Operators of small and medium enterprises (SMEs) in Nyeri county will benefit immensely from a partnership between Cooperative bank and the county administration to support the businesses affected by the COVID-19.
Representatives from the bank and county top leadership held talks to seal the deal expected to be finalized this week.
Since COVID-19 struck the country in March and subsequent curfews and cessations, businesses have faced hard times, some even collapsing.
Nyeri Governor Mutahi Kahiga who led the talks said the partnership between the two entities on post Covid-19 economy recovery measures will tackle SMEs.
“The two entities will partner in capacity building, funding, cushioning of SMEs including private schools, saccos and Corporate Social Responsibility” Mutahi stated.
He laid emphasis on PayCheck Protection Loans to help businesses that are struggling to avoid laying off of workers which is hurting the families that are dependent on those wages.
The team was represented by Jacquelyne Waithaka, Director-Corporate & Institutional Banking Division, Moses Gitau Head-Business Banking, Silvance Nono Head-Government & Public Sector Banking, Annie Thagishu Relationship Manager, Ngumo Kahiga Head-Marketing and Communication and Samuel Mukiti Relationship Manager.
The county administration was represented by the County Secretary Ben Gachichio, Economic Advisor Ndirangu Gachunia and Trade Chief Officer Ibrahim Adan.
“Consultative meetings will be held next weeks to come up with a concrete plan on how to cushion Nyeri residents against the adverse economic effects of the Covid-19 pandemic and execute an MOU immediately” Kahiga stated.
Early this month Coop bank sealed similar deal with Laikipia County government.
The two launched The Laikipia Enterprise Fund with initial kitty of Sh300 million and entered into an Interest-Sharing and Guarantee Arrangement.