Nairobi — Small businesses have been urged to take advantage of the available financial solutions offered by banks to boost their businesses and drive growth.
This was during the opening ceremony of the 2022 Inua Biashara Day forum, hosted by the Kenya Bankers Association.
It brought together the government, businesses in the private sector and entrepreneurs together in order to find a common ground to find financial solutions after the effects of Covid-19 pandemic.
Speaking during the event Principal Secretary at the National Treasury and Planning Julius Muia said that the banks have enough financial product and if well utilized can revolutionize the MSME's industry.
"Micro, Small and Medium-sized Enterprises are critical drivers of economic growth yet they still struggle with access to credit, I urge all banks not to overlook the sector due to their high-risk portfolio but to support them," said Muia.
Muia also urged the lenders to come up with a simplified analysis on how to work together with MSME's on the ground in order to guide them and develop suitable tailormade financial solutions.
His sentiments were echoed by KBA board member I&M Bank CEO Kihara Maina who encouraged MSME's to apply for the Inuka Enterprise Program.
"Difficulty in accessing credit, whether from formal or informal sources, remains a significant constraint faced by MSMEs. The banking industry encourages MSMEs to apply and participate in the Inuka Enterprise Program that aims to empower micro-enterprises to formalize, small enterprises to professionalize their management and medium enterprises to optimize operations and increase their economic productivity," he said.
During the panel discussion, entrepreneurs were advised by Patrick Nyangweso, a Chief Operating Officer at the Kenya National Chamber of Industry and Commerce(KNCCI), to develop a positive relationship with their respective banks in order to get loans from them.
"Ensure that you develop a relationship with your bank as MSME's. I would encourage you to reach out to your bank, not just when you are taking for the financials services, also reach out to the banks to seek other services they offer."
