NAIROBI, Kenya Nov 16 – Stanbic Bank Kenya Tuesday announced the issuance of a Sh 33 million grant fund aimed at supporting Small and Medium Enterprises (SMEs) that impact and transform underserved and at-risk communities.
The grants, issued out in conjunction with the United States African Development Foundation (USADF) under the Accelerate Program, were given to seven businesses that were selected out of a pool of 500 applicants across the country.
The recipients of the grant were Organic Diaries Limited, Tropical Lush Limited, Meditrust Healthcare Services, Organic Fields, Tarakwo Diaries Company Limited, and Tovuti Group who were each awarded Shs 5million.
SunSweet Fruit Farm Products was awarded Ksh.3 million.
Stanbic Bank Chief Executive, Charles Mudiwa said the program will provide businesses with the necessary capital required to accelerate economic growth.
“We are happy with the progress we are making thus far because, through joint efforts with our partners, we continue to drive economic growth by supporting our MSMEs who create jobs for hundreds of individuals across the country,” Mudiwa said.
On his part, USADF Regional Representative for Africa, Timothy Nzioka reiterated that the collaborative efforts in rolling out grants would grow and scale up African enterprises and entrepreneurs to improve lives and livelihoods. It would further help create jobs and facilitate enterprise development.
In Kenya, there are 7.4 million SMEs and the Accelerate program has so far managed to reach over 850 100 percent Kenyan-owned, managed, and legally registered MSMEs with both financial and non-financial support.
Speaking during the event, Chief Administration Secretary, Ministry of Industrialization, Trade and Enterprise Development, Lawrence Karanja commended the grant efforts stating that it is a boost to the country’s economic recovery.
“The steps taken by Stanbic and USADF to support Micro and Small Businesses in the country is a commendable effort as it is definitely a boost in our efforts as Government to help businesses recover from the pandemic,” Karanja said.
