Credit Bank has called for the strengthening of startup hubs to enable small businesses to achieve a break.
This comes when the bank has been at the forefront in enabling the growth of SMEs in Kenya.
Credit Bank Head of Business and Marketing Pamela Mutembei said most small businesses do not manage to see the light of day due to, among other challenges, lack of funding and rigorous mentorship.
“Lack of systems and processes was a fundamental challenge. In other words, entrepreneurs simply lack the resources or skills to set up systems that will ensure smooth operations of their enterprises,” she said.
“Another challenge we identified is people. Human resources are a vital part of running a business. This includes sourcing for talent, having the right management in place and the right leadership skills to steer the business forward,” said Mutembei.
She said such difficulties necessitated appropriate action from Credit Bank.
“What we needed is to establish a platform that would help the entrepreneur in all challenges they face. This was the beginning of the Entrepreneurs’ Hub (E-Hub)” the manager said.
In April, the lender opened a new branch in Eldoret aimed at Small and Medium Enterprises (SMEs) and farmers in the Rift Valley and Western Kenya regions.
Credit Bank Chief Executive Officer Betty Korir told the press that the decision to open the new branch at the Kerio Valley Development Authority (KVDA) building move was guided by the growth of business in and Eldoret town.
Mrs Korir said the bank would continue to focus on SMEs as their target market.
“As a bank, we remain committed to impacting the economy in which we operate through working together with SMEs. This is through building financial solutions that we know they cannot get from other established financial institutions,” she said.