Equity, lobby in Sh200b deal to lift SMEs out of pandemic

Richard Ngatia and Polycarp Igathe Kenya National Chamber of Commerce and Industry (KNCCI) Chamber President Richard Ngatia (left) and Equity Group Chief Commercial Officer, Polycarp Igathe (right) display the signed MOU documents at KNCCI offices in Heritan House. Equity and KNCCI have entered into a partnership that will see a potential 3 million enterprises benefit from a kitty of Ksh 200 billion set aside by Equity for KNCCI members to access as part of the post COVID-19 financial support for businesses. (James Wanzala, Standard)

Equity Bank has set aside Sh200 billion to support businesses with post-Covid-19 recovery.

The bank yesterday signed a Memorandum of Understanding with the Kenya National Chamber of Commerce and Industry (KNCCI) that will see three million enterprises access financial support and training to help them recover from the losses caused by the pandemic.

Through the deal, businesses will have access to competitive interest rates and flexible loan repayments of up to three years.

KNCCI President Richard Ngatia said the partnership targets Small and Medium Enterprises in education, agriculture and agribusiness, health sector, manufacturing as well as women and youth businesses. “By partnering with Kenya’s largest bank, we are increasing opportunities for our members and giving them access to Equity’s resources in terms of financial, manpower, and comprehensive training that will see their businesses grow,” said Ngatia.

Equity Group Chief Commercial Officer Polycarp Igathe said the bank was eager to see businesses that had been hit hard by the pandemic recover and flourish.