U.S. African Development Foundation and Stanbic Kenya Foundation Establish US$10 Million Grant Fund for Local MSMEs
U.S. African Development Foundation
Press Release
July 13, 2021
Stanbic Kenya Foundation (SKF) recently announced a partnership agreement with the United States African Development Foundation (USADF) to provide grants to Micro, Small, and Medium Enterprises (MSMEs), cooperatives, and producer groups in Kenya. USADF and Stanbic Kenya Foundation will provide a combined total of US$10 million in funding towards this initiative targeting 100 percent Kenyan-owned, -managed and -legally registered MSMEs in Kenya. The Fund will provide MSMEs, cooperatives and producer groups with an opportunity to gain access to affordable finance, markets and expose them to the use of digital technologies.
Applicants must be Kenyan-owned, -led, and -registered MSMEs, cooperatives and producer groups operating in Kenya in the manufacturing, agriculture & agribusiness, health, trade, or services sectors.
Head of the Stanbic Kenya Foundation, Pauline Mbayah noted that, “The Foundation’s Financial inclusion; Job creation and Enterprise development pillars aim to catalyze the Micro, Small, and Medium entrepreneurs, cooperatives and producer groups access to alternative sources of capital which will include grant funding, affordable funding, training, and mentorship. This partnership agreement speaks to our dedication and commitment to empowering Kenyan-owned businesses right from the grassroots and see them scale to higher levels. As we engage on the ground, we understand their pain points and see their potential to rise above these challenges and achieve their dreams. This is why we are keen to work with partners like USADF to help these businesses thrive and contribute to the growth of the country.”
MSMEs in Kenya, estimated at 7.4 million, are the drivers of the Kenyan economy and employ close to 14.9 million people–78 percent of Kenya’s entire labor force–and contribute approximately 40 percent of the GDP.
USADF Acting President and CEO Elisabeth Feleke stated, “With the joint support of the Stanbic Kenya Foundation and USADF, Kenyan MSMEs have the opportunity to be more productive, profitable, and globally competitive, enabling them to create employment opportunities, income-generating activities, and prosperity for communities across the country.”
USADF utilizes a community-led development approach, leveraging a pan-African network of local partners to support African-designed and African-delivered solutions. USADF provides grant capital, capacity building assistance, and convening opportunities to develop, grow, and scale African enterprises to improve lives and livelihoods.
Stanbic Kenya Foundation is the Corporate Social Investment (CSI) arm of Stanbic Bank Kenya and continues on its path to promoting and driving Kenya’s economic growth through its social economic investment initiatives. A key initiative recently launched earlier this year was the Digital Skills and Entrepreneurship training Initiative in partnership with Microsoft, an initiative geared towards upskilling small businesses, youth, women and people differently abled with digital skills to ensure that they remain future ready.
About Stanbic Bank Kenya
Stanbic Bank Kenya is a member of the Standard Bank Group, Africa’s largest bank by assets.
Standard Bank Group’s largest shareholder is Industrial and Commercial Bank of China (ICBC), the world’s largest bank, with a 20.1% shareholding. Standard Bank Group has direct, on-the-ground representation in 20 African countries.
Stanbic Bank Kenya provides the full spectrum of financial services. Its Wholesale division serves a wide range of requirements for banking, finance, trading, investment, risk management and advisory services. Wholesale delivers this comprehensive range of products and services relating to investment banking; global markets; and global transactional products and services.
Stanbic Bank’s Wholesale banking expertise is focused on industry sectors that are most relevant to emerging markets. It has strong offerings in oil, gas and renewables; power and infrastructure and agriculture.
With regard to Business and Commercial unit, Stanbic Bank Kenya offers banking and other financial services to medium-sized enterprises and high value small businesses. This unit serves the increasing need among Africa’s small business and individual customers for banking products that can meet their shifting expectations and growing wealth.
Stanbic Bank also offers Wealth services and product offerings, including insurance, investment, fiduciary, bespoke banking and multi-generational wealth preservation solutions to high net worth individuals, retail, business, commercial, and corporate clients across the Bank’s footprint.
About USADF
USADF is an independent U.S. government agency established by Congress to invest directly in African grassroots enterprises and social entrepreneurs. USADF’s investments increase incomes, revenues, and jobs by promoting self-reliance and market-based solutions to poverty. USADF creates pathways to prosperity for marginalized populations and underserved communities in the Sahel, Great Lakes, and the Horn of Africa. To learn more, please visit www.usadf.gov.
