The MSME Covid-19 Recovery and Resilience program is an initiative by KEPSA and Mastercard Foundation to support women and youth-led/owned businesses navigate the challenges that businesses have had to encounter due to the Covid-19 pandemic.
This program targets to support at least 400 Micro, Small and Medium Enterprises (MSMEs) whose operations have been affected by the Covid-19 pandemic, with interest-free and micro and SME loans ranging from Ksh 100,000 to Ksh 1.5 million.
So far, a total of Ksh 2,910,000 has been disbursed to nine businesses making them the first batch to benefit from this program. The loan beneficiaries who are from the Real Estate, Insurance, Retail and Education sectors have now embarked on boosting their business operations to ensure continuity through this season.
Over 200 loan applications have been successfully submitted with another close to 200 still in the application progress. Out of this, 188 loan applications have been pre-screened and 72 of them passed for further review by the fund manager.
Going forward, the program anticipates more businesses to receive funds. The prescreening process and the fund disbursement are ongoing every week to enable businesses to boost their operations. KEPSA and Mastercard Foundation recognizes the role that MSMEs play to preserve jobs and maintain business continuity, to support the health and social well-being of Kenyans and to ensure the stability Kenyan economy amidst the Covid-19 pandemic.