Nairobi to give loans to small businesses

President Uhuru Kenyatta presents a certificate of recognition to the Patron of the launched Kenya National Chamber of Commerce and Industry. PHOTO: Joseph Mathenge

Small businesses in Nairobi could benefit from a loan scheme being fronted by the county’s Chamber of Commerce and Industry.

A roundtable held between Governor Mike Sonko and the Nairobi Chapter of the Chamber of Commerce made several resolutions, including the lending plan.

The meeting also agreed to establish a database for all small and medium enterprises to help improve engagement and lobbying, and a youth employment hub for publishing job opportunities.

Richard Ngatia, the chairman of the Nairobi Chapter, said the plan entails involving philanthropists in matching grants or business loans offered through the county.

“We are working with the county to convene development partners and philanthropists to match a potential county business loan initiative to be managed by a reputable firm,” Mr Ngatia said.

Such loans would enable the small businesses, most of which are youth- and woman-owned, to exploit the provision of 30 per cent supply tenders in the county, as envisaged in the national laws.

Ngatia added that there would be a structured engagement that would involve sector representatives for the different cadres of business.

“We are trying to find a new way to engage every businessperson with the county, including hawkers.”

It was the first meeting between the business community under the lobby group and the new county leadership under Sonko and his deputy, Polycarp Igathe.

Nairobi County, as a product of the roundtable, is expected to enter into an MOU with the Nairobi Chamber of Commerce to formalise the resolutions.

Sonko told the meeting that the county government acknowledges the contribution of small businesses in the creation of jobs and as a source of revenue.

Global conference

“We will enter into an MoU with the business community,” the governor said after the meeting that was also attended by the CEO of the Nairobi Chapter, Nemaisa Kiereini.

Members of the Nairobi Chapter will join the officials of the Kenya National Chamber of Commerce to lobby for support to host the global conference of the International Chamber of Commerce in 2021.