Small and medium traders in Kenya are optimistic business will grow after Co-operative Bank received some KSh 6.3 billion to support their growth.
Co-operative Bank received the money from the European Investment Bank in form of loans – and which is repayable in seven years.
The money will help businesses in Kenya to grow as the morning will be given to them as working capital.
This is part of the bank’s efforts to help small businesses to find their footing after being ravaged by the COVID-19 pandemic.
The KSh 6.3 billion will specifically support Micro, Small Medium Enterprises (MSMEs) to recover and start being profitable in the time of the pandemic.
The news has been welcomed by the many small businesses – who depend on loans to expand and grow their ventures.
THose who take up the loans will have to repay within seven years.
C0-operative bank Managing Director Gideon Muriuki said they are keen to contribute to the recovery of the economy and business ventures in Kenya.
The credit facility would be available for up to a maximum of KSh 1.5 billion per customer for a maximum tenor of seven years.