Micro and Small Enterprises Authority (MSEA) and Equity have signed a Memorandum of Understanding (MOU).
This will see MSE Associations under MSEA benefit from financial empowerment, advisory services and capacity building.
Equity, through its banking arm will offer credit facilities to qualifying members at attractive rates and terms.
While its social impact arm, Equity Group Foundation, will offer financial literacy training and capacity building for the MSEs.
MSE Associations who bank with Equity will be trained in a comprehensive curriculum that is tailor-made to equip them with skills in entrepreneurship, financial literacy and digital literacy.
The training will also be enhanced through business mentorship, coaching and demand driven business development services for the larger enterprises.
Additionally, the MSEs shall access both short and long term credit facilities in form of working capital loans, trade finance solutions such as LPO financing and Letters of Credit, asset finance and mortgage facilities as well as various business loans for stock purchase, business expansion or capital injection.
MSEA CEO, Henry Rithaa has lauded the move.
“By collaborating with Equity Bank, we are enlarging the pool of affordable credit facilities available for MSEs in Kenya that are looking for affordable solutions to revive and sustain their enterprises especially during this pandemic” he said.
Equity Group, Chief Commercial Officer, Polycarp Igathe on his part stating that the partnership will go long way in boosting micro, and small enterprises.
“As Equity, we are excited about this partnership as it is aimed at empowering micro, and small enterprises to make prudent and informed financial decisions” he said.
Further commenting on the partnership, Polycarp noted that Equity remains committed to investing in MSEs in Kenya to assist them to start up, recover and thrive despite the prevailing economic conditions.