Nairobi County is on track to implement its long-awaited Business Stimulus Program, thanks to a crucial partnership between the county’s Micro Small and Medium Enterprises (MSMEs) department, Kenya Commercial Bank (KCB), and the Institute of Certified SIYB Trainers (ICST). This strategic collaboration is expected to provide significant support to businesses, especially MSMEs, to boost growth, improve access to financing, and enhance business skills in the region.
The Business Stimulus Program was discussed in a key meeting held by the Nairobi County Executive for Business and Hustlers Opportunities, Dr. Anastasia Nyalita, who expressed confidence that the program will help unlock the economic potential of Nairobi’s business owners. The meeting brought together influential stakeholders, including KCB, which will serve as the financial partner for the program, and ICST, which will provide capacity building to MSMEs.
“The partner meeting brought together influential stakeholders to chart the path forward for the program and to fast track the signing of contracts which will facilitate its implementation,” Dr. Nyalita said. She highlighted the importance of the initiative, noting that the program aligns with the broader vision of Governor Sakaja’s administration to empower businesses and create opportunities for the people of Nairobi.
One of the key aspects discussed during the meeting was the Terms of Reference (TORs) for each partner, which clearly define roles and responsibilities for Nairobi City County, KCB, and ICST. These TORs will provide clarity on how each partner will contribute to the program’s successful rollout, monitoring, and evaluation. According to Julius Karina, Director of MSMEs, this comprehensive approach will ensure seamless collaboration among the partners, leading to effective program delivery.
“The critical partners will converge to develop a unified work plan for the program’s rollout, implementation, monitoring, and evaluation,” Karina added. This collaborative approach will be vital in ensuring that the Business Stimulus Program reaches its full potential and achieves the intended outcomes for Nairobi’s business community.
At the heart of the program is a commitment to support Nairobi’s MSMEs, particularly in light of the economic challenges many entrepreneurs face. Dr. Nyalita emphasized that the program will provide an enabling environment for businesses to thrive, with a special focus on youth and women, who often face additional barriers to accessing resources and opportunities. She noted that Governor Sakaja’s vision for the county includes the disbursement of affordable credit through a ward-based approach, ensuring that the benefits of the program are equitably distributed across all areas of Nairobi.
“The initiative reflects our commitment to supporting MSMEs in Nairobi. By partnering with esteemed institutions like KCB and ICST, we aim to create sustainable opportunities and an enabling environment for businesses to thrive, especially in light of the economic challenges impacting many entrepreneurs,” Dr. Nyalita said.
Under the plan, each ward in Nairobi will receive Ksh 50 million to support local businesses. This funding is expected to help address the financial gaps that hinder many small businesses from scaling up and creating jobs. The focus will be on providing accessible and affordable credit to business owners, ensuring that resources are distributed equitably to empower those in need.
The meeting also included presentations from other key stakeholders, such as Ms. Eunice Kariuki, Director of the Governance Delivery Unit (GDU), Collins Sikah, Assistant Director of MSMEs, and Victor Ogondo, Assistant Director of Donor Coordination and Engagement. Representatives from KCB and ICST were also present, underscoring the significance of their roles in the program’s success.
The program is poised to make a transformative impact on Nairobi’s economy, especially for the youth and women entrepreneurs who make up a significant portion of the city’s MSME sector. With strategic support from KCB and ICST, as well as a clear roadmap for implementation, monitoring, and evaluation, the Business Stimulus Program is set to be a key driver of economic recovery and growth in Nairobi. As the partners continue to work together, the future looks bright for Nairobi’s business community, with the promise of increased opportunities and a more resilient local economy.
