The youth, women and persons with disability will benefit from the fund that attracts friendly borrowing terms and will be issued for start-ups and existing businesses across Kiambu, according to the County Executive Member for Youth Affairs and Sports Machel Waikenda.
Speaking during a sensitisation program held in Juja, Waikenda said the fund is repayable in 36 months.
“The youth, women and persons with disability have been urged to ensure that the money is put in good use and repaid immediately after since this is a revolving fund. We are in the final stages of vetting the applicants,” said Waikenda.
He said that due to the overwhelming applications, the county government would increase the fund in the next financial year adding that it was only through such initiatives that the government would address issues of joblessness.
The applicants have in the past one month been taken through a series of capacity building programmes training them on how to run businesses before and after getting the funds to make sure the kitty serves its intended purpose.
“We had to take the over 30,000 applicants through a mentorship program since most of them are new in business. Again, we want to see the funds used effectively,” he added.
The move followed the approval of the Kiambu County Youth Women and Persons with Disability Fund Act 2014 by the County Assembly.