(KNCCI-Nairobi County Vice Chair, Cynthia Nyawira addressing New Members Forum at Iran House of Innovation and Technology Photo: KNCCI-Nairobi County).
Approximately, 249 Kenya National Chamber of Commerce and Industry-Nairobi County (KNCCI) Chapter members, from MSMEs benefited from a disbursement of Ksh. 14,647,083 (million) through a partnership between KNCCI-Nairobi County and MasterCard Foundation.
Speaking against the backdrop of new KNCCI-Nairobi County members’ induction forum on 19th May, 2021 at IHIT, KNCCI-Nairobi County Vice Chairperson Miss. Cynthia Nyawira noted that hundreds of businesses and thousands of households hugely gained from the interest-free loan despite the ravaging economic effects of the covid-19 pandemic.
The program which came into being after the corona virus struck, aimed at providing Micro, Small and Medium Enterprises (MSMEs) with financial assistance to enable them preserve jobs and continue functioning during and after the Covid-19 pandemic.
To qualify for the loan, the micro enterprise had to have less than 10 employees and have an annual turnover below Ksh. 500,000.
A small enterprise had to have not more than 50 employees and an annual turnover below Ksh. 5 million.
Consequently, the businesses had to be youth (18-35 years) or women (18-70 years) owned or otherwise support a large number of youth (18-35 years).
The business owner also had to be a Kenyan citizen and a fully registered member of Kenya National Chamber of Commerce and Industry (KNCCI).
The interest free loan had a repayment period of two months.