{"id":13198,"date":"2021-04-30T08:17:00","date_gmt":"2021-04-30T08:17:00","guid":{"rendered":"https:\/\/www.imbankgroup.com\/ke\/?p=13198"},"modified":"2022-11-29T14:38:56","modified_gmt":"2022-11-29T11:38:56","slug":"msmes-resilience-in-turbulent-times","status":"publish","type":"post","link":"https:\/\/www.imbankgroup.com\/ke\/msmes-resilience-in-turbulent-times\/","title":{"rendered":"MSMEs Resilience in turbulent Times."},"content":{"rendered":"Let\u2019s just start this particular blog by acknowledging that, since the onset of the pandemic in 2020, the crisis presented a mixture of experiences both to individuals and businesses. While the crisis availed different opportunities to some, the greater impact hasn\u2019t been easy on businesses and households.\n\nWe have witnessed businesses shutting down their operations and, adapting new survival strategies while hanging onto their last straw of working capital.\n\nGlobally, businesses have had to resort to innovative ideas to survive the current environment. Some of the key forward-looking strategies businesses have to consider for survival are:\n\nHealth and safety of the resources\nScaling down the workforce to comply with prescribed protective protocols\nAdapting new strategies like remote working, shifts where applicable, salary cut, redundancy, etc.\nBusiness optimization- closing some units\/departments or total closure.\nCost-cutting mechanisms also naturally applied\n\nAt the macro level, economies have to cope with unprecedented realities affecting the business environment. This has resulted in businesses going back to the drawing board for survival options. MSME businesses have been known to drive stable and resilient economies all over the world where sound enabling environments have been put in place. MSME has become a regularly used acronym for Micro, Small, and Medium Enterprise and informs our discussion.\n\nAccording to an article by Phyllis Wakiaga, CEO of Kenya Association of Manufacturers and the UN Global Compact Network Representative for Kenya, Kenya\u2019s Micro, Small and Medium Enterprises (MSMEs) contribute approximately 40% of the GDP with the majority falling in the informal sector.\n\nThis informs the deliberate forward-looking effort and mechanisms that I&M Bank has put in place for a successful scale-up of MSMEs in the country. In a bid to support financial inclusion for MSMEs, I&M bank has introduced an all-weather dynamic approach in walking the journey with MSME customers for superior customer experience with a profound business resilience. Below are some of the offerings for MSMEs:\n\nA warm relationship with customized business advisory\nBundled flexible Working capital solutions up to Kes.3Million with a competitive TAT\n(short-term loans, temporary overdrafts, LPO & Invoice discounting facilities, etc.)\n\nState of art alternative banking experience- Swift Mobile and Internet Banking\nAttractive current account benefits\nQuick Unsecured bid bonds\n\nAs we all navigate through these turbulent times, we assure the MSME customers that we deeply understand their plight and walk with them through this journey. WE encourage them to take full advantage of our available solutions because we are on your side!","protected":false},"excerpt":{"rendered":"Let\u2019s just start this particular blog by acknowledging that, since the onset of the pandemic in 2020, the crisis presented a mixture of experiences both to individuals and businesses. While the crisis availed different opportunities to some, the greater impact hasn\u2019t been easy on businesses and households. We have witnessed businesses shutting down their operations […]","protected":false},"author":1,"featured_media":21122,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-13198","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\nMSMEs Resilience in turbulent Times. - I&M Bank Kenya<\/title>\n<meta name=\"description\" content=\"While the crisis availed different opportunities to some, the greater impact hasn\u2019t been easy on businesses and households.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imbankgroup.com\/ke\/msmes-resilience-in-turbulent-times\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MSMEs Resilience in turbulent Times. - 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