DTB’s Sh1.6 Billion Committed to Covid-19 Recovery for MSMEs

Diamond Trust Bank leadership announced that  (DTB) will advance at least Sh1.6 billion to Micro, Small, and Medium Enterprises (MSMEs) this year to assist in the Covid-19 recovery.

The Chairman of the DTB Board, Linus Gitahi, spoke at Nairobi’s Artcaffe, on 14 Riverside, at a breakfast organized by the bank to celebrate its women-owned and managed-MSME customers.

Mr. Gitahi said the DTB would put emphasis on women-led MSMEs.

“We all know that the pandemic had a terrible impact on our lives and livelihoods. Small and medium-sized enterprises (MSMEs) felt the brunt of the harsh economic conditions caused by the pandemic that characterized much of 2020. DTB was chosen by the National Treasury as one of the participating banks to provide Kenyan MSMEs with access to financing under the Credit Guarantee Scheme.” Linus Gitahi. 

“Of the Sh1.6 billion allocated to DTB, 30% should go to women, young people and people living with disabilities. We call upon registered companies across all sectors to take advantage of the facility for any funding needs. This includes working capital, term loans or asset financing.” George Otiende, Head of Branches and Alternative Networks.

DTB is expected to advance Sh 1.2 billion, the bulk of the funding by June of this year.

He said this would be In addition to other steps taken to help businesses get back on their feet. Specifically by replenishing their working capital, helping the acquisition of business assets and recovery from the effects of the Covid-19. 

Efforts to deepen financial literacy and business skills

DTB held the meeting as part of its efforts to deepen financial literacy and business skills among its female-led MSME clients. 

On that line, present speakers urged entrepreneurs to learn to adapt to change and re-engineer their businesses to emerging changes. 

As part of re-engineering, they should take advantage of emerging technologies and habits, such as the digital age. 

Julie Gichuru, MasterCard Foundation Public Affairs and Communication Head urged for humility and adaptation to communication changes. 

She said the willingness to be humble and understand that we don’t know anything, will drive success from failure.

Shikoh Gitau, Qhala CEO emphasized on digitisation and digitalisation. She urged entrepreneurs to digitise their businesseses by converting their forms and records into digital format. For digitalisation, Gitau urged entrepreneurs to move their businesses digital from brick and mortar. 

Sourced from Capital Business