Laikipia Businesses Ready For Economic Stimulus Loans
Updated on: Jul 29, 2020
Businesses in Laikipia County have turned out in large numbers to take up loans from Laikipia county and KCB Kshs. 2 billion economic stimulus plan.
Many businesses have submitted their requests applying for the loans which are meant to help boost the economy after being hard-hit by Covid-19 effects.
From next week, the applicants will start receiving their loans which will be paid at a reduced interest of 7% and the county government will pay for them the remaining 5%.
The fund was launched by the county government in collaboration with the bank a month ago and has seen many people open up accounts with the bank in readiness for the roll out of the reserve.
Two hundred business development officers are being trained to help SMEs in the absorption of the money in a viable manner. They are also to keep track of the progress of the entities that shall receive the loans.
The Kshs. 2 billion economic stimulus plan is set to benefit 5,000 businesses in the county.
Other businesses will also benefit from such a plan as more banks continue expressing their interest to partner with the county. The move by the Laikipia to engage local banks to help SMEs acquire loans at a reduced interest rate has set pace for other counties to do the same. Six more counties are working with KCB in a similar economic stimulus plan.
Many businesses have submitted their requests applying for the loans which are meant to help boost the economy after being hard-hit by Covid-19 effects.
From next week, the applicants will start receiving their loans which will be paid at a reduced interest of 7% and the county government will pay for them the remaining 5%.
The fund was launched by the county government in collaboration with the bank a month ago and has seen many people open up accounts with the bank in readiness for the roll out of the reserve.
Two hundred business development officers are being trained to help SMEs in the absorption of the money in a viable manner. They are also to keep track of the progress of the entities that shall receive the loans.
The Kshs. 2 billion economic stimulus plan is set to benefit 5,000 businesses in the county.
Other businesses will also benefit from such a plan as more banks continue expressing their interest to partner with the county. The move by the Laikipia to engage local banks to help SMEs acquire loans at a reduced interest rate has set pace for other counties to do the same. Six more counties are working with KCB in a similar economic stimulus plan.
