Nyandarua county to give youth cash for start-ups from Sh15m kitty

The fund is intended to support businesspersons and business-oriented groups in Nyandarua through loans.

Young entrepreneurs in Nyandarua are set to benefit from the county government after the County Assembly approved the County Trade Fund Regulations (2019).

This is a statutory instrument that will serve as a guide for operations of the County Trade Fund Act (2019).

It, therefore, means that a budgetary allocation of Sh15 million from the Biashara Fund that has for the past three years been reallocated to other functions for lack of a proper law on disbursements, will be up for grabs.   

The Assembly’s Delegated Legislation Committee Chairperson John Mburu urged the County Executive Committee Member in charge of Trade, Industrialization and Cooperative Development move in with speed and set up the Trade Fund.

“This is good news for our people who are interested in doing business, as they will now have access to capital to start and grow their businesses,” said Mr Mburu.

The fund is intended to support businesspersons and business-oriented groups in Nyandarua through loans. According to the Act, the amount to be loaned out shall range from Sh50,000 to Sh300,000 per entity.

Further, the money will be issued on first-come first-served basis, with adherence to equitability principle when distributing the fund.

The amount to be given will be based on the length of time the group or business has existed, the amount contributed by the group for the capital, the proposed business plan and the form of security provided.

There will be an administrative fee for the fund to a maximum of one per cent, and the interest rate shall be determined at the beginning of every financial year.

"Several youth groups across Nyandarua were issued with various equipment during this year’s International Youth Day, and this will promote their businesses even further,” Mburu added.