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Economy

Women, youth SMEs to get Sh600m interest-free loans

KNCCI President Richard Ngatia
KNCCI President Richard Ngatia. FILE PHOTO | NMG 

A hundred thousand micro and small enterprises impacted by Covid-19 will benefit from interest free loans and technical assistance after Kenya National Chamber of Commerce and Industry (KNCCI) and Mastercard Foundation entered into a Sh600 million partnership.

Through the Mastercard Foundation Covid-19 Recovery and Resilience Program, KNCCI will target businesses owned by youth and young women that have been affected by the pandemic and require financial and technical support to continue their operations and preserve jobs under the prevailing market disruptions.

The one-year programme will be implemented by KNCCI through its chapters across the 47 counties with special focus on businesses in agriculture, retail, healthcare and manufacturing sectors.

“Our goal is to help Micro and Small Enterprises survive the economic downturn and improve their resilience to enable them to continue to create employment and contribute to the country’s economic resurgence” said KNCCI President Richard Ngatia.

The small enterprises will receive short-term concessional loans, from the fund to overcome this difficult period.

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