Equity Bank Signs a Sh 200b MOU with national Chamber to Support SMEs in Job Creation

Equity Bank has signed a Sh 200b signed a Memorandum of understanding (MoU) with the Kenya National Chamber of Commerce (KNCC) and Industry worth supporting local businesses to survive and recover their business as well as create jobs during this hard time of covid 19 pandemic.

During the signing which took place on Tuesday, Ricachard Ngatia, KNCCI President said the new partnership will increase “opportunities for” the chamber “members and giving them access to Equity’s resources in terms of manpower, financial resources and a comprehensive training curriculum that will see their business grow.”

Equity Group Chief Commercial Officer Polycarp Igathe said that with the partnership made (MoU), both Equity customers and KNCCI members will benefit from access to credit facilities, training, business development, mentorship and coaching resulting in enterprise and overall industry growth in the country.

“We want to seem SMEs in Kenya grow and rise above the economic challenges brought by COVID-19,” said Igathe.

In line with the partnership’s purpose of transforming lives, giving dignity and expanding opportunities for wealth creation, the two institutions will also offer a financial and training framework to a potential of 3 million enterprises

The partnership will also target SMEs operating within key sectors of the economy including education, agriculture and agribusiness

The partnership will also have the two institutions to work together to support the development of financial solutions in a bid to address the needs of Kenyan businesses and entrepreneurs.

“Chamber members across the country now have a reason to be happy. We have made the conscious decision to walk the journey with them and to support them when they need us the most.”  Ngatia said.

Businesses are also set to benefit from competitive interest rates and flexible repayment periods of up to three years on the loan facilities.