and low productivity in agriculture arising from climate change.
READ MORE
Governor Waiguru banks on street lights to power Kirinyaga's 24hr economy
Governor Nassir launches construction of Kongowea Level 4 Hospital
We can bridge seed access in the face of global disruptions
CHAN rip-off: How weeks-old insurance firm pocketed Sh42 million
Families seek justice over Ishiara killings as anger mounts
KMPDU raises alarm over security and staffing at Ishiara hospital
Young learners display on stage key CBE pillars principles
IG orders recall of Ishiara OCS over Embu protest killings
Opposition leaders accuse Ruto of hiking fuel prices for personal gain
'They attacked us, we shot them,' police say after Embu protest deaths
"We strongly believe that the financial facilities provided by KDC will serve as a catalyst to the sustainable development of commerce and industrial enterprises in the country through provision of critical financial interventions to SMEs and accelerate economic recovery," he said.
KDC, a State-run development finance institution, was formed in late 2020 to merge the operations of Industrial and Commercial Development Corporation, Tourism Finance Corporation and IDB Capital.