High cost of credit slowing growth of Kenya’s SMEs, says World Bank
A trader in Kenya sells their products. Despite an expansion in lending to SMEs by commercial banks, many SMEs are still finding it difficult to access credit. Photo/FILE
Mark Nyongesa started his business four years ago, a marketing firm that focuses on viral strategies in online marketing. His company landed a big client last year as the elections were approaching.
“To execute this project we needed to buy video equipment, and at least six computers capable of live streaming. But when we approached a bank for a Ksh500,000 ($5,800) loan, they said it was a ‘high risk’ venture and turned us down,” he said.
