County unveils trade loans kitty

Kakamega county government will roll out a Sh75 million trade loan kitty today for business people in the county.

The revolving fund, which attracts an interest of 5 per cent per annum, will target small and medium sized businesses and agro-farming entrepreneurs willing to expand their business.

Trade Executive Elsie Muhanda told The Standard the fund is aimed at boosting trade and investment in the county.

She observed the county is committed to encouraging self-employment among the youth through provision of affordable credit facilities.

Existing businesses

"We have already mapped out eligible traders and after vetting them, we will disburse the funds. We want to build a strong local business and manufacturing sector," said Muhanda, adding only those with existing businesses will be eligible for the loans.

The loans will only be given to those already in business and will be paid on a reducing balance interest. "We are targeting micro and small-scale entrepreneurs involved in small-scale production and those trading in goods and services. All 60 wards in the county will be awarded equal amount of funds with special attention to areas with high business concentration," she said.