Credit bank has pledged support campaign towards enabling the growth of SMEs in Kenya through its Entrepreneurship Hub.
Through Entrepreneurship Hub, that was formed in 2016 with the objective of providing a platform where entrepreneurs can engage, learn and find mentors who help them prosper, lack of resources was identified as the major challenge and specifically access to capital was limited.
Speaking to Head of Business and Marketing Ms Pamela Mutembei said, “Lack of systems and processes was a fundamental challenge that simply entrepreneurs lack the resources and/or skills to set up systems that will ensure smooth operations of their enterprises.”
Credit bank was recently funded by the African Development Bank (AfDB) for onward lending to small and medium-sized enterprises (SMEs). The financier says the loans will be accessed by companies in the construction, agriculture, renewable energy and manufacturing sectors.
“This would be attributed in the Banks support in growing the small enterprises making the funding the first such financing programme for SMEs in the continent by AfDB,” the bank said in a statement.
The board of directors of the African Development Bank Group approved a $8 million (about Sh824 million) targeted financing to Kenya’s Credit Bank for lending exclusively to small and medium enterprises in construction, agriculture, renewable energy and manufacturing.
Entrepreneurship hub has looked at seeking in place systems and processes give businesses benefits such as being investor ready.
Further, it helps the business set itself on a controlled growth trajectory. “Another challenge we identified is people. Human resources are a vital part of running a business. This includes sourcing for talent, having the right management in place and the right leadership skills to steer the business forward through eHub Masterclass” she continued
“Such challenges necessitated action from Credit Bank. What we needed is to establish a platform that would benefit the entrepreneur in all challenges they face. This was the beginning of the Entrepreneurs’ Hub (eHub).” Pamela Concluded.