A study by the Financial Access Initiative (FAI) has shed light on the role of entrepreneurs and financial service providers in providing SMEs with customized credit facilities to enable them improve their services.
Titled Kenya Small Firms Diaries Study, the study revealed that 51 per cent of the adult population in Kisumu county own small firms and that access to loans and capital investments is as a major challenge for these firms.
Financial Sector Deepening (FSD) Kenya Director Anne Mutahi noted that the study examined the financial behaviour of businesses in Kisumu county and provided valuable insights into their challenges and priorities.
“In partnership with the county and national governments, we examine business ideas, look into the requirements and ignite conversations with the community on agriculture, health and safe environs to accelerate funding processes,” she said.
Speaking during the launch of the findings at Sarova Imperial Hotel, Kisumu county Deputy Governor Dr. Mathew Owili said the county government will integrate value chains along the agricultural and financial sectors to allow SMEs scale up their operations.
He thanked the organizers of the research program for their efforts in generating ground-breaking data and facilitating cross-country comparisons.
He emphasized that small businesses are the engines of economic progress and the heart and soul of local communities.
Trade & Tourism CECM Farida Salim noted that the study’s findings are a significant step towards understanding and addressing the financial needs and challenges faced by small firms in Kisumu.
By Fredrick Odiero
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