Kakamega County Microfinance Agency has allocated Shs 50 million to assist business men and women in Kakamega County. The funds will be given as credit to small scale business entrepreneurs with a positive, credible track record and history of loan repayment in financial institutions.
The Acting Chief Executive Officer (Ag. CEO) of the Agency Mr. Baraza Wangwe Friday afternoon met 14 Market Administrators in Kakamega, to explore the procedure of identifying beneficiaries of the program in the County.
Market Administrators are employees of the County Government tasked with coordinating market activities and also act as a link between traders and the Ministry of Trade, Tourism and Industrialization. In addition, they are also involved in mapping of businesses in their respective stations to facilitate revenue collection by revenue clerks.
In his address to the Administrators, Mr. Wangwe said the agency is targeting 12,000 business people for financial support through issuance of credit facilities to spur them into middle income status. He called on the Administrators to map out the traders based on the category of their businesses and credit repayment history.
“They will be subjected to a due diligence process with those listed on Credit Reference Bureau (CRB) automatically being disqualified,” he asserted.
The CEO said a pilot program at Shianda, Khayega and Butere saw 120 business people receive Shs 7 million on credit for their enterprises, funds that were well accounted for, and urged residents to embrace the culture of credit. The initiative targets mainly the youth and women.
“Fish mongers and Saloonists were the highest borrowers of these funds during the piloting stage; we look forward to supporting other businesses too,” he said.
Mr. Wangwe faintly informed the meeting that Navakholo Sub-County is currently ranked last in uptake of Government credit support according to records from Uwezo and Youth Fund utilization.
Also in attendance were Mr. Kelvin Okile, a County Economist and Mr. Stephen Makokha, the Micro, Small and Medium Enterprises Development officer.