Family Bank has secured a total of Ksh.1.98 billion, from BlueOrchard Finance Ltd (BlueOrchard) managed funds to extend to the Small and Medium-Sized Enterprises (SMEs) and to support the education sector.
The facility targets Micro Small and Medium Enterprises (MSMEs) to activate the resumption of business operations hit by the coronavirus pandemic.
Family Bank Chief Executive Rebecca Mbithi said the facility will expand access to affordable credit extended to MSMEs and promote access to education for secondary, higher and vocational education levels through customised financial services.
“As a Bank, we have taken an active role in building a sustainable business that seeks to provide value in the communities that we operate in. Further to supporting SMEs, we are deliberate in supporting key drivers of the economy like the education sector,” said Mbiithi.
In early April, Family Bank acquired about Ksh.1.1 billion from eco.business Fund to increase access to finance for sustainable agricultural producers targeting those in the tea sector through the implementation of climate-smart practices.
The signing of the agreement between the lender and eco-business also aimed to benefit sustainability-certified companies and ensure the long-term competitiveness of the agribusiness sector.