Absa Kenya MD Jeremy Awori. PHOTO | SALATON NJAU
Absa Bank Kenya has launched a new credit line to boost Small
Scale Enterprises (SME’s) to address concerns of increasing defaults on
loans as a result of government failing to...
pay suppliers on time.
pay suppliers on time.
Absa
Kenya managing director Jeremy Awori said the bank is committed to
finance women business start-ups and other SME’s but challenged both
county and national governments to play their roles in ensuring
suppliers are paid on time.
“Today, we have officially
committed Sh10 billion to finance women-owned business and a special
kitty for SME’s where they can access up to Sh3 million within 48 hours
of application but as we do so, we are urging the government to ensure
suppliers are paid on time for such businesses to remain afloat,” said
Mr Awori.
Speaking in Mombasa Absa Nkrumah Branch
during the countrywide launch of Wezesha Biashara Campaign, the MD said
the bank is open to funding suppliers using Local Purchase Order (LPO)
so as to motivate small traders to bid for more government tenders.
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