Nyong’o distributes Ksh. 24 Million Loans To Women, Youth, Persons With Disability
Kisumu Governor Prof. Anyang’ Nyong’o on Tuesday afternoon distributed loans from the county’s devolved funds kitty totaling Ksh. 24,260,000 to Women, Youth and PWD’s from a cross Kisumu county.
The robust empowerment program aims to cover all individuals.
While addressing the public during the loan distribution, Kisumu county governor said that the loan which is from the national government, targets 659 groups from Kisumu county.
He said a total of Ksh.50,000 will be given to each group and those who will be in a position to pay back will be allowed to borrow amount upto sh. 500,000 in the subsequent application.
“We the continuous revolving fund meant to empower people and enable them venture into income generating activities. My cabinet passed this act to enable our men, women , youths and people living with disabilities who are being facing obstacles in accessing affordable loans,” says governor Nyong’o.
” The loans are given out to a tune of Ksh. 50, 000 per group and upon successful repayment, a group can re-apply and get up to Ksh. 500,000,” Prof Nyong’o added.
Kisumu Governor urged the groups to pay back their loans on time to enable them qualify for higher amount.
Prof. Nyong’o further confirmed that the loans will be given out in flexible terms.
“The interest rate for women, men and youths segment will be five percent per annum. Those of PWDs will be charged at the rate of 3% pa,” Kisumu county boss said.
There is a grace period of two months and the loans are repayable within one year.
“The fund is an extension to borrowers who typically lack collateral steady employment reliable credit system,” Governor said.
ALSO READ; https://www.youtube.com/watch?v=II-eobBgU3w