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Lack of mentorship, eating into their capital, mismanagement and poor strategy implementation are just some of the causes of business failure for startups. Statistics show that close to 400,000. Kenyan small businesses terminate their operations annually, most of them within their first year.
With this in mind, Credit Bank has taken up the responsibility to help SMEs to achieve their growth and still remain sustainable in their operations, through a unique forum known as the “Impact Hub.” Credit Bank is a privately owned financial institution in Kenya with over 30 years’ experience in the Business and more so SME Sector.
The Impact Hub seeks to draw business leaders from a wide array of industries for purposes of growth and mentorship engagements. Its main intention is to fill the gap that exists for entrepreneurs today; of all the information sources that exist in today’s digital world, which trusted source do I work with as an entrepreneur? Thus Credit Bank comes in to bring together subject matter experts and experienced business leaders for all to learn.
I was able to catch up with, Pamela Mutembei, Credit Bank’s Head of Sales and she shared with me what the hub is about and how entrepreneurs can benefit from it.
To begin with, we had to first know about her. She loves travelling and cooking. Mostly spending time with her daughter. Family is her passion. Before family she can’t recall what else was there. Being Head of Sales means that she’s in charge of the portfolio of the Small and Micro Enterprises that the bank holds.
According to Pamela, “The biggest gap in the SME world is the lack of knowledge on not only how to get and manage finances but also how to run and maintain their businesses. The Impact Hub therefore comes in handy to discuss critical issues that impact on a business; that will ensure a business’s sustainability as well as create a platform for networking for this sector”.
It is important to note that SME growth holds the key to the growth of emerging economies. In Kenya, the registered businesses stand at 17M, and although a majority are not registered, they employ more than 70% of the people in the country.
“It is not only important for entrepreneurs to have kept proper books, how does your succession plan look like? Do you have a strategic plan? These are just some of the issues that we discuss at the Impact Hub” says Pamela.
Statistics show that only 10% of graduates are absorbed into the formal sector and the rest have to be innovative and hence become entrepreneurs. The hub comes in hand and is putting people together to learn and utilise their talents.
The Impact Hub plans to invite some of the most successful entrepreneurs and business moguls in the country to share with novice entrepreneurs their experiences and successes. It will also promote young entrepreneurs by bringing small business owners to come and showcase how they have used some of the things they have learnt.
Credit Bank was in the 2017 Banking Awards recognized for being one of the Banks with the lowest charges for the SME sector and was also given a Special Recognition Award in the category for Best Bank in Trade Finance; a testament of their commitment to work with the SME Segment in finding solutions that are also affordable.
Of what benefit is Impact Hub to a member?
- One will enjoy Bi – Monthly Inspiration talks by Invited Visionary Entrepreneurs and leaders.
- Access to an intensive & impactful learning business management modules and one on one coaching sessions with business consultants.
- Through the Impact Hub online forum, one will be able share their business profiles with other entrepreneurs as well as access exclusive rates on business financing, insurance packages and competitive foreign exchange rates.
- Access to business related articles from investment and financial experts including monthly knowledgeable hub newsletters.
- Discounted rates on advertising in the SME Today Magazine.
- Have an opportunity to network through its cocktails and events.
If you have an interest in learning with the best, then this is the club for you.
The best thing about the Impact Hub is that you do not have to be a Credit Bank client to enjoy some of the benefits listed above; However, if you wish to join the Impact Hub as a member, all you need to pay is Ksh 5,000 as the Annual Membership fee and you will enjoy concessionary rates in all the forums hosted by the Impact Hub.
So, Why Join Impact Hub?
What makes Impact Hub unique is that at Credit Bank is very passionate about entrepreneurs. The Hub tagline, learn, engage, prosper is inspired by the urge to provide entrepreneurs with a prime opportunity to learn how to grow their business ideas and to grow the businesses that are already in existence, for future success.