Sh40 million rolled out for trade loans

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Business

Bungoma County has rolled out a Sh40 million trade loan initiative aimed at supporting local traders and the jua kali sector across its 45 wards.

Speaking during the launch at Webuye Municipal Hall Monday, Bungoma Governor Kenneth Lusaka hailed the programme as a critical step toward the economic empowerment of small-scale traders adding that the loan was expected to benefit 4, 500 traders.

The Governor noted that the county would enable the traders access affordable credit while linking them to mainstream banks, SACCOs, and microfinance institutions to help grow their businesses. Lusaka noted that the initiative represented a pillar in the government’s mission to uplift Micro, Small, and Medium Enterprises (MSMEs).

 “I, having pioneered trade loans in 2014/2015, am confident these loans will enable traders to expand and enhance their operations,” he said. The governor urged beneficiaries to invest the revolving funds wisely to foster business growth.

He further stressed that responsible loan management would ensure long-term development.Lusaka noted that the loans would be invested in ways that would generate both individual and community prosperity. He indicated that the programme operated within a legal framework and urged traders to make timely repayments to maintain its sustainability. The county government has put in place regulations to recover defaulted loans.

Lusaka urged traders and jua kali artisans who benefited to honour their repayment schedules to keep the programme sustainable and boost the County’s revenue. Kapsokwony town village administrator Boaz Machowera applauded the move by the governor for providing loans to the local trader and jua kali artisans.

Machowera said that this fulfilled the Kenya Kwanza agenda of Bottom Up economic model. He said that a total of 1000 traders would benefit from Mt Elgon ward in Mt Elgon Sub County.