Small businesses were urged to take advantage of available financial solutions offered by banks to boost their business and drive growth.
It was during the opening ceremony of the Inua Biashara Day 2022 forum, organized by the
It brought together government, private sector companies and entrepreneurs to find common ground in finding financial solutions after the effects of the Covid-19 pandemic.
Speaking at the event Principal Secretary for National Treasury and Planning
Muia also urged lenders to come up with a simplified analysis on how to work with MSMEs on the ground to guide them and develop tailor-made financial solutions.
His sentiments were echoed by the KBA board member
“Difficulty in accessing credit, whether from formal or informal sources, remains a significant constraint faced by MSMEs. The banking sector encourages MSMEs to apply and participate in the Inuka Enterprise program which aims to empower micro-enterprises to formalize, small enterprises to professionalize their management and medium-sized enterprises to optimize their operations and increase their economic productivity,” he said.
During the round table, the entrepreneurs were advised by
“Make sure you develop a relationship with your bank as an MSME. I encourage you to contact your bank, not only when opting for financial services, but also to contact banks to find out about other services they offer .”
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