By Morris Aron
Small and medium enterprises are set to benefit from Sh500 million expansion financing after a growth finance company said it has its eyes on the country.
Guido Boysen, the chief executive officer of Grofin Africa – the continent’s largest growth finance company, said that the firm is looking to fund businesses that specialise in fast moving consumer goods and related support businesses, restaurants, schools, agribusiness and construction.
“Kenya is the engine of growth for the region. There is a lot of hope for economic growth and with that comes opportunities,” said Boysen.
“SMEs employ more people and are much more versatile compared to established organisation. Many a times they just luck the necessary support from rigid financial systems offered by banks.”
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Grofin normally funds SMEs for amounts ranging between Sh5 million to Sh130 million, depending on their assessment of the firm’s needs.
In Kenya, the company has funded Amaica Restaurant located along Valley Road in Nairobi, the soon to be opened exclusive high end hotel 1st Degree South, Nairobi International School among others.
Rishi Khubchandani, Grofin Kenya General Manager said the firm is looking to bag at least 25 business financing deals in Kenya before the end of the year.
“SMEs need more than just finance. Currently a lot of small businesses do not get the support they need,” said Khubchandani.
“What we hope to do for approved businesses is to offer financing and business support required to make such a business successful.”
GroFin invests in the future value and potential of entrepreneurs who own businesses at any stage of development, from start-up through growth to expansions.
The firm also offers business finance solutions tailored and aimed at increasing the ability of SMEs to succeed by providing them with more than finance.