Covid 19: KNCCI engineers financial solutions for stalled businesses

Some of the officials of the Kenya national chamber of commerce and industries KNCCI led by the organisation’s vice president Dr. Eric Ruto address journalists in Kitale. Photo/Aspect News

Traders whose businesses have been hit by the Covid 19 pandemic in the country have an opportunity to resuscitate them following a recovery plan by the Kenya National Chamber of Commerce and Industries (KNCCI).

The organisation has entered into partnership with Equity Bank to have it’s members access low interest loans worth 200 billion which will help them in restoring their stalled businesses to normalcy.

“The Bank will offer loans to our members who will prove having incurred losses during the Covid 19 period. They will access loans at a lowered rate of 8-9%” the organisation’s 1st vice president Dr. Erick Ruto said.

Dr. Ruto said they have also secured a financing of  Sh 600 million from the Mastercard foundation which will be issued in form of interest free loans to members seeking to revive their businesses.

“Applicants seeking this funding must have been members of the organisation for more than one year and they must prove business loss owing to the Covid 19 pandemic,” he said at North rift regional meeting in Kitale.

The region’s KNCCI Director Stanley Baskwany challenged other banking institutions and other business firms to offer local traders business opportunities instead of sourcing products from Nairobi.

“We want Banks and other government and non-government institutions to cultivate a habit of trading with our members within this region as one way of promoting their businesses,” said Mr. Baskwany.

KNCCI Trans Nzoia chapter chairman Martin Waliaula welcomed the government’s directive on the organisation to lead local textile fabricators to manufacture standard masks to be bought by the government to spur the local economy.

“We are lucky that some of our fabric designers are among those selected to supply the government with reusable face masks that have met standards set by the Kenya Bureau of Standards (Kebs),” said Waliaula