The lack of access to appropriate capital and business-specific knowledge are two of the major barriers to growth that small-scale businesses and entrepreneurs face. Most banks consider informal sector businesses too risky to lend to, and microfinance institutions typically offer secured loans with high-interest rates. Moreover, informal sector entrepreneurs often lack business-specific training and their understanding of basic business concepts is limited.
The CitiBank and Balloon Ventures Joint program aims to address these issues by providing entrepreneurs with critical training and funding. Citi’s junior talent works alongside high-potential entrepreneurs to help identify business priorities, innovate, transfer learning and empower them to scale their businesses. They also help entrepreneurs build their business plans and pitch for funds from Citi (in the form of low-interest loans administered by Balloon Ventures) to support future growth plans.
Daraja 360 uniform shop is one of the many small and Medium Enterprises (SMEs) businesses in Kenya that lacks access to appropriate capital and business-specific knowledge. Fortunately, the CitiBank and Balloon Ventures Joint program will help capacity build in our uniform business in terms of developing good marketing strategy, sourcing clients, and pitching for grants and more funding.
Through the Volunteer Africa program, Citi’s experienced business professionals traveled to Kenya to support entrepreneurs in growing their businesses. The program provided Daraja 360 with 60 hours of consultancy services (3-week consulting programme) and the opportunity to pitch for a cash grant prize.
Through this program, Daraja 360 uniform shop was able to develop a good marketing strategy, source clients and pitch to potential funders. The program helped the uniform shop find its own pathway to progress while enabling Citi’s junior bankers to develop their mentoring and business skills, build knowledge of developing economies, and establish strong networks with colleagues across the firm.
Overall, the CitiBank and Balloon Ventures Joint program is making a positive impact on Kenya’s economy by driving economic growth at the community level and providing entrepreneurial SMEs with an opportunity to drive inclusive economic growth.
The grant that Daraja 360 uniform shop will secure through the Citibank and Balloon Ventures program will go a long way in helping the social enterprise achieve its goals. The grant will enable the uniform shop to purchase modern equipment that will improve the quality and quantity of production. This will translate to increased sales and more job opportunities for women and youths. The grant will also help the uniform shop to train more women and youths in the production process, empowering them with valuable skills that will enable them to improve their livelihoods.
