Chase Bank allocates Sh60 billion for SMEs

Chase bank branch in Nairobi
File image of a Chase Bank branch. PHOTO| COURTESY

Mid-tier lender Chase Bank Kenya has announced that it will lend over Sh60 billion to entrepreneurs in the small and medium enterprise (SME) sector over the next three years.

The announcement was made at the 6th Global Entrepreneurship Summit (GES) 2015, which is being co-hosted by Kenya’s President Uhuru Kenyatta and US President Barack Obama.

Speaking at the summit, Chase Bank Kenya Chief Executive Paul Njaga said the move to earmark the funds was part of the brand’s promise to enable its SME clients access financial products and services.

“The provision of these funds is proof of our commitment to the SME sector. The funds, coupled with our unique customer proposition means our clients can access unrivaled financial products and services from their relationship bank.”

The initiative seeks to supplement government’s efforts to expand funding for the SMEs through Uwezo Fund and reservation of 30 per cent government procurement contracts for women, youth and persons with disabilities.

GES brings together entrepreneurs and investors from across the world to showcase innovative projects, exchange new ideas and help spur economic opportunities.

The event held at the UN headquarters in Gigiri, Nairobi began on Friday and will run until Sunday 26, 2015.

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Chase Bank allocates Sh60 billion for SMEs
Story By Benjamin Wafula
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