Small and medium enterprises in Kisumu have received a boost after engagement with Kenya Development Corporation, a state finance institution.
This is in partnership with the Kenya National Chamber of Commerce and Industry and the county government.
It is the second engagement the corporation is undertaking since the initiative was launched in Mombasa last month.
KDC said it has launched a plan to engage SMEs countrywide to sensitise them on KDC's products and services and to understand their financial needs.
“It is essential to expand and adapt our approach to SME financing and ensure their operations continue without any interruptions,” KCD deputy director of strategy Dominic Ndewa said.
He said KDC will closely work with Kisumu and investors to research, obtain information and insights that support the corporation's decisions, support national economic policy formulation and spearhead innovation.
“The corporation is keen to understand the financial needs of SMEs better and support them as they pursue their aspirations,” Ndewa said.
“KDC acknowledges that long-term recovery will depend on getting funding to the economic pillars that need it most.”
Speaking at the forum on Friday, Kisumu KNCCI branch chairman Israel Agina said the engagement would empower SMEs and allow them to participate more productively in the economy and understand their pain points.
“This is a critical time for SMEs which is the lifeblood of Kisumu economic activity and a funding framework will help the businesses to offset the negative impact of Covid-19,” Agina said.
“We look forward to more partnerships with financial institutions such as KDC to further enhance service delivery in the county.”
KDC is in the process of developing a socio-economic impact framework to enable the measurement of the impact of her investments.
The corporation is obtaining critical economic data that can help us develop an appropriate business model.
The market needs analysis research will provide information and insights that enable KDC to develop market-driven products and support policy formulation and innovation.
Edited by Kiilu Damaris
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