Standard Chartered Bank Extends Ksh 650 Million Financial Support to Businesses amid COVID-19

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The rising number of COVID-19 infection in Kenya has seen companies scale down their operations. The government projects that the virus will be at its peak around September implying that the more stringent measures will have been instituted to protect the masses from contacting the virus. It goes without saying that many businesses will be hit where it hurts the most. Luckily, Standard Chartered Bank Kenya has come up with a financial solution to help these businesses weather the storm.

The Bank has extended over KShs 650 million in financing to companies that provide goods and services to help the fight against COVID-19 in Kenya. A number of these companies have already benefitted from the fund as they have switched their production lines to making products that are in high demand to fight the global pandemic. The bank provided the financing at preferential rates to support the clients with capital expenditure and working capital requirements.

“We are going above and beyond only financing companies that provide goods and services to help the fight against COVID-19, to those planning to switch into making products that aid in the fight against COVID-19 pandemic, and also financing the health sector to ensure adequate treatment and care for patients.

“Financing towards the health sector and specifically private hospitals will go a long way in the purchase of medical equipment supplies such as surgical masks, ventilators, medical equipment gloves and other personal protective equipment as well as additional staffing during this crisis,” said Standard Chartered Bank Kenya Chief Executive Officer, Mr. Kariuki Ngari.

The Bank has been among those that have implemented a raft of measures to ensure the safety of their staff, support to their retail and business customers.