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The Nairobian

Over 9000 entrepreneurs set to receive Kakamega County’s Sh125m loan

Business

By Kennedy Okwach | Nov 12, 2015

KAKAMEGA, KENYA: Over 9000 entrepreneurs in Kakamega County will on Friday, 13 receive cheques worth Sh125 million in a trade loans programme dubbed "Mikopo Mashinani".

Kakamega Trade Executive Elsie Muhanda explained that the programme seeks to empower Kakamega beneficiaries on entrepreneurial capacity and providing affordable credit facilities.

"These scheme targets small and medium enterprise traders towards creation of employment for the youth and market development," Muhanda said clarifying that priority was given to applicants for loans ranging from sh5, 000 to sh20, 000.

"15, 000 applicants qualified for the loans but due to inadequacy of funds 6,000 applicants will be considered for next year's disbursement. People living with disability, youths and women are considered."

The revolving fund is given to those already running businesses and will be repaid on a reducing balance interest with the minimum amount applicable is sh5, 000 with the highest beneficiaries getting sh250, 000.