Strathmore University Business School has partnered with HFC, a subsidiary of the HF Group, to empower Small and Medium Enterprises(SMEs).
The program targets SMEs in healthcare, agriculture value chains, education and manufacturing.
Under the partnership, the beneficiaries will benefit from tailor-made financing solutions, training and capacity building tailored to enhance business growth.
HF Group CEO Robert Kibaara stated that the partnership will leverage to create a supportive ecosystem to boost SMEs to the next frontier of economic contribution and growth.
Further, he stated that the partnership will leverage expertise to deliver relevant insights through financial literacy, business mentorship, coaching and entrepreneurship training.
On his part, Strathmore University Business School Executive Dean Caesar Mwangi noted that SMEs create 30 per cent of jobs annually and are responsible for 3% of GDP as they constitute 98 per cent of all businesses in Kenya.
"This sector is critical to the country's economic vitality and we firmly believe that supporting this sector will expand trade and employment opportunities," he added.
According to a 2018 Kenya National Bureau of Statistics report, only a small percentage of small and medium-sized businesses (SMEs) commemorate their second birthday, and only about 400,000 MSMEs do so.
According to reports, more than half (46%) of Kenya's SMEs shut down within a year after opening.
