Kiambu launches Sh300m fund for youth and women

LEFT: Kiambu Governor William Kabogo, Deputy Governor Gerald Githinji and Youth County Executive Machel Waikenda (partially hidden) at the official launch of the county funds for youths, women and people living with disability. [PHOTO: JOHN KARUME/STANDARD]

KIAMBU COUNTY: Youth entrepreneurs can now access loans to either start or boost their small businesses after Governor William Kabogo launched a Sh300 million revolving fund.

The Kiambu County Youth, Women and Persons with Disability Enterprise Development Fund, which was enacted in May to promote the establishment of new and small businesses, was unveiled at the weekend.

Speaking during the fund launch in Kiambu, Mr Kabogo told beneficiaries not to misuse the money but ensure that they invested it wisely by setting up small businesses that would empower them economically.

CAPITAL FUNDING

“Do not use these funds on alcohol or to pay dowry. This is money for establishing a business and should be used well. Repay the initial amount then apply again for twice the amount,” the governor said.

Beneficiaries of the funds will receive capital advances of Sh100,000 for start ups and up to Sh500,000 for existing businesses. As a revolving fund, the capital, which is repayable within 36 months, will be reinvested to grow the kitty and attract additional capital from investors.

The fund board will review applications against a set criteria that includes viability in terms of market relevance, financing plan, capacity to create jobs and innovation.

Individuals as well as groups may apply but businesses must be located within the county. Those eligible for funding are youths aged 18 to 35 years, women, persons with disability and the poor.

However, not all businesses will be eligible to receive the funds; those trading in alcohol, money lending, real estate and businesses with adverse effects on the environment do not qualify.

Kiambu becomes the first county to have a youth and women fund, fashioned along a similar kitty disbursed by the national government.

EMPOWER YOUTH

The governor said the kitty was meant to complement similar initiatives by the national government such as the Uwezo and Youth funds.

Also at the launch, Youth County Executive Machel Waikenda said plans were under way to develop the beneficiaries’ capacity and ensure that funds borrowed were spent prudently and profitably.

Mr Waikenda, under whose docket the Bill was drafted, lauded it, saying it would empower the youth.

“The fund is a major boost for youths, who have been complaining of joblessness. With good business proposals, they can apply for capital to initiate or grow income-generating projects,”