Barclays Bank (Absa) has not only been helping the Small and Medium Enterprises (SMEs) access capital, but also equipping the owners with management skills they need to succeed.
An estimated 46% of SMEs in Kenya close shop within a year of operation, and this is because they require more funding than they can access to move their businesses to the next level.
Most recent data from International Finance Corporation (IFC) show 51% of the SMEs in the sub-Saharan Africa as a whole are in need of about KSh 33.1 trillion (US$331 billion) new funding to be able to grow their enterprises.
In Kenya, Barclays Bank (Absa) has not only been helping the SMEs survive their biggest challenge, that is access to capital, but also equipping the owners with business and management skills they need to succeed.
How it works
No matter the size of the business, Barclays has developed a number of customised banking solutions that will meet the needs of each and every SME.
The banking solutions are divided into five categories namely Business Bouquet Account, Business Club Account, Business Foreign Currency Account, Uwezo Current Account and La Riba Business Current Account.
Business Bouquet Account
For those with start-ups or businesses with low turnovers, the Business Bouquet Account has been made specifically to meet their needs.
Business Club Account
Once the enterprise moves past the start-up phase to growth stage with a higher turnover, then the best suited banking solution for you is the Business Club Account.
Business Foreign Currency Account
If you are in the business of importing and/or exporting goods and/or services and is involved in cross-border transactions, then the best suited banking solution is Business Foreign Currency Account.
Uwezo Current Account
Barclays Bank also has a tailor-made solution for Non-profit organisations (NGOs), religious institutions, schools, societies and trusts and that is the Uwezo Current Account.
La Riba Business Current Account
As for those who prefer Islamic banking solutions, there is the La Riba Business Current Account Best which is best suited for their business.
Dancy Holdings (Dancy Farm Care) is a member of the Barclays Business Club that has benefited greatly from the personalised banking solution.
“We had a Barclays bank officer based in Nyeri county. When he came, he asked about what we needed to grow our business.
Barclays then gave us money, and as you can see our shop is now full. I have also learnt a lot since I joined, including matters of financial management,” said one the founders of Dancy Holdings.
His experience is shared by the founder of Cornerstone Enterprises which has been in operation since 1996.
“I started small, selling oranges, making picture frames…I was able to save some money and later on they (Barclays Bank) gave me the first loan. I cleared and went for another one.
Because I was a club member, the loans were somehow cheap. I also learnt a lot from the Business Club,” said the Cornerstone Enterprises founder.
Other SMEs that have benefited from the Barclays Bank banking solutions include Kificom Computers, Zuca Solutions, Kaburu Textiles to mention a few.
For more information on how to join, visit https://www.barclays.co.ke/business/open-an-account/sme-business-accounts. Call 254 (20) 3900000/ +254 (722) 130120/ 254 (732) 130120 or e-mail: [email protected]