At a time that many businesses are facing a number of challenges in the midst of a pandemic, Diamond Trust Bank (DTB) has announced a Sh1.6b advance aid that aims to help Micro, Small and Medium Enterprises (MSMEs) move past the harsh conditions.
According to Linus Gitahi, DTB Board Chairman, the pandemic has caused much harm to entrepreneurs by creating harsh economic conditions that make it difficult to operate.
“We all know that the pandemic has had a terrible impact on our lives and livelihoods. Small and Medium-sized Enterprises (MSMEs) felt the brunt of the pandemic-induced harsh economic conditions that characterized much of 2020. The National Treasury selected DTB as one of the participating banks to provide access to financing for Kenyan MSMEs under the Credit Guarantee Scheme,” he said, adding that priority will be given to MSMEs that are led by women, youth and persons living with disability.
“Of the Sh1.6b that was allocated to DTB, 30% should go to women, youth and persons living with disability. We’re calling upon registered businesses across all sectors, for any financing needs including working capital, term loans, or asset financing to take advantage of the facility.”
This is in line with the bank’s efforts to deepen financial literacy and business acumen among its women-led MSME customers.
George Otiende, DTB head of branches and alternate channels also said that the bank looks to lend the bulk of the funding, about Sh1.2b, by June this year. The bank also looks to help these businesses in replenishing their working capital as well as aiding the acquisition of business assets and recovery from the impact of the Covid-19 pandemic. The bank has called upon business owners to take advantage of the aid so as to help the economy in the long run.
