Family Bank receives Sh3.4bn for low cost SME loans
Family Bank CEO Peter Munyiri, poses for a picture with staff at one of their branches in Dagoreti in this file picture. PHOTO | LILIAN OCHIENG
Family Bank has received Sh3.42 billion (€30 million) from European Investment Bank for lower cost long-term loans to small and mid-sized businesses.
This is the second tranche by the European lender with the first tranche of Sh2 billion having been secured two years ago.
The third tranche amounting to Sh1.14 billion is expected in a months’ time, Family Bank said.
Small businesses are grappling with high interest rates as rising non-performing loans cloud Kenya’s banking sector picture.
