Absa Bank Kenya has launched a new credit line to boost Small Scale Enterprises (SME’s) to address concerns of increasing defaults on loans as a result of government failing to pay suppliers on time.
Absa Kenya managing director Jeremy Awori said the bank is committed to finance women business start-ups and other SME’s but challenged both county and national governments to play their roles in ensuring suppliers are paid on time.
“Today, we have officially committed Sh10 billion to finance women-owned business and a special kitty for SME’s where they can access up to Sh3 million within 48 hours of application but as we do so, we are urging the government to ensure suppliers are paid on time for such businesses to remain afloat,” said Mr Awori.
Speaking in Mombasa Absa Nkrumah Branch during the countrywide launch of Wezesha Biashara Campaign, the MD said the bank is open to funding suppliers using Local Purchase Order (LPO) so as to motivate small traders to bid for more government tenders.
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