HFC, Strathmore University Business School Partner to Boost SMEs’ Growth

HF Group’s banking subsidiary, HFC has partnered with the Strathmore University Business School to empower small businesses.

The empowerment program targets small and medium enterprises (SMEs) in manufacturing, real estate, healthcare, education, and agriculture value chains.

Under the deal, participants will benefit from training, capacity building, and tailor-made financing solutions geared toward business growth.

“SMEs are at the heart of Kenya’s social, economic, and industrial development. With this partnership, the Bank and Strathmore will leverage each other’s expertise to create a supportive ecosystem specifically designed to propel SMEs to the next frontier of growth and economic contribution,” HF Group CEO Robert Kibaara said.

The collaboration will leverage expertise to deliver relevant insights through training on entrepreneurship, financial literacy, e-commerce, business mentorship, and coaching.

“SMEs constitute 98 percent of all businesses in Kenya, responsible for 30 percent of jobs created annually and three percent of the GDP,”

“This sector is critical to the country’s economic vitality and we firmly believe that supporting this sector will expand trade and employment opportunities,” Strathmore University Business School Executive Dean Caesar Mwangi.

A 2018 Kenya National Bureau of Statistics report showed approximately 400,000 micro, small, and medium enterprises do not celebrate their second birthday, and only a few SMEs reach their fifth birthday.

More than half (46 percent) of Kenya’s SMEs reportedly close within a year of founding.

“With this partnership, we want to be at the forefront of turning the tides for SMEs towards sustainability,” Kibaara added.