Nakuru roots for law to create SME loans fund
MCAs to allocate the money to run the fund as well as financing in grants, donations and earnings from investments. Part of the money will be used in investment training, technical assistance for product and market development as well as facilitate acquisition and adoption of technology for the advancement of SMEs.
Nakuru County is rooting for a law that will allow the Executive to create a fund to boost small and medium enterprises (SMEs).County Trade and Tourism executive Peter Ketyenya said MCAs would allocate the money to run the fund as well as financing in grants, donations and earnings from investments.“The county has drafted the Enterprise Fund Bill, which will be tabled before the county assembly soon. The aim of the Bill once passed, will be to create a legal framework for the enterprise fund. It will ease access of credit funds to budding entrepreneurs,” Dr Ketyenya told the Business Daily.
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Women, youth and persons with disabilities would benefit from the fund to boost their businesses, he said. Part of the finances from the fund, the official said, would be used in investment training, technical assistance for product and market development as well as facilitate acquisition and adoption of technology for the advancement of SMEs.He said the beneficiaries would undergo a prescribed training before accessing the funds.Under the law, the county would set up a board to administer the fund with proper guidelines on accessing the loans, according to Dr Ketyenya.Last week, while laying the foundation stone of stalls under construction at the Wakulima Market, Governor Lee Kinyanjui said the county was keen to support and provide a conducive environment for both SMEs and large businesses.“The county government is keen to support SMEs and other businesses by creating an enabling environment to reduce poverty and create more employment opportunities,” he said.