KCB launches 250bn fund to support women businesses
What you need to know:
- KCB Bank Kenya has launched a 250 billion entrepreneurs' fund to support women-led SMEs over the next five years.
- Group CEO Paul Russo, said the fund would be disbursed in Sh50 billion-yearly instalments.
KCB Bank Kenya has launched a 250 billion entrepreneurs' fund to support women-led small and medium enterprises (SMEs) over the next five years.
Speaking during the launch at Serena Hotel Thursday, KCB Group CEO Paul Russo, stated that the fund would be disbursed in Sh50 billion-yearly instalments.
“To unlock the fund, KCB Bank has eased credit requirements and documentation such as security to support businesses in a transformation that will guarantee faster loan processing periods. Additionally, women entrepreneurs will be able to get non-financial support extended by partner organizations,’’ Mr Russo added.
While taking note that almost 80 per cent of women-owned businesses have limited or no access to credit due to lack of collateral, the CEO reaffirmed the bank’s commitment to championing Sustainable Development Goals (SDGs) goals Numbers 1, 8, 10 and 17 on eradicating poverty, decent work and economic growth, reduced inequality and partnerships respectively.
“Women are running some of the most transformative business enterprises in Kenya which we see as the conglomerates of the future. At the same time, they face a lot of obstacles, like limited access to credit facilities, labour and skill gaps, exclusion from key networks, as well as social and legal constraints.
Non-financial needs
“What we are now doing is mainstreaming this agenda by widening the net to enable more women entrepreneurs to get access to the critical business support touchpoints,” he added
KCB Bank Director of Retail Banking, Annastacia Kimtai reiterated the key role that SMEs play in the economic trajectory of East Africa.
Under the new commitment, Ms Kimtai stated, KCB will be re-imagining the way they engage with women entrepreneurs by providing working capital and other critical non-financial needs that will sustain their growth.
The newly revamped women offering, that aims to increase the value of loan disbursed to women, will be available across all KCB Kenya branches.
