Government Launches SAFER Program to help finance SMEs in Kenya

Government Launches SAFER Program to help finance SMEs in Kenya

The government has today announced the launch of SAFER program that seeks to make it easier for small and medium businesses to get financing. The launch of the program was announced today by Cabinet Secretary Rebecca Miano from the Ministry of Investments, Trade and Industry along with CS Simon Chelugui from the Ministry of Cooperatives and MSMEs.

While launching the program, CS Miano noted that Small businesses are key players in Kenya's economy, but often struggle to get loans from banks and other financial institutions. 

SAFER - SMEs Financing Initiative

SAFER (Supporting Access to Finance & Enterprise Recovery) initiative aims to help small businesses bounce back after the challenges caused by COVID-19. It is part of the government's efforts to boost businesses through the BETA economic plan.

Under SAFER, small businesses including those owned by women and youth can access loans from 7,000 Kenyan shillings up to 250,000 shillings. The loans will have flexible repayment terms to make it easier for businesses to manage their cash flows and invest in growth.

CS Miano said SAFER will open up new financial opportunities for the many micro, small and medium enterprises that are the "heartbeat" of Kenya's economy. 

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