The County Government of Nyeri through the Department of Trade, Tourism, Culture and Cooperative has rolled out a loan kitty open to both individuals and registered groups. The revolving fund under the County Enterprise Development Fund (EDF) will among others offer Business Expansion loans, asset financing and agribusiness funds at 5 per cent reducing balance within a period of 24 months. The minimum amount of money individuals or registered groups can borrow from the kitty is Sh50, 000 to a maximum of Sh500, 000. Cooperative societies on the other hand can access up to Sh1 million of the money. Applicants interested in accessing the funds have been advised to download and fill the application form from the Nyeri County Government website www.nyeri.go.ke. Duly filled forms should thereafter be forwarded to the respective Ward administrator or area chiefs before the close of the deadline on May 31 2023. While announcing the launch of the fund in Nyeri, Trade, Tourism, Culture and Cooperative CEC Diana Kendi noted that while the loan was geared towards economic empowerment among locals, it would also go a long way in addressing youth unemployment in the area. Kendi said the majority of the young people in the county have sunk into the abyss of alcoholism and substance abuse out of frustration due to dwindling income generating opportunities amidst a worsening global economic crisis. The officer therefore said the revolving fund will play a pivotal role in creating income generating opportunities for thousands of young people and in so doing help address the rampant alcoholism in the county. ‘We have seen an increase in alcoholism and substance abuse here in Nyeri and as a county government we have put different initiatives to curb this vice. One of the initiatives is of course to put a center that is supported by the health services to help those who are already addicted. However, what is really leading the youths into drug abuse is financial challenges and we found it fit to launch an empowerment program by providing affordable capital to start some small businesses payable within two years,’ she said. Kendi also disclosed that this year they have set aside Sh62 million for the kitty compared to Sh30 million during the start of the program in 2018. During his inaugural address to the Nyeri County Assembly in October 5 last year following his reelection into office Governor Mutahi Kahiga announced plans to gradually increase allocation to the Enterprise Development Fund from Sh55 million to Sh 500 million to be loaned at an interest of 5 per cent. The County boss said the move would address the challenges of unemployment among young people by creating more than 100,000 extra job opportunities. ‘To create employment opportunities for the youth and cottage industries, my government will gradually increase Enterprise Development Funds (EDF) lending from Sh.55 million at an interest rate of 5 per cent. The EDF lending is projected to have a ripple effect that would create job opportunities for more than 100,000 people. In addition to creating business in the informal sector, we have constructed and rehabilitated 43 markets and constructed 180 stalls across all the wards to improve the business environment and enhance accessibility to goods and services,’ he said during the event.
Source: Kenya News Agency