Kakamega County Government plans to lend cash to small-scale traders in a bid to help them expand their businesses.
At least 800 targeted traders will benefit from an initial allocation of Sh100 million revolving fund initiated by Governor Wycliffe Oparanya's administration.
The money will be released to the beneficiaries through Kakamega County Microfinance Corporation as soft loans.
Governor Oparanya said the allocation was factored in the 2021-2022 financial year budget.
The county chief disclosed that disbursement of the loans has started and urged traders to take advantage of the initiative to apply for the money to grow their businesses.
READ MORE
Govt to offer concessions, cheaper loans in industrialisation acceleration bid
Western Kenya leaders rally behind Oparanya for Ruto's deputy president slot
Cash flow, not collateral: What Kenyan banks want from small businesses
Saccos struggle to lend mortgages as loans drop by Sh2.7 billion
"Traders can get a minimum loan of Sh20,000 and a maximum of Sh100,000 at an interest rate of just eight per cent," said Oparanya during a consultative meeting with traders in Kakamega town.
Additionally, Oparanya said that his government has managed to construct multi-million modern markets across the 12 sub-counties to offer traders a friendly working environment.
