Local lender Credit Bank is optimistic that its recently unveiled programme dubbed Entrepreneurs Hub (Ehub) will enable Small and Medium Enterprises (SMEs) in the country build their competitiveness in the business market and traverse the tough world of entrepreneurship.
The Ehub programme offers training to SMEs in areas such as marketing, monitoring of cash flows and turnovers and human resource to hone their skill set in an otherwise competitive Kenyan market.
“We are very excited about our Ehub. Many people argue that the number one challenge facing SMEs is capital but for us we go beyond that. We have realised that SMEs require training in key areas and what Ehub does is to train the SMEs on such issues and then finance their businesses,” said Pam Mutembei, Credit Bank Head of Business in a statement.
The Ehub programme, according to Ms. Mutembei, will similarly connect the upcoming businesses with respectable business personalities who have already established themselves them in both local and international business markets.
“The main intention of the programme is to fill the gap that exists for entrepreneurs today. Thus, Credit Bank comes in to bring together subject matter experts and experienced business leaders for all to learn. EHub will similarly promote young entrepreneurs by bringing small business owners to come and showcase how they have used some of the things they have learnt,” Ms. Mutembei added.
In order to achieve this, the lender is collaborating with Pan African organisations such as African Guarantee Fund (AGF) to de-risk SMEs through guarantees.
“The support from AGF allows the bank to offer an unsecured portfolio ranging from 53 to 75 percent. For us we are also keen on the financial education of the entrepreneurs we loan,” Betty Korir, CEO Credit Bank said on her part.