Co-operative Bank #ticker:COOP has received Sh6.3 billion (50 million euros) from the European Investment Bank for onward lending to small businesses to help them recover from the impact of the Covid-19 pandemic.
Co-op Bank chief executive officer Gideon Muriuki said micro, small and medium-sized (MSME) firms with up to 250 workers can apply for the loan.
The long-term loan will be repayable in seven years and will assist MSMEs fund the acquisition of tangible business assets, working capital, development of distribution networks innovation and business research.