Lender trains entrepreneurs how to win and finance public tenders

Jamii Bora Bank has launched an initiative to train, equip and empower upcoming entrepreneurs to compete for public contracts.

Dubbed, 'Tender Hub', it is Jamii Bora Bank's resource space for entrepreneurs and business people to access services and resources that will help their businesses or start-ups.

The initiative aims to train and educate entrepreneurs on trade cycles, tendering process, regulatory and legal requirements for their businesses and help them access much needed credit from banks.

"This is in line with our trade strategy of providing end-to-end solutions and value chain financing for entrepreneurs and their businesses,” said Francis Liyai, the bank’s Marketing, Research and Product Development Manager.

Liyai said there has been an increase in small enterprises trying to penetrate the trade sectors of the country’s economy through the devolved and democratised tendering space.

"The availability and dedication of banks to spend time with small enterprises to educate them on trade cycles, requirements and /or processes is lacking, with focus being on pushing products to the customers,” he adds.

The facility, launched on April 16, 2018, has so far trained 200 individuals – comprising 73 with existing registered businesses.

Classes have had a mix from young entrepreneurs, established enterprise owners, to formally employed individuals with side-businesses.

"The single largest reason why SMEs fail is not access to capital but lack of knowledge and capacity. The resource centre is the solution to entrepreneurs and it helps that with the knowledge and capacity. The bank is willing to provide funding. It’s a hole in one!" Timothy Kabiru, executive director of the bank says.

The training is a weekly two-day course held at the Bank’s Head Office in Kilimani on business registration, tax registration, bidding methods, pre-qualifications, bidding process and supply process.

It also gives tender support and advisory through tender listing and information, tender applications, post-tender award support, business registration and tax returns.

Visitors access the tender listing from the Bank’s online portal and customers also receive the tender listing on request according to their preferred sectors.

Participants are also given workstations, dedicated desks, meeting rooms and conference rooms. Tender Hub offers workspaces and private offices for enterprises at hourly rates convenient for entrepreneurs. In addition, participants are given a weekly enterprise and financial literacy training.