UBA Kenya Bank Limited and The State Department of Devolution launched a partnership that will enable SMEs and Start-ups at the County level to access grants through The Tony Elumelu Foundation Entrepreneurship Program.
UBA Kenya Bank through the Tony Elumelu Foundation (TEF) Entrepreneurship Program has over the last seven years contributed to the growth of the Kenyan SME sector by providing seed capital to local Entrepreneurs to support their business aspirations.
The Tony Elumelu Foundation, founded by African investor, philanthropist, and Chairman of United Bank of Africa PLC, Tony E. Elumelu is a Non-Governmental Organization aimed at creating prosperity for all through supporting and creating African Entrepreneurs.
Founded in 2015, the Tony Elumelu Foundation Entrepreneurship Program has funded over 15,847 young entrepreneurs across 54 countries in Africa with Kenya being one of the key beneficiaries of this initiative.
In 2021 alone, the Foundation disbursed 111,847,400 shillings the equivalent of USD $980,000 to 196 Kenyan entrepreneurs. In 2022, 207 beneficiaries from Kenya were awarded seed capital to grow their business.
Since its inception in Kenya in 2015, the Tony Elumelu Entrepreneurship Program has disbursed 394,751,400 shillings equivalent to USD $3,460,000 to a total of 692 Kenyan entrepreneurs.
“We have partnered with the State Department of Devolution to make this program available to every Kenyan SME and Startup in every County. Through this partnership, UBA will play a big role in upscaling the SME sector of the country by giving them access to a grant of USD5000 as well as capacity building offered in the Tony Elumelu Entrepreneurship Program.” Said the UBA Kenya Bank CEO Mr. Chike Isiuwe.
Speaking at the launch event, the PS, State Department of Devolution, Teresia Mbaika commented, “The State Department of Devolution considers the partnership with UBA Kenya Bank an opportunity to empower Kenyans in the SME sector with skills, knowledge, and the appropriate attitude as a catalyst for sustainable development. This intervention by UBA Bank directly supports two Kenya Kwanza (KK) Manifesto priority pillars; Micro, Small, and Medium Enterprise Economy (MSME) and Digital Superhighway and Creative Economy.”
UBA Bank is also committed to sustainability and protection of the environment through the Banks Foundation arm which supports environmental initiatives. The Bank is keen on supporting the Counties in this initiative in an effort to combat the effects of climate change.
The Bank is calling on all SMEs and Start-ups with a business idea to apply for the Tony Elumelu Foundation Entrepreneurship Program by the 31st of March 2023 at any UBA Branch countrywide or online at www.tefconnect.net