Traders benefit from Sh5m interest-free Kisumu County government loan

KISUMU, KENYA: Over 48 small scale traders have benefited from Kisumu county government's Sh5.5 million loans aimed at boosting their businesses.
This was in addition to the Sh4 million given to traders in February.
The traders drawn from various wards across the city qualified for the loans after successful vetting process carried out by the department of trade.
The traders who were mostly affected by the recent fire incidents will benefit from the interest-free loan which is expected to be refunded within the next two years.
Governor Jack Ranguma on Tuesday presided over the issuance of cheques which will benefit individual businesses, as opposed to previous loans which were given in groups.
The traders who mostly operate within the markets in Kisumu central such as; Kibuye, Jubilee, WinMat, and along the streets will receive between Sh80, 000 to Sh300, 000 considering the size of their businesses.
"Resources basket is not enough to meet the demand for all Kisumu residents and that is why we have only managed to disburse Sh5.4 million from the Sh11 million that the traders applied for," said Ranguma.
He said the money will be managed through the Ministry of Trade as a revolving fund, with more traders set to benefit in future disbursements.