Banks through Kenya Bankers Association will set up a Sh.100 million technical assistance program for micro, small and medium-sized enterprises (MSMEs) towards enhancing their ability to secure financing from banks. The industry will establish a governance framework including sector stakeholders to oversee the implementation of this program which will be launched in January 2017.
There are various definitions of micro, small and medium-sized enterprises. The National Government in the Micro and Small Enterprise Act No. 55 of 2012 has defined micro and small businesses. The World Bank has an international standard. Meanwhile, individual financial firms each have specific definitions based on their institutional requirements.
For the purpose of the MSME Capacity Building program , specific indicators have been defined by a working group which included Kenya Bankers Association Secretariat, local and regional banks, entrepreneurs, the Micro and Small Enterprise Authority, Ministry of Industry, Trade and Cooperatives, Kenya Institute of Management, and the Kenya Association of Manufacturers. This working group helped harmonise definitions for the purposes of guiding banks on their disbursements and reporting.
Through the programme’s training, you will be able to gain knowledge that will empower you to better run your business, expand your market rich, increase your profit margin and consequently enhance your ability to access finance from banks.