KISUMU, Kenya, Jul 8 — Barclays Bank of Kenya has set aside Sh30 billion for disbursement as loans to Small to Medium-sized Enterprises (SMEs) across the country to boost their businesses.
The bank’s head of Retail and Business Banking Humphrey Muturi called on entrepreneurs to tap into the fund in order to grow their businesses.
Muturi said the bank was keen on uplifting SMEs through the advancing of loans for business expansion purposes.
Speaking in Kisumu at the launch of the Wezesha Biashara na Barclays campaign, Muturi said the bank would increase the Sh30 billion portfolio should it successfully be taken up.
The bank plans to train 10,000 entrepreneurs across the country to enable the business owners create and improve professionalism in the way they structure and run their businesses.
Muturi said the financial literacy training has so far been conducted in Machakos and Eldoret and would subsequently take place in 11 other counties.
He said the loans to SMEs were being offered at a subsidised interest rate of 17.5 per cent with same day approval for the length of the campaign.