Special groups doing business in Kisumu county will benefit from a Sh100 million revolving fund.
The fund targets youth, women, and persons with disabilities, who will first have to undergo vigorous training in bookkeeping and accounting.
Fund administrator Lucy Matengo said more than 200 groups from the county’s 35 wards have been trained on financial management and saving.
“We are committed to empowering the youth and women in business in Kisumu,” she said at the weekend.
Successful applicants, Ms Matengo said, will receive up to Sh100, 000. The loans are to be repaid for between three months and a year, depending on the group’s agreement with the funding administrator – the county Gender, Youth and Social Services Unit.
Interested groups are required to have at least 15 per cent of the funds they apply for in their savings accounts.
“The loans will attract an interest rate of five per cent for women and youth groups and three per cent for people with disabilities,” said Ms Matengo.
Courtesy – Standard Media