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SMEs get $4bn fund

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SMEs get $4bn fund

China is supplying Equity Bank with a $4 billion fund that will be used for loans to small and medium-size enterprises (SMEs), writes The East African.

The loans are available at interest rates between 7% and 9% for periods between three to seven years. It has also revised base lending rates down to 12%.

“It reflects the growing relationship between Kenya and China,” says the governor and CEO of China Development Bank Jiang Chaoliang, who signed the agreement in Nairobi.

Cisco backs SME training programme

Cisco is collaborating with the Multimedia Development Corporation (MDeC), a government-owned body working within the ICT sector, to develop an industrial training programme with the University of Malaysia, states Marketwire.

The undergraduate programme will be used to identify and train skilled ICT networking specialists for SMEs.

The interns will be selected from students currently undergoing the Cisco CCNA curriculum.

Mashreq unveils SME loans

Mashreq has unveiled the Small Business Loan, designed to meet the lending needs of SMEs in Qatar, says The Peninsula.

The product allows partners in a business to individually apply for lending facilities, offers repayment terms of up to 48 months with no collateral requirement, and simple application documentation.

“The Small Business Loan is one more addition to the wide range of products and services that we offer to give businesses in Qatar the financial support they need. This product complements the bank's dedication to support the growth of SMEs in the country,” says Howard Kitson, country head, Mashreq Qatar.

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