Courtesy of The Ministry of Trade, Industry and Cooperatives
Marsabit has launched a Sh30 million Enterprise Fund aimed at boosting micro and small businesses among youths and women.
The subsidised fund will be disbursed annually to sustain operations of small and medium-sized enterprises.
“We intend to create an entrepreneurial culture within the county by funding innovative enterprises,” said county boss Ukur Yatani on Tuesday during the swearing-in of the committee that will be in charge of the fund at the county headquarters.
Mr Yatani said he is optimistic that the new committee will speed up the disbursement of the cash.
The governor said the subsidised loan tenure will run for a maximum of two years.
The county chief officer for Trade, Industry and Enterprise Development, James Chiwe, said they will follow the criteria set by the Commission for Revenue Allocation to disburse funds to the four sub counties.
Factors such as population, land area, poverty level, equal share and level of development will be put into consideration, he said.
Mr Chiwe said applications would be done through ward administrator’s offices who 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 licences, the official said.
Livestock traders and Jua Kali artisans also stand to benefit.
Individual business owners are expected to receive between Sh100,000 and Sh250,000 while livestock traders will get up to Sh300,000.
Group business loans will range from Sh150,000 to Sh450,000 and group livestock trade loan will range between Sh250,000 and Sh500,000.
“The fund will in a big way help local businesses overcome difficulties in accessing finances,” said Mr Chiwe.
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