Equity set aside sh 700b for customers to borrow

By Obegi Malack

obegimalack@gmail.com


Equity Group has laid out plans to support businesses to recover from ravages of covid-19 pandemic, it has set a revolving amount of kshs 700 billion to lend to 5 million customers, Micro, Small and Medium Enterprises (MSMEs).

The group had partnered with National Government to provide the enabling micro economic and policy environment to enable private sector to thrive, the bank can lend up to kshs 50 billion to a single borrower.


The amount will support businesses to build back better to withstand any future shocks given the lessons leant from the Covid-19 pandemic.

Equity Bank Ngong branch manager James Mwangi said the sh 700 billion “Africa Recovery and Resilience Plan” is expected to create 50 million jobs when businesses bounce back.

“We believe that with the right financing and appropriate business advisory, businesses will be able to build back better to withstand any future shocks given the lessons leant from the Covid-19 pandemic,” he said.


Speaking during Member, Customer Campaign meeting in Ngong Equity branch on Thursday the manager said they offer free training programs to equip members with knowledge and skills on how to manage their businesses through financial literacy training and mentorship.


Equity Customer Virginia Macharia who runs a hardware in Ngong said Equity supported her business to recover from Covid-19, the loans she had taken was restructured.


She noted that Equity has been supporting needy students in the area through Wings to Fly.
Wings to Fly and Elimu Scholarship programs have supported 47,009 needy but academically gifted students access secondary education.

Equity will support young people in business or venturing into business through the Young Africa Works Program, a partnership between Equity and Mastercard Foundation to offer them FREE mentorship and financial education, Equity will also offer them instant loans to grow and scale their businesses.

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