LET'S EMBRACE THEM

ALOYS MICHAEL: State should support small businesses to grow economy

They have great potential to enhance a nation's economic growth

In Summary

•Small enterprises or businesses deserve a chance to thrive in a healthy competitive market environment.

•A steep increase in the cost of production has seen the inflation rate shoot to 6.5 per cent making life miserable.

The Constitution of Kenya in line with international laws provides liberty for people to carry out social and economic development activities that will see them meet their various motives.

Business drives economies in the world and supporting startup initiatives will see our economy grow and expand.

They have great potential to enhance a nation's economic growth.

Small enterprises or businesses deserve a chance to thrive in a healthy competitive market environment.

I agree with our MPs that the startup initiative is a move to create job opportunities where unemployment and pauperism level is at 75 per cent with over 35 million Kenyans in the periphery.

The population is more than the jobs in the labour market.

For most Kenyans, providing food for their families is so difficult as the majority can't afford three meals a day, finance their children's school fees and pay their bills because of the low level of disposable income is a reason for less or no savings and investment.

It is difficult even for the youths to start saving and investing in their early 20s because the environment and systems incorporated doesn't boost them to have a juicy financial base.

Even with the government’s efforts to introduce Kazi Mtaani, things have not changed yet.

A steep increase in the cost of production has seen the inflation rate shoot to 6.5 per cent making life miserable.

Traders at Gikomba Market display their items for sale on September 29.
Traders at Gikomba Market display their items for sale on September 29.
Image: /CHARLENE MALWA

In a country where we face the danger of drought and hunger initiating SME startup financing will be a big boost towards bettering our business environment.

Tax systems in Kenya are another deluge towards achieving economic growth and development, not only to the consumer but also to start-up businesses that are prone to high costs of production.

Everything is subject to taxation something that is affecting our local industries, increased export and import duty not forgetting open bottlenecks discourage local and foreign investments, no one is ready to incur a loss while the government itself is reaping much from heavy taxation.

Government should digitize systems to ensure the extensive provision of incentives to start-up enterprises, the establishment of infrastructures hence a favourable business environment.

We can be one of the big and robust economies in Africa and the world if we protect and use our resources in a good manner to benefit current and future generations

It’s difficult for someone in marginalized communities or counties to thrive in any income-generating activities due to poor infrastructures such as roads, poor communication systems and insecurity.

Bringing services to the people means that resources allocation and distribution should be equal and equitable to boost systems business, education, agriculture and horticulture growth without any cartels hindering the processes.

Corruption is another big problem that is vandalizing our progress in every aspect of the economy; billions of money can't be accounted for.

Let’s make amends to our policies to boost businesspeople hence the growth of the economy.

With efficient resources and proper planning then things like smart city and smart market economy will begin to make sense to us.

We can be one of the big and robust economies in Africa and the world if we protect and use our resources in a good manner to benefit current and future generations.

SME start-up financing in Kenya is, therefore, an opportunity for small, medium and large enterprises to unlock to their full potential.

Let’s support it to ensure economic growth and development.

Communication and media technology student, Maseno University.

 

Edited by Kiilu Damaris