By Nicholas Nduati
Small and Medium sized Enterprises in the agro-processing and manufacturing sectors are set to access low cost credit from the Industrial and Commercial Development Corporation to grow their businesses.
Industrial and Commercial Development Corporation Acting Executive Director Kennedy Wanderi says the corporation will also offer SMEs business advisory services, debt financing as well as link them to markets.
The Industrial and Commercial Development Corporation-ICDC has opened its doors to Small and Medium sized Enterprises and start-ups that have faced challenges in carrying out their operations.
Among the challenges SMEs face are accessing affordable credit, capacity to nurture their businesses and market links.
ICDC has pledged to offer at least 5 million shillings in low cost credit to SMEs and start-ups. Speaking on the sidelines of the just concluded University of Nairobi Innovation Week Wanderi underscored the need for ICDC’s capacity to be enhanced to enable the corporation fund more innovative business ideas to create more jobs.
Royal Juices is one such start-up that has benefited from the funding. With Mango farmers in Kitui County suffering periodic losses due to market challenges, the juice processing idea to add value to fruits and make briquettes from the peels.
The company is also adding value to foodstuffs such as sorghum by mashing it with high nutrient grains such as groundnuts.
Kasembeli defines innovativeness as not just coming up with a new product but also how you deliver it to clients.