The State Department for Industry, Ministry of Investments, Trade, and Industry, has officially announced the disbursement of financial grants to 23 Small and Medium Enterprises (SMEs) from the inaugural cohort of the Kenya Industrialisation and Enterprise Project (KIEP) 250+.

These SMEs represent diverse sectors across the nation.

Launched in November 2020, KIEP 250+ has been instrumental in fostering the growth of Small and Medium Enterprises (SMEs) in Kenya.

The first cohort of SMEs underwent comprehensive diagnostic processes to identify business gaps and areas for improvement.

The granted funds, averaging $50,000 per SME, are intended to boost innovation, technology adoption, productivity, and international competitiveness.

During the grant contract signing ceremony, Dr Juma Mukhwana, Principal Secretary (PS) of the State Department for Industry, emphasized the government’s steadfast commitment to supporting SME growth.

He stated, “This event attests to the government’s dedication to the prosperity of our SMEs, integral to the economic growth of our nation. The grants signify a significant stride in empowering businesses with the necessary tools to thrive in the competitive international market.”

The project places particular emphasis on gender inclusivity, with a mandate to support at least 24% women-led enterprises.

Women entrepreneurs are well-represented among the recipients of Cohort 1 grants, reinforcing the commitment to fostering diversity and equality in economic opportunities.

Aligned with the government’s Vision 2030 and Medium-Term plans, KIEP 250+ prioritizes SMEs in key areas of the Bottom-Up Economic Transformation Agenda, including Manufacturing, Agriculture, Housing and Settlement, Healthcare, Digital Superhighway, and Creative Economy.

Dr Mukhwana emphasizes, “KIEP 250+ aims to stimulate private sector growth, resulting in employment generation, export expansion, and increased competitiveness and productivity.”

The project’s objective is to support 250+ SMEs nationwide, offering crucial technical assistance to facilitate business improvement and growth.

In continuation of this initiative, KIEP 250+ has recently initiated a new call for applications, urging eligible businesses to apply and reap the benefits of this transformative program.

The PS reaffirmed the government’s commitment to supporting businesses in their journey towards growth, innovation, and enhanced competitiveness.