Ruto Pushes for Friendly SMEs Environment
“We are committed to ensuring a healthier business environment and more targeted, affordable credit, so that small enterprises can scale up their operations,”
President William Ruto. Photo/William Ruto.
By Robert Mutasi
President William Ruto said his administration is committed to creating an enabling environment for small and medium-sized enterprises to conduct their operations through access to affordable credit.
While addressing the Banking Industry Inua Biashara SME Exhibition at Kenyatta International Convention Centre, Ruto said SMEs were critical in realizing Kenya’s economic transformation.
“We are committed to ensuring a healthier business environment and more targeted, affordable credit, so that small enterprises can scale up their operations,” the president said.
He emphasized empowering SMEs, saying that their success would culminate in job creation, improvement in livelihoods, and having a strong economy.
Ruto said that the government was working to rationalize regulations and policies to ensure facilitation of entrepreneurship and innovations.
He urged the banking sector to play its role through the application of technology in devising novel credit products that would precisely meet the requirements of small and medium enterprises.
SMEs are the backbone of our economy, but their potential is held back by a lack of access to finance. That is why we are challenging the banking sector to step up and design credit solutions that can be more accessible, flexible, and tailored to the unique circumstances of small businesses,” he said.
The head of state also emphasized that the private sector plays a very instrumental role in promoting economic growth, hence investing in SMEs would mean that it would be a factor that banks and financial institutions can join in achieving national development goals as far as attaining Millennium Development Goals are concerned.
He pointed out that with appropriate financial instruments and enabling environment, these enterprises could thrive, innovate, and grow.
This is a display by the banking fraternity meant to sell financial products and services tailor-made for SMEs, apart from opening a communication grid between entrepreneurs and financiers.
It drew players from the various industries who allowed entrepreneurs to unpack funding opportunities and business solutions. The SME sector in Kenya accounts for over 30 percent of the country’s Gross Domestic Product and employs millions across the country.
However, many of these enterprises have impediments to accessing affordable credit that constrain them from expanding and reaching their full potential for scale-up.
President Ruto reiterated that a stronger SME sector would mean not only gains to the economy but also increased global competitiveness for Kenya to help realize its long-term economic goals.
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