The Kenya National Chamber of Commerce and Industry (KNCCI) and the Mastercard Foundation have teamed up to help 25,000 micro, small, and medium enterprises (MSMEs) in Kenya benefit from an interest-free, zero-fee short-term concessional loan.

Development Diaries understands that through the Mastercard Foundation Covid-19 Recovery and Resilience Programme, KNCCI will support businesses owned by youths and women.

Mastercard Foundation said in a statement that the businesses affected by Covid-19 needed to have been in existence for at least one year.

These businesses will mainly be drawn from the sectors of hawkers, Jua Kali, retailers, the fashion industry, and restaurants, according to the statement.

It was also noted that 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 the state or parastatal actors’, the foundation noted.

The loans will be administered by Grassroots Business Fund (GBF) and Fourth Generation Capital (4G Capital).

KNCCI is a membership-based trade support institution working to protect commercial and industrial interests of Kenyan business community, while Mastercard works to enable young people in Africa to access dignified and fulfilling work.

Source: Mastercard 

Photo source: Meaduva