{"id":18862,"date":"2020-12-09T20:43:41","date_gmt":"2020-12-09T20:43:41","guid":{"rendered":"https:\/\/www.africa-press.com\/kenya\/?p=18862"},"modified":"2020-12-09T20:43:41","modified_gmt":"2020-12-09T20:43:41","slug":"small-businesses-to-benefit-from-sh3b-cheap-state-loans","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans","title":{"rendered":"Small businesses to benefit from Sh3b cheap State loans"},"content":{"rendered":"<p><strong>Authors: DOMINIC OMONDI AND AWAL MOHAMMED\u00a0<\/strong><br \/>\n<strong>AfricaPress-Kenya:<\/strong> Small and medium business entities will access cheap guaranteed loans from banks, starting today, as the State moves in to enhance their survival.<\/p>\n<p>This is after Treasury Cabinet Secretary Ukur Yatani (pictured) officially unveiled a credit guarantee scheme that will enable small enterprises affected by the pandemic access cheap loans from seven local banks.<\/p>\n<p>The lenders are KCB, Co-operative Bank, Absa Kenya, NCBA, Diamond Trust Bank, Stanbic Bank and Credit Bank.<\/p>\n<p>Mr Yatani yesterday said measures to kick-start the process that will see micro, small and medium enterprises (MSMEs) borrow the cash has been finalised, with businesses now set to start applying for the loans.<\/p>\n<p>\u201cWith reduced turnover and disruptions in the market and supply chains, many MSMEs were, and still are, unlikely to attract affordable and quality credit under the traditional arrangements. Interventions are necessary to cushion the impact of Covid-19 on MSMEs,\u201d said Yatani yesterday.<\/p>\n<p>The Sh3 billion credit guarantee scheme is part of Sh58 billion that the government will pump into the economy &#8211; breathing a new life in key sectors that have been devastated by the pandemic.<\/p>\n<p>The National Assembly has since appropriated the money for roll-out in the current financial year ending June 2021.<\/p>\n<p>The government expects to increase the allocations to the scheme to Sh7 billion in the next financial year.<\/p>\n<p>The borrower must, however, be registered by the county government and hold a valid business permit or trade licence &#8211; a requirement that is captured in the Public Finance Management (Amendment) Bill, 2020.<\/p>\n<p>The new regulations on the credit guarantee scheme are aimed at de-risking banks\u2019 lending to small businesses without collateral.<\/p>\n<p>Adequate liquidity<\/p>\n<p>Mr Yatani said the Kenya Mortgage Refinance Company will also be instrumental in maintaining adequate liquidity among primary housing mortgage providers, adding that banks and Saccos will also play a critical role in the credit guarantee scheme.<\/p>\n<p>KCB Group Chief Executive Joshua Oigara said the scheme will be rolled out to the other 33 banks to ensure many MSMEs are supported.<\/p>\n<p>\u201cWith this scheme, we will see close to 30 or 40 per cent of our lending going to this important segment of our economy, knowing the industry lends Sh2.5 trillion,\u201d said Oigara who is also Kenya Bankers Association chair.<\/p>\n<p>\u201cThe ambition is to reach the entire banking industry.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Authors: DOMINIC OMONDI AND AWAL MOHAMMED\u00a0 AfricaPress-Kenya: Small and medium business entities will access cheap guaranteed loans from banks, starting today, as the State moves in to enhance their survival. This is after Treasury Cabinet Secretary Ukur Yatani (pictured) officially unveiled a credit guarantee scheme that will enable small enterprises affected by the pandemic access [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":18851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,8],"tags":[6598,689,2387],"class_list":["post-18862","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-homepage-english","tag-small-businesses","tag-treasury","tag-ukur-yatani"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Small businesses to benefit from Sh3b cheap State loans - kenya<\/title>\n<meta name=\"description\" content=\"Small and medium business entities will access cheap guaranteed loans from banks, starting today, as the State moves in to enhance\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Small businesses to benefit from Sh3b cheap State loans\" \/>\n<meta property=\"og:description\" content=\"Small and medium business entities will access cheap guaranteed loans from banks, starting today, as the State moves in to enhance\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\" \/>\n<meta property=\"og:site_name\" content=\"kenya\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-09T20:43:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/12\/small_businesses_to_5fd0637d97792.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"777\" \/>\n\t<meta property=\"og:image:height\" content=\"523\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Small businesses to benefit from Sh3b cheap State loans\",\"datePublished\":\"2020-12-09T20:43:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\"},\"wordCount\":392,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/kenya\/sites\/28\/2020\/12\/small_businesses_to_5fd0637d97792.jpg\",\"keywords\":[\"Small Businesses\",\"Treasury\",\"Ukur Yatani\"],\"articleSection\":[\"all news\",\"economy\",\"homepage-english\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\",\"url\":\"https:\/\/www.africa-press.net\/kenya\/economy\/small-businesses-to-benefit-from-sh3b-cheap-state-loans\",\"name\":\"Small businesses to benefit from Sh3b cheap State loans - 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