Lusaka unveils Sh40 million trade loan program

By Peter Ochieng

The County government of Bungoma has rolled out a Sh40 million trade loan program, seeking to support local traders and members of the jua kali sector across devolved unit's 45 Wards.

The revolving fund is expected to benefit 4,500 traders, offering them access to affordable credit while linking them to mainstream banks, SACCOs, and microfinance institutions to help grow their businesses.

Speaking during the launch at the Webuye Municipal Hall on Monday, governor Kenneth Lusaka hailed the program as a critical step towards economic empowerment of small-scale traders.

“This initiative represents a cornerstone in our mission to uplift Micro, Small, and Medium Enterprises (MSMEs). Having pioneered trade loans in 2014/2015, I am confident these loans will enable traders to expand their businesses and enhance their operations,” said the governor.

Urging beneficiaries to invest the funds wisely to foster business growth, he stressed that responsible loan management would ensure long-term development.

“It is my hope that these loans will be invested in ways that generate both individual and community prosperity."

The program, governor Lusaka said, operates within a legal framework, urging traders to make timely repayments for its sustainability.

“We have put in place regulations to recover defaulted loans, and I encourage all beneficiaries to honor their repayment schedules to keep the program sustainable and boost the county's revenue,” he emphasized.

Webuye East Member of Parliament (MP) Martin Wanyonyi, challenged officers who will be in charge of the program to ensure every deserving trader is attended to.

"We want this money to reach the lowest trader at the grassroots - the one walking bare foot but wants to take his or her child to Alliance or Kamusinga," said the legislature.

One of the traders only identified as Salome thanked the County boss for the program.

She urged her fellow traders who will access the finds to reply back in time, so that others benefit.

"A good business person must repay his or her loans."