NGPU
January 25, 2025
Nakuru to issue Enterprise Fund and Cooperative Revolving Fund at a low interest rate
Written by Jeremy Ogolla
The County Government of Nakuru, in partnership with Kenya Commercial Bank(KCB), invites application from small and medium enterprises, and cooperatives for loan grant financing to help them boost their operations for economic growth.
The Board members for the funds, Nakuru County Enterprise Fund and the Cooperative Revolving Fund, said so far for this financial year they have approved a revolving loan fund of Kshs 100 million which is ready to be issued to the applicants.
“This model will allow entrepreneurs previously excluded from financial landscape to access capital and grow their businesses into commercially viable,” said Linda Kagia, Board chair of Enterprise Fund.
The Enterprise Fund will provide loans between Kshs. 50,000 upto Kshs 200, 000 at an 8% interest per annun. The Cooperative Revolving Fund will issue loan amounting from Kshs 200,000 to Kshs 5 million at an interest rate of 6% per annum.
County Trade Executive Stephen Kuria said the loan grant approved will help the County administration in increasing the resilience and entrepreneurial capacity of small business and cooperatives across the County.
“Governor Susan Kihika’s administration is committed to uplifting the lives of the common Mwanachi by promoting financial empowerment through accessible and affordable loan programs,” said Kuria.
According to the Board members, repaid capital will be released in subsequent rounds as a revolving fund, which will then be reused to support additional entrepreneurs.
On Enterprise Fund, the eligibility requirements for the registered groups are: updated certificate, group bank statement, group by-laws and the group should be active for atleast one year.
For cooperatives to access the fund, they need to present: a cooperative certificate, audit report, AGM minutes, borrowing power, business proposal and bank statement.
To help realize the impact of the fund, the County administration maintain that they will liase with the financial institution (KCB) to carry out the training, incubation, mentorship, start-up support and promotion of innovation to the beneficiaries of the fund.
