Nakuru to speed up law on funding businesses as Sh27 million lies idle

Traders display tomatoes at Daraja Mbili Market in Kisii County onAugust 19, 2019. The tomatoes which are sourced from Nakuru County are in excess in the local market pushing down the prices. [File, Standard]

Nakuru County Government has committed to fast track the County Enterprise Fund Bill to unlock a budgeted Sh27 million revolving fund meant for businesses.

This follows requests from businesses under the banner of Nakuru Business Coalition during a dialogue forum in the county.

Businesses have been lobbying through the forums to ensure their recommendations are included in the county’s annual development plans and the legislative agenda.

The businesses detail prioritised projects and planned activities for counties.

The first phase of the dialogue forums are being held in eight counties: Uasin Gishu, Machakos, Nakuru, Kisumu, Vihiga, Kiambu, Mombasa and Nairobi.

Nakuru County Acting Director Trade, Investment and Industrialisation John Macharia said the fund attracts zero per cent interest.

“We realised that small businesses cannot access credit from commercial banks and micro-finance institutions. We came up with this fund as an intervention measure to assist these SMEs to grow,” he said.

“We have set aside a budget of Sh10 million in addition to Sh17 million that is being held by the State Department of Trade.”

Even though a ‘fast-tracked’ bill goes through the normal stages of passage, it has a shorter waiting time.

“We need this bill to become law so that the county can start disbursing the revolving fund,” said Joseph Gichuru, chairman of the Nakuru Business Coalition.