Stanbic Bank Kenya has announced a loan holiday for Small and Medium Enterprises (SMEs) and its personal banking customers to cushion them against the economic disruptions caused by the Coronavirus disease (COVID-19).
The loan holiday will be effective 1st of April 2020. For small businesses, the holiday will run for up to 3 months and it will apply to all SME loan facilities.
“We recognize that we are collectively affected by the Coronavirus pandemic (COVID-19) and strive to put in place contingency plans to mitigate against disruption to our customers. The reality is SMEs are going through a tough period. We are therefore committed to unlocking new solutions to allow them to continue to run their businesses efficiently. We must keep Kenya moving,” Stanbic Bank Kenya’s Chief Executive Charles Mudiwa said in a statement.
Commercial clients can contact the bank for assessment and restructuring of their loans based on their respective industry circumstances from the Pandemic.
“We are working closely with the Central Bank of Kenya (CBK) and the Kenya Bankers Association (KBA) to consult on extra measures that we can implement to protect our customers against the adverse economic effects of the Coronavirus pandemic (COVID-19),” Mr. Mudiwa added.
Cognizant of the challenges SMEs face to access finance, Stanbic Bank Kenya will continue to deliver wholesome solutions to entrepreneurs directly and through strategic alliances and partnerships, financial literacy and mentorship programmes; enhancing business and management skills, constant innovation that delivers solutions attuned to the needs of enterprise and operation models that ensures entrepreneurs can conveniently access financial services any time anywhere.
Customers who require the loan holiday will need to send requests on or before 30th March by either:
Sending an SMS to 22208 that reads “YES RH” from the number you have registered on mobile banking or by replying with “YES RH” to the email sent to your mailbox from Stanbic Bank.