NAIROBI, Kenya, June 22 – Stanbic Bank has partnered with the United States African Development Foundation (USADF) to provide funding to micro, small, and medium enterprises (MSMEs), cooperatives, and producer groups.
This initiative offers a lifeline of up to Sh3 million (approximately US $25,000) per qualifying enterprise, aimed at facilitating working capital needs and asset acquisition.
Stanbic Kenya Foundation Head Pauline Mbayah asserted that the move will go a long way in creating jobs for youths in Kenya.
“At Stanbic, we believe that Kenya is our home and we drive her growth. This partnership with USADF is rooted in our commitment to economic growth, job creation, and financial inclusion,” she said.
The USADF, an autonomous agency of the U.S. government, focuses on grassroots enterprises and social entrepreneurs across Africa.
Their investment strategy promotes self-reliance and market-driven solutions to alleviate poverty.
To qualify, businesses must be 100 percent African-owned and managed, officially registered in Kenya, and have been operational with managerial and financial controls for at least two years.
Additionally, they must have a banking track record of a minimum of 12 months and have sought commercial finance previously and been rejected due to deficiencies in internal systems and capabilities.
