The National Treasury has said Micro, Small and Medium Enterprises have so far accessed a total of Kshs. 3.34 billion under the Credit Guarantee Scheme (CGS).
The fund which was operationalized in December 2020 with an allocation of Kshs. 3 billion in the Financial Year 2020/21, helped unlocked Kshs. 12 billion from seven commercial banks subscribed to the CGS.
According to National Treasury Cabinet Secretary Ukur Yatani, the fund which was launched to avail affordable credit to MSMEs struggling with cash flow challenges at the height of the COVID-19 pandemic processed 2, 139 credit facilities to MSMEs operating in 46 counties under 11 different economic sectors and were employing 11, 491 Kenyans .
“60% of the CGS beneficiaries were small enterprises, with micro enterprises accounting for 23% of the beneficiaries and marginalized groups including women, youth and persons living with disabilities accounting for 19% of the beneficiaries,” said Yatani.
“More to follow”