This archive report was first published on 17 November 2021.
On November 17, 2021, Stanbic Bank Kenya, through its Accelerate Program, marked a significant milestone in its efforts to empower small businesses and contribute to the country's economic growth.
The bank, in partnership with the Stanbic Foundation and the United States African Development Foundation (USADF), unveiled seven recipients of the Ksh 33 million Accelerate Grant Fund.
The grant funds are part of the Accelerate Program, which aims to position Kenyan businesses for success by addressing the skills gap in the country through digital literacy, upskilling, career development, and providing funds and access to markets.
Since its inception, the program has reached over 850 small businesses, offering both financial and non-financial support. The bank also operates a Financial Fitness Academy, where individuals can learn how to manage their finances holistically.
There are 7.4 million Small and Medium Enterprises (SMEs) in Kenya, employing approximately 14.9 million people and contributing around 40% to the country's Gross Domestic Product (GDP).
Stanbic Bank and USADF entered into a partnership in 2020 to provide grants to Micro, Small, and Medium Enterprises (MSMEs), cooperatives, and producer groups in Kenya. The entities aim to disburse a combined total of US$10 million over the next five years, targeting 100% Kenyan-owned, managed, and legally registered MSMEs.
The winners of the grant funds are MSMEs that have demonstrated resilience and promise to grow and manage their businesses sustainably. They were selected from over 500 applicants across the country.
Organic Diaries Limited, Tropical Lush Limited, Meditrust Healthcare Services, Organic Fields, Tarakwo Diaries Company Limited, and Tovuti Group each received Ksh 5 million in grant funding, while SunSweet Fruit Farm Products won Ksh 3 million.
During the selection process, the winners showcased how their businesses would positively impact and transform underserved and at-risk communities, particularly young women, youth, and other marginalized groups.
Chief Administration Secretary, Ministry of Industrialization, Trade, and Enterprise Development, Mr. Lawrence Karanja, commended the efforts of Stanbic and USADF, stating that they were boosting the government's Covid-19 recovery efforts.
Stanbic Bank Chief Executive, Mr. Charles Mudiwa, emphasized the Accelerate Programme's role in giving businesses the necessary impetus for growth, adding that the ripple effect would be felt in the coming months as businesses continue to recover from the pandemic.
USADF Regional Representative for Africa, Mr. Timothy Nzioka, underscored the organization's contribution in developing, growing, and scaling African enterprises and entrepreneurs to improve lives and livelihoods.
Head of Stanbic Foundation, Mrs. Pauline Mbayah, highlighted the foundation's focus on creating jobs, enterprise development, and facilitating learning programs. She also announced plans to donate 400 computers across the country in collaboration with the Government's Biashara Training Centres.
