Boost to SMEs as county, bank unveil Sh1.3b fund

Kiambu county government has launched an ambitious multi-million shilling revolving fund aimed at cushioning locals from the effects of the Covid-19 pandemic.

Area governor Dr James Nyoro in partnership with the Kenya Commercial Bank (KCB) has since launched the Sh1.3 billion revolving fund dubbed Jiinue Fund.

The fund seeks to unlock the business potential of Micro, Small, and Medium Enterprises (MSMEs) in the county.

This will ensure access to low-interest loans at 7 per cent as opposed to 13 per cent and loan guarantees to grow businesses and in the long run improve livelihoods.

The county government will act as the guarantor for those who will acquire the loans, with Sh138 million set aside as collateral.