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Standard Chartered extends Sh650 bn in financing for businesses

Standard Chartered businesses
The loan extension will allow businesses to cope with the pandemic's impact

Standard Chartered Bank Kenya has extended loans worth more than Sh650 million to businesses that provide goods and services. The loan extension will allow businesses to cope with the pandemic’s impact.

The financing has been provided at preferential rates to support clients with capital expenditure and working capital, media reports said. Chief executive officer, Kariuki Ngari, said in a statement, “We are going above and beyond only financing companies that provide goods and services to help the fight against Covid-19, to those planning to switch into making products that aid in the fight against Covid-19 pandemic, and also financing the health sector.”

The financing for all companies are subject to regulatory approvals. The bank has introduced a host of measures to help business tackle the crisis. These include a 3-month holiday for loan holders, 12-month extension on personal loans and mortgage, in addition to a six to 12-month credit and payment extension, media reports said.

More recently, the bank has plans to close down its T-Mall branch as it seeks to encourage customers in digital banking. However, the bank will continue to retain its ATM services at the mall, media reports said.

In this context, the bank informed its customers that “Your account will be transferred to our UpperHill branch, though you can operate your account from any branch countrywide.”

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