The loan has a repayment period of between one and 12 months and an interest of nine per cent per annum. By BRIAN NGUGIMore by this AuthorFive commercial banks have unveiled a Central Bank of Kenya-backed loan facility targeting small businesses. The facility will initially be managed by Commercial Bank of Africa (CBA), Cooperative Bank of Kenya (Co-op Bank), Diamond Trust Bank Kenya (DTB), KCB Bank Kenya and NIC Group. This was in response to the high cost of credit that saw banks lend to private businesses and individuals at more than 20 per cent interest. But the measure has had the effect of stifling the credit market as banks became more cautious in their lending.

Source: Daily Nation May 20, 2019 17:37 UTC