IIA CELEBRATES WORLD SME DAY

In recognition of the role of Micro-, Small and Medium-sized Enterprises in the economy, the United Nations General Assembly declared June 27 as the day to raise public awareness of SME’s contribution to sustainable development in world economies.

To celebrate the day, Invest In Africa highlighted the key impact of SMEs to the Kenyan economy, the challenges they face, recognizing successful SMEs as well as addressing the opportunities ahead for members of the Biashara.Now platform.

IIA also conducted a poll Survey targeting SMEs on what are their main pain points. Lack of Financing was termed as the main problem facing SMEs at 64% while the lack of adequate markets was second with 29%. The lack of skills to run a business was third with 9%.

SME financing is often considered by many financial institutions to be a risky activity hence the challenges to scale up. Invest In Africa has partnered with Banks to ensure that affordable credit is made available to SMEs.

So far, IIA has been able to unlock over Sh 300,000,000 worth of financing opportunities for SMEs through the Biashara.Now platform.