SBM Bank in partnership with Centre for the Promotion of Imports (CBI), a program funded by the Dutch Ministry of Foreign Affairs have announced an initiative that will see women taking up valuable global trading opportunities.
The initiative will focus on Kenyan women entrepreneurs in export value chains, targeting 15 businesses during the initial six-month pilot phase and scaling up significantly in following years. The partnership will see the launch of a series of activities that will aim to enhance women’s access to finance to facilitate their entry and expansion in international markets.
Despite women’s positive loan repayment performance with a delinquency rate of only 2%, they face challenges in accessing the type of financing required to reach the export market. The objective of the partnership is to link medium-sized women-owned or -led SMEs with affordable financing through SBM Bank’s financial solutions so they can access the financing required for exports.
The collaboration will also train and coach women entrepreneurs on enhanced financial management skills, export readiness, and other requirements for accessing finance, as well as leverage CBI’s deep-rooted market intelligence and connections to open up international opportunities for Kenyan businesses.
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It will also provide a platform for women entrepreneurs to directly engage with SBM Bank to bridge the gap in understanding of the needs of women entrepreneurs and of the Bank’s financing requirements. “Empowering women is critical for sustainable economic development. Through this partnership with CBI, we are opening new doors for women entrepreneurs to participate in global trade,” SBM Bank CEO, Mr Bhartesh Shah, said.
The partnership also aligns with SBM Bank’s commitment to the United Nations Sustainable Development Goals (SDGs), particularly Goal 5 on gender Equality and Goal on Decent Work and Economic Growth. As a signatory to the UN Women’s Empowerment Principles, SBM Bank actively promotes gender equality in business and is dedicated to creating an inclusive financial system.
This engagement is one of four pillars of CBI’s Women’s Economic Empowerment project in Kenya, valued at EUR 2 million over five years. CBI Programme Coordinator, Ms. Janneke Vereijken remarked: “Women entrepreneurs often face significant challenges in accessing international markets, and we are delighted to partner with SBM Bank to address these challenges. This collaboration will empower women to unlock their full potential in global trade.”
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