Precious Connections, in partnership with the Kenya National Chamber of Commerce and Industry, KNCCI has commenced a business coaching program that aims to support small and medium-sized businesses.
The Quantum Leap Program targets to unlock opportunities for women, youth, and people with disabilities, PWDs led businesses and address inequalities in the small enterprises sector.
Specifically, the program envisages direct technical support to local actors thereby enabling them to improve the business environment and market access for SMEs, enable SMEs to access financial support, and create employment opportunities for the informal sector.
Gender and minority group dynamics are factors that contribute to failure of SMEs to take up available business opportunities and resources. The QLP program will fill the gaps of knowledge and identification of such opportunities by adopting an SME-specific approach to address inequalities in the small enterprise sector.
Speaking about the program, Precious Connection LTD’s Founder and Director, Sabrina Ejore, said most small and medium-sized entrepreneurs lack the knowledge on how or where to seek guidance in growing their businesses.
“Often, small and medium enterprises lack the knowledge and ability to identify market potential for their products and the skills necessary to start, improve and expand their businesses successfully,” said Sabrina.
“The QLP Program seeks to engage, equip, connect, sensitize, and impact businesses to scale and reach their full potential.”
Through the QLP program, SMEs will be able to access business opportunities through networking, growth through access to funding partners, and become sustainable so as to create more jobs and incomes for employees and also contribute to economic growth.
The 2-year program will be piloted in Nairobi and is expected to expand into other counties. In Kenya, micro, small, and medium-led enterprises account for the vast majority of businesses, providing employment opportunities to 14.9 Million Kenyans.
Speaking about the impact of the COVID-19 pandemic on SMEs in Kenya, KNCCI President, Richard Ngatia said that there is need to support and empower SMEs in the country, in the wake of a pandemic that caught everyone by surprise.
“We recognize that in Kenya, SMEs are the most affected by the COVID-19 pandemic and initiatives like the Quantum Leap Program will help in reversing the effects of the pandemic by producing successful and confident entrepreneurs,” said Ngatia.
According to the Central Bank of Kenya, 75% of SMEs in Kenya were facing closure by end of June 2020. MSMEs in Kenya contribute approximately 40 percent of the GDP, with the majority falling in the informal sector.