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Youth-Run Businesses in Kenya Set To Receive Financial Boost

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Youth-owned businesses in Kenya are set to benefit from an initiative aimed at mobilizing funds to support them.

This is after Investera, a United Arab Emirates-based business intelligence and investment firm announced that it has entered into an agreement with the Youth Enterprise Development Fund (YEF).

According to the Investera Plus Africa general manager Mohamed Shaban, they will be helping companies in Kenya owned and run by the youth through mobilization of finances that will go a long way towards upgrading them.

Shaban says they have already raised Ksh110 billion ($1 billion) that are aimed at being used as capital for start-ups and a boost for youth-run companies that are targeting to expand within the Middle East and North Africa.

“We are proud to be associated with the Youth Enterprise Development Fund since Investera Plus Africa shares the same vision with the fund. We aim to see the growth of businesses, especially startups by providing business development support services to companies that are keen on expanding their businesses or getting access to funding. This is our business because we already have enough investors willing to finance good business ideas,” said Shaban in a statement quoted by Business Daily.

“Raising start-up capital and access to markets are some of the biggest challenges for startups and Kenyan entrepreneurs since most financial institutions require collateral that most of them do not have. This challenge is now going to be a thing of the past because we have been able to provide easy access to markets and financial support,” he added.

Welcoming the partnership with Investera Plus Africa, Acting Youth Enterprise Development Fund Chief Executive Officer (CEO) Benson Muthendi said: “InvesteraPlus Africa comes at a perfect time to support the Kenyan Youth. I appreciate what they are doing and how their platform will support the ecosystem.”

The Youth Enterprise Development Fund was established in 2006 to provide loans for youth-owned businesses while Investera launched its operations in Kenya in July 2020, through a partnership deal with their local counterparts, Investera Plus Africa.

The Dubai-based firm is seeking to guide foreign investors seeking to invest locally and link local firms to foreign opportunities.

It will provide market research, due diligence, investment advisory, and financial intelligence services to investors, businesses, and entrepreneurs.

Experts have in the past named lack of start-up and access to markets as some of the biggest challenges for young Kenyan entrepreneurs.

Banks requiring collateral for loans has also been another challenge as most of the youth do not have them.

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