A third of SMEs fail to secure funds, new report shows

President Uhuru Kenyatta is introduced to Small and Medium Enterprises exhibitors by the Kenya National Chamber of Commerce and Industry President Richard Ngatia at the 2019 Nairobi ASK show last week. Looking on is Nairobi Governor Mike Mbuvi Sonko. [George Orido, Standard]

A third of small and medium-sized enterprises (SMEs) that needed funding failed to secure loans, a new report shows.

The SME Competitiveness Survey said 33 per cent of small businesses indicated that their applications were either rejected, opted not to apply due to high interest rates, collateral requirements and complex application procedures.