MSME Development Fund to issue K280M in loans to 10 entrepreneurs

According to the MSME Development Committee, a K280 million loan will be issued to ten MSME entrepreneurs for the first time.
The government has established an MSME Development Fund with an initial capital of K170 billion from state funds, with K150 billion allocated as loans to support MSME development. To ensure that MSMEs have access to affordable financing, the government offers low-interest loans, allowing each eligible entrepreneur to receive up to K500 million, which must be repaid in instalments. The government continues to actively extend these loans to new MSMEs.
The first phase of the project, completed in February 2016, successfully disbursed a total of K57.634 billion to 269 SME entrepreneurs. The repayment of these loans enabled the revolving fund to provide further financial assistance to 283 additional SMEs, amounting to K66.944 billion. Similarly, the second phase, completed in September 2018, disbursed K194.965 billion to 1,306 SME entrepreneurs, with an additional K66.386 billion provided to 254 more SMEs from loan repayments.
As of 28 February 2023, a total of K124.578 billion has been lent to 552 SME entrepreneurs from the first phase of the project and K261.251 billion to 1,560 SME entrepreneurs from the second phase. Additionally, K71.731 billion in emergency loans has been provided to SME entrepreneurs affected by the COVID-19 pandemic. — TWA/ TRKM