In a move to bolster Small and Medium Enterprises (SMEs), the Ministry of Investment, Trade, and Industry has unveiled a transformative funding initiative worth Sh7 billion. The program, named Supporting Access to Finance and Enterprise Recovery (SAFER), is set to revolutionize the SME landscape by providing crucial financial support and fostering innovation.

Minister of SMEs and Cooperatives, Simon Chelugui, emphasized the significance of financial literacy for SMEs, stating, “Financial literacy is a problem in many of our SMEs where many owners lack business knowledge. We are going to set up centers and train the beneficiaries of the fund.”

Minister of Investment, Trade, and Industry, Rebecca Miano, highlighted the project’s aim to empower enterprises through funding and financial training, asserting, “We are stepping up to empower them through this project and working to ensure that the small businesses can effectively manage their cash flows and pursue growth with confidence.”

Norah Ratemo, Director General of Kenya Development Corporation (KDC), emphasized the critical role of financial support for businesses, particularly during challenging economic times. Ratemo stated, “In these unprecedented times, access to finance is more crucial than ever for businesses. That’s why we’re thrilled to launch SAFER, dedicated to providing vital financial support and resources to enterprises of all sizes.”

The SAFER program seeks to expand financial access, enhance capacity building, and promote technology innovation to support MSMEs in achieving economic growth. With a focus on bridging the funding gap faced by SMEs, this initiative aims to revolutionize access to finance and empower businesses to thrive post-COVID-19.