Some 250 SMEs will get Sh3.6 million while another 500 SMEs are planned to get Sh900,000 each. FILE PHOTO \ NMG
The World Bank has offered Sh1.5 billion in grants to 750
businesses that will win in the 10-week online competition, MbeleNaBiz.
Country
director Carlos Felipe said the nationwide competition targets
businesses that show potential to scale, generate profits for founders
as well as new jobs for Kenyan youth.
“Of the 850,000
jobs created last year, 83 percent came from the small and medium
enterprises (SMEs) segment in Kenya. That means helping SMEs access
credit could facilitate expansion, hence more jobs created as it
happened in Nigeria where a similar programme saw nine jobs created in
every SME we funded,” he said.
Trade and Industry
Secretary Peter Munya said thorough scrutiny will be done for SMEs that
apply to participate in the competition with a view to selecting genuine
start-ups that have for long missed growth targets due to lack of
credit.
Mr Munya said collaboration between government
and the private sector was key to the programme’s success, adding that
the competition will favour small enterprsies whose activities are
aligned to the Big Four agenda.
Through www.MbeleNaBiz.go.ke portal applicants will be expected
to provide evidence of ongoing start-ups and provide a business
development plan that could be funded under the programme.
Applicants
must file proposal for funding by September 9 with names of the
shortlisted compamnies to be announced in November when a training
session will be carried for the next three months.
Finalists will receive the business development funds next February.
Some 250 SMEs will get Sh3.6 million while another 500 SMEs are planned to get Sh900,000 each.
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