Kiambu County Government in partnership with Kenya Commercial Bank has launched a 1.3 billion shillings revolving fund that seeks to unlock the business potential of Micro, Small, and Medium Enterprises (MSMEs) in the county.
Under the scheme dubbed Jiinue Fund, KCB Bank is to donate the fund to individuals and start-ups which were hard-pressed by the effects of the Covid-19 pandemic with the county government acting as the guarantor, with Ksh 138 million as collateral.
This will ensure access to low-interest loans at 7% as opposed to 13% and loan guarantees to grow businesses and in the long run improve livelihoods. This entails group loans of up to Ksh 300,000, sacco loans of up to Ksh 1 Million, start-up financing of up to Ksh 150,000 and existing MSMEs financing of up to Ksh 1 Million.
The initiative will also involve developing policies and structures that support the utilization and sustainability of the fund and also facilitate capacity building for entrepreneurs.
Kiambu County Governor Dr. James Nyoro said the aim of initiating the fund is to match the entrepreneurial and innovative spirit of the people of Kiambu.
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