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USAID Launches Fund for SMEs and Farmers in Kenya
USAID has approved three catalytic projects totaling US $2,480,000 to stimulate the growth of Kenya’s small and medium enterprises. These grants will help strengthen the participation of Kenya’s SMEs in financial markets and the agriculture sector.
The projects dubbed ‘Drip’ are well aligned with USAID’s core mandate of supporting private-sector development in Africa, a key strategic priority of the US Government. They augur well for job creation in Africa,” said Mark Andrew Meassick, Mission Director of USAID Kenya.
Through the projects an investment totaling US $1,900,000 is being deployed to finance the capacity-building of emerging firms and the development of a sustainable knowledge and learning platform. The platform will provide capital to SMEs by financing their receivables.
Another grant of US $1,000,000 is for leveraging investments for fertilizer utilization amongst smallholder farmers in Kenya. It will help increase the affordability, accessibility and incentives for fertilizer use among smallholder farmers in Kenya and expand the supply and distribution of fertilizer by leveraging investments. It is also intended to create over 10,000 jobs for women and youths.
Since its launch ‘Drip’ has already helped finance over 700 projects, thereby making a significant contribution to SME development in Kenya.
They support initiatives that focus on the following priority areas:
- Democratic governance and rule of law
- Equality and non-discrimination
- Economic governance
- Health and rights
Should be national or regional organizations/initiatives. If international initiatives, must seek to build local capacity, transfer knowledge, tools and skills and must work in an area that there is no local or regional capacity
Must be individuals, organizations, coalitions, movements and government agencies-that promote rights-based change in Kenya
They do not fund travel to attend conferences, seminars or workshops
They also do not provide scholarships for individual studies