Kenya National Chamber of Commerce and Industry (KNCCI) and the Mastercard Foundation have entered into a partnership that will see 25,000 Micro, Small and Medium-Sized Enterprises (MSMEs) in Kenya benefit from an interest free, zero fee short-term concessional loan. The COVID-19 Recovery and Resilience Program will be implemented by KNCCI through its county chapters across the 47 counties.
Here Is What You Need To Know
- Through the Mastercard Foundation COVID-19 Recovery and Resilience Program, KNCCI will target businesses owned by youth (18–35 years), women-owned (18–70 years) and enterprises that support a large number of youth (18–35 years) that have been impacted by the COVID-19 pandemic. The aim of this program is to assist the MSMEs to ensure business continuity and sustainability.
- The target businesses need to have been in existence for at least one year and have been affected by the COVID-19 pandemic. These businesses will mainly be drawn from the sectors of hawkers, Jua Kali, retailers, the fashion industry and restaurants.
Mastercard Kenya loan
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- The facility is a revolving fund, available to repeat borrowers upon repayment of the loan within two months. The funds will not be available to businesses that sell drug-related substances including alcohol and tobacco, manufacture weapons and are involved in war-related activities, in gambling and betting sectors, in sex-related industries, or are owned by state or parastatal actors.
- KNCCI will pre-screen applications from eligible applicants. Applications received from affected businesses will be pre-screened against a set eligibility criterion before approval and the disbursement of funds. The loans will be administered by Grassroots Business Fund (GBF) and Fourth Generation Capital (4G Capital).
How To Apply
Applications can be accessed through the KNCCI website (www.kenyachamber.or.ke ) and from any of the KNCCI offices across the country.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer who has advised startups across Africa on issues such as startup funding (Venture Capital, Debt financing, private equity, angel investing etc), taxation, strategies, etc. He also has special focus on the protection of business or brands’ intellectual property rights ( such as trademark, patent or design) across Africa and other foreign jurisdictions.
He is well versed on issues of ESG (sustainability), media and entertainment law, corporate finance and governance.
He is also an award-winning writer