Stanbic Bank Kenya on Tuesday announced winners of its Ksh 33 million grant through its Accelerate Program aimed at supporting small businesses.
Through its foundation and United States African Development Foundation (USADF) unveiled seven recipients of Ksh 33million Accelerate Grant Fund.
The grant funds are being issued under the Accelerate Program which aims to position Kenyan businesses for success while addressing the skills gap in the country by boosting entrepreneurship and employability of citizens through digital literacy and upskilling, career development and providing funds (grants) and access to markets.
“Winners of today’s grant funds are Micro, Small and Medium Enterprises (MSMEs) who have demonstrated resilience and promise to grow and manage their businesses in a sustainable way. They were selected out of over 500 applicants across the country,” the bank said in a statement.
Organic Dairies Limited, Tropical Lush Limited, Meditrust Healthcare Services, Organic Fields, Tarakwo Diaries Company Limited and Tovuti Group each won Ksh 5 million in grant while SunSweet Fruit Farm Products won Ksh 3million.
Stanbic Bank Chief Executive, Mr. Charles Mudiwa said the Accelerate Programme has played a major role in giving businesses the much-needed impetus towards growth, adding that the ripple effect will start being felt in the coming months as businesses continue to recover from the pandemic.
“We are happy with the progress we are making thus far because, through joint efforts with our partners, we continue to drive economic growth by supporting our MSMEs who create jobs for hundreds of individuals across the country,” Mr Mudiwa added.
So far, the program has managed to reach over 850 small businesses, providing them with both financial and non-financial support. The bank also runs a Financial Fitness Academy where individuals are trained on how to take a holistic approach to their financial affairs.
There are 7.4 million Small and Medium Enterprises (SMEs) in Kenya which employ about 14.9 million people and contribute approximately 40% of the Gross Domestic Product (GDPs).
In 2020, Stanbic Bank and USADF entered into a partnership to provide grants to Micro, Small, and Medium Enterprises (MSMEs), cooperatives, and producer groups in Kenya. A combined total of US$10 million funding will be disbursed over the next 5 years towards this initiative. The entities are targeting 100 per cent Kenyan-owned, managed and legally registered MSMEs in Kenya.