Kisumu SMEs set to benefit from KDC funding
Senior KDC Business Development Officer Maureen Kinyua, KNCCI Kisumu branch chairman Israel Agina, former MD Kenya Pipeline George Okungu and Deputy KDC Director Strategy Dominic Ndewa during SME breakfast meeting in Kisumu.
The recovery of Small and Medium-Sized Enterprises (SMEs) in Kisumu has received a major boost following a partnership with Kenya’s development financial institution.
The initiative by Kenya Development Corporation (KDC) and the Kenya National Chamber of Commerce and Industry (KNCCI) will also work closely with the county government to provide long-term funding to businesses.
KDC Deputy Director, Strategy, Planning and Performance Management Mr Dominic Ndegwa reiterated the corporation’s commitment to understand the financial needs of SMEs to be better placed to address their needs.
“To create the conditions for an inclusive and sustainable recovery from pandemic and growth, it is essential to expand and adapt our approach to SME financing and ensure that their operations continue without any interruptions,” he said.
Mr Ndegwa, who spoke during a meeting in Kisumu, also announced that KDC is in the process of developing a socio-economic impact framework to enable measure the impact of their investment.
“This will enable us to obtain critical economic data that can help us develop an appropriate business model,” he added.
The Kisumu initiative is the second of its kind after a similar one was launched in Mombasa County last month.
In a bid to promote sustainable economic development by providing development finance, infrastructure finance and business support and advisory services, KDC plans to engage SMEs countrywide to sensitise them on their products and services.
Kisumu County KNCCI branch chairman Israel Agina noted that 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 the businesses and especially SMEs - which is the lifeblood of Kisumu County economic activity,” he said.
He pointed out that the funding framework will help the businesses to offset the negative impact of Covid-19 which has affected a number of businesses in the lakeside city.
“We also look forward to more partnerships with financial institutions such as KDC to further enhance service delivery in the county,” he said.
Mr Ndegwa noted that KDC will also work closely with investors in the region to research in order to obtain information and insights that support the corporation’s decisions, national economic policy formulation and spearhead innovation.
