Taita Taveta executive secretary Shedrack Mutungi, UBA Kenya Bank CEO Chike Isiuwe, Devolution PS Teresiah Malokwe and Micro and Small Enterprises Authority (MSEA) Chairman James Mureu during the partnership between UBA Kenya Bank Limited and the State Department of Devolution event aimed at Launching The Tony Elumelu Foundation Entrepreneurship Program at Serena Hotel Nairobi on February 27 2023.
Kenya has a market gap of Sh2.4 trillion for SME financing.
•Since inception in Kenya 2015 The Tony Elumelu Entrepreneurship Program has disbursed equivalent of Sh394.8 million to a total of 692 Kenyan entrepreneurs
•UBA will jointly with the State Department of Devolution to open up this opportunity to start-ups and SME’s in every county.
Some 5,000 entrepreneurs in the country are set to benefit from a training and funding initiative in the 47 counties.
This is follows a partnership between United Bank for Africa (UBA) and the 47 counties where 100 Small and Medium Enterprises from each devolved unit will receive $5000 (Sh634,500) in capital to scale up businesses.
The grants will target entrepreneurs who have a business idea or an early stage business from the zero to three years.
UBA bank Kenya managing director Chike Isiuwe said the partnership will see the lender scale up its branch network to finance SMEs
“Through the program we will support MSME growth across the counties by providing secured and unsecured loans, business advisory and access to market and networks,” said Isiuwe.
The partnership will see UBA work with the counties and select development partners to support funding for county projects with special focus on health, infrastructure, water and sanitisation and education.
UBA working with the State Department of Devolution will open up the opportunity to start-ups and SME’s in every county.
Tony Elumelu Foundation (TEF) Entrepreneurship Program lead Maureen Amakabane says it will take 12 weeks from training to disbursement of the funds.
“I think the goal is to try and see if 100 entrepreneurs from every county can apply for the programme. The seed capital that you receive is standard across Africa,” said Amakabane
The program has over the last seven years provided seed capital to 15,847 young entrepreneurs across 54 countries.
In 2021, the foundation says it disbursed $980,000 (Sh 111.8 million) to 196 Kenyan entrepreneurs.
Last year 207 beneficiaries from Kenya were awarded seed capital to grow their business.
“Over the years, agriculture is one of the leading industries that actually received the capital. And that's not based on any anything just because I think the foundation receives more entrepreneurs in the agricultural space,”
Since inception in Kenya in 2015 The Tony Elumelu Entrepreneurship Program has disbursed equivalent of USD $3,460,000 (Sh394.8 million) to a total of 692 businesses in Kenya. BY JACKTONE LAWI, The Star