Munya outlines plan for SME loans guarantee
The government plans to guarantee loans issued to small and medium enterprises (SMEs) by commercial banks as an initiative to counter the depressed credit to the sub-sector.
Industry and Trade Cabinet Secretary Peter Munya said under the SME Credit Guarantee Scheme, the enterprises will start accessing credit without being subjected to complex application procedures and collateral requirements. While speaking at Thika Technical Institute grounds during the closing ceremony of the Central Region SME Conference & Expo 2019, the CS said the scheme will unlock the potential of small and medium enterprises.
Munya added that the ministry is also coming up with an SME Policy that will spell out the roadmap for the operations of small, micro and medium businesses.
“Over and above these measures, on November 29, we will launch 35 constituency industrial centres at Othaya in Nyeri with a target of having similar centres across all constituencies.
These 35 centres are the ones that are ready,” he said. Munya said his the ministry would roll out a 100 days of completing another a 100 constituency centres to help SMEs with space to do business.