Small and Medium Enterprises (SMEs) have been urged to enter the tourist and agricultural sectors in Kilifi County.
Kilifi offers several Agri-Business investment chances that, if properly capitalized on, may provide significant riches for merchants interested in that area.
Economic experts revealed during the SMEs training forum organized by Absa Bank that locals should not wait for foreigners or people from the Diaspora to come and invest but take advantage of the potential to build their business enterprises and generate wealth.
During the Meeting, Absa Bank Officials called on SMEs to stop running away from debts when they fail to pay in time due to the hard economic times.
They advised them to seek measures of settling their debts with the financial institutions that offered them the loans instead of ignoring calls, and text messages until the worst happens.
Meanwhile, the Kenya National Chamber of Commerce and Industry Kilifi Chapetre announced they had reduced registration fees for new members up to the end of this year so as to encourage more people to join.
Prof Lucas Njenga CEO of The Deed Institute of Employability and Enterprise Development urged Absa Bank to listen to Kilifi farmers who have no capacity to store harvest leaving it to go to waste.
He said during the Covid-19 pandemic farmers got a bumper harvest but had nowhere to store their produce which ended up getting spoilt.
“I saw farmers waste thousands of tonnes of Pineapple because they had nowhere to store them, maybe through your networks both national and international there can be a way they can be supported to do value addition
He said there were over 3000 diaspora members who have invested and will be coming to Malindi and require to be support.
Njenga said Malindi and Kilifi there are many barefoot billionaires who are languishing in poverty but if supported to set up small industries their lives could change for the better.
The Entrepreneur who is spearheading an organization of Kenyans in the diaspora who have invested in Magarini Kilifi county said in farming said their aim is to establish an industrial park and develop business enterprises.
“To the county Government how I wish you could set up a diaspora desk because so many people in the diaspora have been taken advantage they hear Kilifi is the place to be they jumpstart buying property when they get back to Australia they get another brother who says the other brother sold the property without their consent and it becomes a tug of war,” he said.
Phillip Matei a real estate Entrepreneur based in Malindi said banks should help SMEs in reviving the ailing tourism sector.
“I was chatting with one of the hoteliers and he was telling me that we are left with less than 10 hotels in Malindi and Malindi town being one of the best holiday destinations it doesn’t look good at all,” he said.
Elizabeth Wasuna from Business Banking Director of Absa bank said they have been having fruitful conversations in the Coast region geared at creating opportunities for them to grow their enterprises.
Wasunna however called on the SMEs not to run away from banks whenever they fail to pay back loans due to the challenges they face and instead reach out and agree on how best to settle them.
Majid Swaleh the Chairman of the Kenya National Chamber of Commerce and Industry Kilifi County said reduced the registration fees for SMEs who wish to join the KNCCI from Sh. 5000 to Sh. 2000 up to December so as to encourage more members to join.
Philemon Mwavala a hotelier said the approach Absa bank was taking to reach out to SMEs at the grassroots was commendable.
