Diamond Trust Bank (K) commits US$14.6m for Covid-19 recovery loans for SMEs

KENYA – Diamond Trust Bank Kenya (DTB), will lend at least US$14.6 million to Micro, Small, and Medium Enterprises (MSMEs) this year to aid in Covid-19 recovery, the bank’s leadership has announced.

DTB Board Chairman Linus Gitahi said the bank would place emphasis on MSMEs that are led by women.

He spoke at a breakfast hosted by the bank to celebrate its Women-owned and managed – MSME customers in Nairobi.

“We all know that the pandemic had a terrible impact on our lives and livelihoods. Small and Medium-sized Enterprises (MSMEs) felt the brunt of the pandemic-induced harsh economic conditions that characterized much of 2020. The Kenya National Treasury selected DTB as one of the participating banks to provide access to financing for Kenyan MSMEs under the Credit Guarantee Scheme,” said Gitahi.

On his part, DTB Head of Branches and Alternate Channels George Otiende noted that DTB is expected to advance the bulk of the funding, US$11 million, by June this year.

“Of the US$14.6 million that was allocated to DTB, 30 percent should go to women, youth and persons living with disability. We’re calling upon registered businesses across all sectors, for any financing needs including working capital, term loans or asset financing to take advantage of the facility,” he added.

“We’re calling upon registered businesses across all sectors, for any financing needs including working capital, term loans or asset financing to take advantage of the facility”

George Otiende – Head of Branches and Alternate Channels, DTB Kenya

Otiende said this would be in addition to other measures taken to help businesses get back on their feet by replenishing their working capital, aiding the acquisition of business assets and recovery from the impact of the Covid-19 pandemic.

DTB held the meeting as part of its efforts to deepen financial literacy and business acumen among its women-led MSME customers.

Drawing from lessons learnt from their careers, the guest speakers urged the entrepreneurs to learn to adapt to change and to reengineer their businesses to take advantage of new trends and habits, such as the digital age.

“They sound very alike. There is digitisation and there is digitalisation. The first one is very simple, because you convert your forms and other records into digital formats. Digitalisation is turning your business into something digital. It means you are moving your business from brick and mortar into something digital,” said Qhala CEO Shikoh Gitau.

Drawing from her experiences right from school through to several changes in her career, Julie Gichuru, the Head of Public Affairs and Communication at the Mastercard Foundation, urged the entrepreneurs to be humble and learn to adapt and understand changes in communication.

“The ability to be humble and accept that we don’t know everything is one of the most powerful things in the world, and it’s what will drive success from failure,” said Gichuru.

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