Business highlights – Majority of unlicenced businesses need Ksh50,000 or less to get off the ground

Business highlights – Majority of unlicenced businesses need Ksh50,000 or less to get off the ground

Majority of unlicenced businesses need Ksh50,000 or less to get off the ground

  • The family remains the key financial support pillar for small firms
  • Commercial banks lent micro, small and medium enterprises (MSMEs) that employ 15 million people, less than 6% of their required cash
  • This forced them to turn to family and their own funds for start-up capital

Data from Kenya National Bureau of Statistics shows banks provided 5.6 per cent of the financing towards licensed MSMEs and 0.8% towards the unlicensed businesses.

Family and own funds contributed 71.9% funding for licensed businesses and 80.6% for unlicensed ventures. There are about 1.56 million licensed and 5.85 million unlicensed MSMEs with those requiring a start-up capital of Ksh50,000 or less being 57.2%.

READ ALSO: Pathways International in move to help businesses, SMEs double their revenue

Those which need above Ksh1 million are classified as small and medium-sized. The unlicensed businesses total 5.85 million and those which require start-up capital of Ksh50,000 or less account for 94.5%.

Two Kenyan power firms get Ksh164 million from Obama fund

  • Two Kenyan power companies have received a Ksh164 million grant from former US President Barack Obama’s Power Africa initiative
  • The cash will be used to maximise generation of geothermal and solar electricity, known as green energy
  • The US Trade and Development Agency, under the Power Africa initiative, on Thursday awarded US$1.1 million (Ksh113 million) to Nairobi-based Xago Africa and another US$500,000 (Ksh51 million) to the State-owned KenGen

The cash will enable Xago to install Kenya’s first large-scale solar energy storage battery for the 40 megawatts solar power plant it plans to construct in Siaya to be connected to the national power grid. The firm will get technical support from North Carolina-based battery storage manufacturer Alevo USA.

Developers of the Siaya Solar Park said they are in the market to procure equipment with construction of the 40MW plant set for next year. It will take six months to complete.The back-up batteries are meant to ensure reliable supply of electricity to the grid even in the absence of sunlight.

READ ALSO: 15-year old student creates solar-powered model for Mombasa Airport

This places Kenya among nations currently exploring various technologies for solar power storage on a mass scale, beyond smaller solar-powered batteries for cars and households. KenGen’s cash will see it deploy equipment in Olkaria power plants on a pilot basis to tap more electricity from geothermal wells.

German firm says faulty gas cookers affected 170 Kenya buyers

  • German home appliance maker BSH says its recent recall of gas cookers in Kenya affected about 170 units sold locally
  • The firm on Tuesday warned its Kenyan customers in a notice published in local dailies to check their gas cooking appliances immediately for a gas supply fault that could cause explosion in extreme cases
  • Burcin Girit, the head of corporate communications at BSH termed the recall as a precautionary measure

Girit reiterated that every owner of an affected appliance will be offered a free replacement by an authorised service technician in their homes. On Thursday the company said no explosions had been reported so far.

The recall affects models of its Bosch-FS gas cookers manufactured between January 2009 and October 2011.

READ ALSO: Less than 1% of Kenyans using clean energy for cooking despite reduction in LPG prices

The firm, billed as Europe’s largest manufacturer of home appliances has issued similar warnings in other parts of the world affecting the product in markets where it is present.

 

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