Empowering Self Help Groups: 21 Groups Receive Ksh 4.1 Million Loan From County Enterprise Fund
Updated on: Oct 11, 2024
Twenty-one (21) Self-Help Groups from Nanyuki and Thingithu Wards have received a total loan amounting to Ksh. 4.1 million from the Laikipia County Enterprise Fund.
Seven groups from Thingithu Ward received Ksh. 1.35 million, while fourteen groups from Nanyuki Ward received Ksh. 2.75 million. All groups will repay the loan at an interest rate of six percent, which is half of what is typically offered by commercial banks and Saccos.
The fund was awarded to the successful groups that had applied, with the smallest loan being Ksh. 50,000 and the largest Ksh. 300,000.
While presiding over the cheque issuance, H.E. Governor Joshua Irungu, EGH, commended the self-help groups for their industriousness and entrepreneurial spirit. He challenged them to invest the resources wisely to achieve their business goals.
"If you use these funds well, your businesses will not only grow, but you will also improve your economic well-being and create employment for the people of Laikipia," Governor Irungu advised.
Deputy Governor H.E. Reuben Kamuri encouraged the groups to inspire other village-based groups, including women's, youth, and men's groups, to consider the loan facility. He emphasized that there are never enough resources for expansion, and that responsible borrowing and prudent use of resources is the only way groups and individuals can grow their enterprises.
Groups can access funding through group loans, LPOs/LSOs financing, agri-business financing, and 80 percent asset financing, all at six percent per annum with up to a 24-month repayment period.
In attendance were CECM for Finance, Mr. Samuel Wachira; CECM for Economic Planning, Ms. Purity Kendi; Chief Officer for Economic Planning and Trade, Mr. Samuel Njuki; and Chief Officer for Governor Devolution, Mr. Mohamed Burje.