Small and Medium Enterprises (SMEs) in Nakuru are set to benefit from a Sh100 million fund established by the county government to provide cheap credit to entrepreneurs previously excluded from the financial landscape.
According to the County Executive Committee Member (CECM) for Trade, Tourism, and Cooperatives, Mr.
Stephen Muiruri, the money would be administered through the Nakuru County Enterprise Fund and the Nakuru Cooperative Revolving Fund and was expected to provide loans for businesses that are disadvantaged by stringent requirements set by banks.
Muiruri explained that the Enterprise Fund would provide loans ranging from Sh50,000 to Sh200, 000 at an interest rate of eight per cent per year, while the Cooperative Revolving Fund would issue loans from Sh200,000 to Sh5 million at an interest rate of six percent per annum.
