Sh600m boost for women groups

By ALLY JAMAH

Women Enterprise Fund is set to release Sh600 million for business loans to boost women entrepreneurs.

Gender Minister Naomi Shaban disclosed this at the inauguration of a new advisory board of the fund yesterday to oversee the distribution of the money.

The term of the previous board expired last October thus stalling the disbursement of the loans.

Ms Ann Mutahi will head the new 12-member board during its three-year term.

"I hope you will move quickly and transfer the loans to women, especially in this time of drought to help women lift themselves from poverty," said Dr Shaban.

Under the fund, women groups in all the 210 constituencies receive interest-free loans with each constituency having Sh3 million. Women can also apply for the money through financial institutions at a reduced interest rate of 8 per cent.

Gender Minister Naomi Shaban (left) with the in-coming Chairperson of Women Enterprise Fund Advisory Board Ann Mutahi at the inauguration of the board at her office in Nairobi, Wednesday. [PHOTO: GOVEDI ASUTSA/STANDARD]

The fund CEO Wainaina wa Njeri said the board would meet on Monday to vet about 1,600 applications from women groups countrywide.

He added that the fund would dish out Sh1.1 billion this financial year.

"I urge women groups to be active in applying for loans because we have the money to help them. Don’t be passed by this chance to become rich," he said.

The CEO disclosed that the board will also simplify the application rules to allow easy access of the loans.

Free money

But Shaban lamented that despite the fund being around for the past three years, many women especially those in the rural areas are not aware of its existence. She urged the board to step up campaigns to attract more applicants.

She also warned politicians to stop misleading people that loans from the fund are "free Government money that doesn’t have to be returned".