Tier one lender Co-operative Bank has teamed up with International Finance Corporation to empower small businesses through networking and training programmes countrywide in a Sh15 billion project.
Director retail and business banking at Co-operative Bank Arthur Muchangi said the lender has invested hours and money to understand what their clients want, and how they can thrive.
From the bank’s engagements, it found out that MSMEs account for over 90 per cent of the local private sector, and employ over 15 million Kenyans.
A survey conducted by Kenya National Bureau of Statistics in 2016 revealed that over 2.2 million start-ups did not survive beyond two years, citing high operating costs, poor economy, declining income and growing losses.
“Our message to MSMEs is simple; we have heard you. We have made available a substantial Sh15.2 billion for loans including unsecured business loan, revised and pre-approved limits on overdrafts and loans,” Muchangi added.
“As an entrepreneur, have proper structures. Quality and packaging is crucial. Have a good relationship with your partners and suppliers. Keep your word and be honest,” Edward Kariuki, MD of Raerex Group said.
