SMEs in Nakuru Set to Receive Financial Aid from County Government

Things are definitely looking up for Small and Medium-Sized Enterprises in Nakuru.

Recently, Peter Ketyenya, the Trade and Tourism Executive formulated a new bill that aims to foster the right legal framework to better manage the county’s enterprise fund.

Speaking to reporters, he shared that, “The Bill will empower women, youth and persons with disabilities through financial support for their enterprises. This will go a long way in poverty reduction and increasing household income.”

The fund will be 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. Only those doing business in the county will benefit from the fund.

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

To ensure prudent utilisation and investment of funds, only those who have gone through the prescribed training will be loaned money.If the Bill sails through, a six-member board will be formed to oversee the administration of the fund.

The Bill further provides that the executive shall identify a financial institution through which all monetary transactions shall be handled. The county has entered into a partnership with Kenya Commercial Bank.

The bank’s head of micro-banking, Zachariah Cheruiyot, mentioned that through the partnership, eligible applicants for the county fund would have an opportunity to get additional funding from the bank.