In Kenya, small businesses are set to be given a much-needed boost.
As reported by Africa Business Communities, WorldBusiness Capital has announced a US$10 million, 10-year loan to Victoria Commercial Bank (VCB). The financing is set to be a long-term funding source for SME lending, with a focus on women-owned/managed enterprises, as well as ‘green’ loans.
‘We are especially excited to enter the Kenyan market with a loan to VCB, a first-rate lending institution with a demonstrated commitment to servicing SMEs,’ says Rob Monyak, WorldBusiness Capital VP and chief lending officer for Eurasia/Africa Lending.
‘Moreover, through VCB, we will be able to provide critically needed financing to women entrepreneurs, thereby enhancing the developmental impact of our lending.’
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