Barclays bank targeting SMEs with low interest loans

Through Wezesha Biashara Campaign, the Barclays Bank of Kenya is giving out 17.5 per cent interest rate on loans to help Small and Medium sized Enterprise (SMEs) advance.

The Bank has set aside close to Sh30 billion, targeting ten thousand SMEs in eleven towns, countrywide.

Head of Retail and Business Banking Humphrey Muturi says they have already reached five thousand SMEs in a total of eight towns including Kisumu, Eldoret and Machakos.

Speaking on Thursday when launching the Campaign in Nairobi, Muturi indicated that SMEs contribute more than half of Kenya’s Gross Domestic Product (GDP) and provides more than three quarters of all new jobs, and that there is need to support and expand the sector.

 

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