Nakuru now launches Sh50m enterprise fund for youth and women

Nov 15, 2023 - 18:10

Meeting/Nakuru Governor Susan Kihika when she met officials of Nakuru Wakulima Farmers Market Association at the County headquarters, where she disclosed that Small and medium-sized enterprises (SMEs) can now secure finances from the County Government to boost their businesses.

Nakuru,

Wednesday, November 15, 2023

KNA by Jane Ngugi

Small and medium-sized enterprises (SMEs) in Nakuru can now secure finances from the County Government to boost their businesses after the devolved unit’s administration launched a Sh50 million Enterprise Fund aimed at boosting micro and small businesses among youths and women.

Governor Susan Kihika said the fund will prioritize empowering women, youth, and persons with disabilities through financial support for their enterprises as this will go a long way in reducing poverty and increasing household incomes.

Ms Kihika indicated that apart from providing affordable credit to the SMEs for development and expansion, at least 25 percent of the kitty will be spent on investment training, and technical assistance in product and market development, facilitating technology acquisition, adoption, and utilization.

To ensure prudent utilization and investment of funds, only those who have gone through the prescribed training will be loaned money.

Speaking after holding a meeting with officials of Nakuru Wakulima Farmers Market Association at the County headquarters, the Governor stated that the fund is being run with money apportioned by the county assembly, contributions, gifts or grants, earnings from the investment of the fund, and any other cash payable or vested in the fund. She affirmed that only those doing business in the county will benefit from the fund.

“We intend to create an entrepreneurial culture within the county by funding innovative enterprises,” said the county boss.

Ms Kihika said applications would be done through ward administrator’s offices which will appraise the forms before they are forwarded to the County Enterprise Fund Credit Committee for approval or rejection.

Priority will be given to women and youths who own businesses with good track records and legitimate operating licenses, the Governor said.

“The fund will in a big way help local businesses overcome difficulties in accessing finances,” said Ms Kihika.

The meeting was graced by Deputy Governor Mr. David Kones, County Executive Committee Member in charge of Trade Mr Stephen Kuria, Chief of Staff Mr Peter Ketyenya and Chief Officers Messrs Alex Ndegwa (Trade), Martin Kagai (Office of the Governor) and Charles Koech (Administration).

Part of the finances from the fund, the County boss said, would be used in investment training, technical assistance for product and market development as well as facilitate acquisition and adoption of technology for the advancement of SMEs.

“We realized 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,” she said.

Courtesy; KNA