Women-owned businesses set to benefit from Sh50m plan
Tuesday, December 21st, 2021 07:00 | 2 mins read
SKILLS: Women-owned businesses in the country are set to benefit from a Sh50 million capacity development programme by German Development Co-operation (GDC).
The programme by Absa Bank and GDC is targeting 1,500 women-owned micro, small and medium businesses impacted by Covid-19 crisis.
Dubbed SHE Stars, the project will offer business skills training for female entrepreneurs running small businesses in various sectors.
noted that GDC seeking to grow the competitiveness and create sustainable jobs for women and youth through MSME development.
Thomas Jaeschke, the Employment and Skills for Development in Africa (E4D) Head of Programme said GDC seeking to grow the competitiveness and create sustainable jobs for women and youth through MSME development.
“ This partnership aims to address capacity, structural and financial challenges, as well as the impacts of the current pandemic, that these MSME’s face,” he said.
The programme aims to address business gaps and training needs that women entrepreneurs face, such as inadequate access to finance, mentorship, information and markets.
Meta’s Global State of Small Business Report that was recently launched, said female-led businesses were seven per cent more likely to close due to the pandemic than male-led ventures.
In Kenya, the report revealed that the restrictions that were put in place to mitigate against the spread of Covid-19 affected economic activities, with women facing greater economic vulnerability without social protection.
Absa Bank’s Business Banking director Elizabeth Wasunna, said that among other things, the programme will cover cash flow analysis, risk management, income diversification, branding, fundraising, leadership, and people management.
After the training the women will be eligible for loan facilities from the Bank.
“Absa Bank is committed to making financial services more accessible and improving financial literacy among women entrepreneurs.
We are exploring possibilities that would reduce inequalities within the society so as to enable their economic development.”