Over 700,000 women benefit from KCB's Sh250b kitty for SMEs
Business
By
Antony Gitonga
| Aug 19, 2024
Over 700,000 women in the country have benefited from the Sh250 billion kitty established by KCB Bank to support Small and Medium Enterprises (SMEs).
According to the lender, over Sh178 billion has been disbursed to women to boost their businesses in the wake of emerging challenges in the financial sector. KCB Bank Kenya Managing Director Annastacia Kimtai said the fund was established to support women entrepreneurs who make up the majority of businesses in the country but only enjoy 10 per cent of financial support.
Speaking in Naivasha during an annual Business Network International (BNI) forum, Kimtai said the bank has been supporting these businesses with unsecured loans, and training to reach more customers.
"We are working closely with the BNI as it has turned out to be a major source of business ideas and referrals for hundreds of persons," she said. She noted that the lender has also committed to restructuring loan facilities for businesses that have recently been affected by flooding, destruction of property and looting during the recent anti-government demonstrations.
In the same period, Kimtai added that the bank had accelerated the process of resolving insurance claims brought forth by businesses through their assurance division to enable enterprises to resume their operations and regain their cash flow. "KCB has resolved to restructure loan facilities advanced to businesses affected by calamities and destructions and will offer a moratorium to enable businesses to regain their cash flow before they resume payments," said Kimtai.
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BNI Kenya National Director Elizaphan Muraguri said the network had reached more than 42,000 referrals in the last 15 years with businesses worth Sh5.4 billion ($42 millio.
Muraguri said the forums' Kenya chapter aimed at reaching over 1,000 businesses in counties, adding that they were tapping into Artificial Intelligence to drive innovations and withstand disruptions.