Disabled, youth and women get interest-free loans in Kilifi

Governor Kilifi Amason Kingi receives the dummy cheque presented to him by Mbegu Fund chairman Pastas Kiti. [Photo, Standard]

Kilifi County Government has unveiled an interest-free revolving fund aimed at helping the youth, the disabled and women access loans to finance their businesses.

The fund, dubbed Mbegu Fund, will offer capital to business startups.

However, beneficiaries will have to pay a micro-management fee of three percent to run the project.

The fund will supplement other national government funds including the Youth Enterprise Fund, Uwezo Fund and Affirmative Action Fund that support youths and women to grow their businesses.

One percent of the Kilifi County budget will go towards the fund.

Yesterday, Kilifi governor, Amason Kingi issued Sh30 million to more than 21 groups in seven sub-counties.

The governor said the fund was set up in 2013 but was held back by legal hurdles pitting the county government and the Controller of Budget. However all requirements have now been meet.

“The challenge for many women and youths who want to set up their businesses has always been capital. Access to capital has led most people not realise their dreams,” Kingi said.

Mbegu Fund Committee Chairman Pastus Kiti said the County had put in place measures to ensure that the monies are used wisely by the groups.