New small businesses borrow K17 million in last quarter

THE National Development Bank has lent new small businesses more than K17 million in the final quarter of the year, the bank says.
Micro, small and medium enterprises (MSMEs) across the country received K17.3 million in new loans from the bank in the quarter ending Dec 31.
According to the bank, the results showed its commitment for business covering a widespread of industries from transport, communications, agriculture, tourism, retail and food industry as well as consultancy and legal services.
NDB chief executive officer Johnson Pundari said that brought the total value of loans released to MSMEs to almost K70 million, since the bank launched its MSME loans in Nov 2021. He added that K7 million had been committed to be disbursed, with K3.4 million of that committed to be disbursed in this quarter.
“This is a testament to the success of the Government’s credit loan facility with NDB,” he said. Pundari said NDB was happy to note that additional funds have been released to the Department of Commerce and Industry by the Government to continue to fund the programme and he looked forward to continue to provide the much-needed support to MSMEs.
“It’s exciting to see the positive impact this is having on hardworking families and their communities, and how it further contributes to the growth of the economy.”