SBM Bank Kenya has officially launched three SME business hubs in Nairobi’s Central Business District (CBD), Kilimani, and Karen as part of its strategy to enhance financial and non-financial support for small and medium-sized enterprises (SMEs).
The initiative aims to create an enabling environment for SMEs by providing dedicated working spaces where the bank will host business clinics, capacity-building forums, and financial advisory sessions to help entrepreneurs scale their businesses.
Empowering SMEs Through Financial and Non-Financial Support
Speaking at the launch, SBM Bank Kenya Board Chair, Shakilla Jhungeer, reaffirmed the bank’s commitment to empowering SMEs, recognizing their role as the backbone of the economy in driving job creation and wealth generation.
“At SBM Bank, we recognize that SMEs are the backbone of our economy as they drive job and wealth creation. The launch of the business hubs reaffirms our commitment to empowering SMEs. The hubs will be a transformational platform for small and medium-sized businesses, and we highly encourage our SME customers to take advantage of this opportunity to receive the financial advice, tools, and resources they need to scale up their businesses.”
Beyond advisory services, the business hubs will function as walk-in workspaces exclusively available to SBM Bank’s SME clients, allowing them to hold meetings with clients and business partners in a professional setting.
A Long-Term Strategy for SME Growth
The launch of these hubs aligns with SBM Bank’s broader long-term strategy to support SMEs by providing tailored financial solutions and ensuring the bank works hand-in-hand with entrepreneurs to grow their businesses.
“As part of our continued SME-focused initiatives, SBM Bank will continue to expand the reach of the business hubs to ensure more entrepreneurs benefit from financial and capacity-building support,” added Ms. Jhungeer.
This development follows the bank’s recent introduction of the Jijenge Biashara solution, which provides SMEs with loans equivalent to twice their savings, while also earning interest on their savings, enabling both short-term and long-term business investments.
Expanding Financial Inclusion with a $10 Million Guarantee Fund
SBM Bank has also taken steps to de-risk lending and expand financial access for SMEs, particularly women-led enterprises, through a $10 million risk-sharing agreement with the African Guarantee Fund. This partnership aims to increase financing opportunities for SMEs while offering capacity-building support in critical areas such as financial management and marketing.
What This Means for SMEs in Kenya
With these business hubs, SME owners now have access to:
- Dedicated workspaces for business operations and networking.
- Business advisory services including financial management and marketing guidance.
- Access to funding opportunities, including the Jijenge Biashara solution and risk-sharing loans.
- Capacity-building forums aimed at fostering SME growth.
As part of its long-term growth plan, SBM Bank Kenya intends to expand the SME business hubs beyond Nairobi to reach a broader entrepreneurial community.
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