- To participate in the program, SMEs must be legally registered in Kenya, have been in operation for a minimum of two years.
- The SMEs must also boast an annual turnover of between Sh50 million and Sh1 billion.
The government through the Ministry in trade is seeking Small and Medium-sized Enterprises in the country to apply for the funding programme, KIEP 250+, towards their development.
Launched in November 2020, the project has been termed as a transformative initiative designed to increase productivity, foster innovation and establish market linkages and capacity among SMEs in the priority sectors.
As a crucial component of the $50 million (Sh5 billion) Kenya Industry and Entrepreneurship Project (KIEP), implemented in partnership with the World Bank, it offers performance-based grant funding for technical assistance to SMEs.
This is the second call for applications in the project, after the inaugural one in 2020 where most beneficiaries came from the agriculture sector.
Successful applicants will have the chance to benefit from performance-based funding which will provide crucial support for their business development, managerial and technical skill enhancement.
It will also seek to facilitate access to and utilisation of modern technology.
To participate in the program, SMEs must be legally registered in Kenya, have been in operation for a minimum of two years, and boast an annual turnover of between Sh50 million and Sh1 billion.
Additionally, SMEs must be nominated by a lead firm, financial institution, or business association and have a management team willing to commit to a performance improvement plan.
Furthermore, SMEs that provide opportunities for persons living with disabilities (PLWD), youth and women-led enterprises, are highly encouraged to apply for the project.
Speaking during announcing event, State department for Industry PS Juma Mukhwana said the government was committed to selecting SMEs from all corners of the country, with at least 20 per cent of them being women-owned businesses.
“The project will seek to build competitive world-class SMEs, thereby enhancing Kenya's manufacturing sector and entrepreneurship ecosystem,” Mukhwana said.
"This enables them to upgrade and achieve their full potential by identifying sustainable growth paths and receiving support from expert business development service providers."
Over the four-year project duration, the project aims to oversee a total of five calls for SME applications, with the target of supporting at least 250 SMEs.
Participating SMEs will undergo several stages, starting with identifying areas for improvement and designing performance improvement plans.
They will then select business development service providers to address improvement projects covered by project’s financial support.