Sidian Bank, KIE to increase loans for manufacturers
The partnership will provide MSMEs with financing, training and business support, as well as referrals to larger credit facilities as they expand.
Nairobi, Kenya - Sidian Bank and Kenya Industrial Estates (KIE) have joined forces to enhance access to loans for small and medium-sized manufacturing businesses. The collaboration aims to supply financial support, training, and business assistance to these enterprises, while also connecting them to larger credit facilities as they grow.
State Department for MSMEs Development Principal Secretary Susan Mang’eni emphasized that the collaboration will help create more personalized and effective loan solutions for small businesses. "We must move beyond a one-size-fits-all approach and develop solutions that respond to the realities of MSMEs," Mang’eni stated. Sidian Bank's Managing Director and CEO, John Okulo, added that the bank will offer customized financing depending on each business's specific needs and growth stage.
"Our role is not simply to provide financing. It is to understand the businesses we serve and develop financial solutions that respond to their needs, their stage of growth, and the evolving market environment," Okulo explained. KIE's Managing Director, Nelson Kwamini, highlighted that the partnership will merge financial resources with training and business development support.
The joint initiative will initially concentrate on businesses engaged in manufacturing and value addition.
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