Businesswomen have been urged to form cooperatives and groups in order to enhance their chances of accessing government credit facilities.
Speaking during a sensitization forum for over 500 leaders of registered women groups from Kisumu County, Cabinet Secretary (CS) for Information, Communication and the Digital Economy Eliud Owalo observed that cooperatives provide access to financial products and services, which are otherwise limited to individual owners of Small and Medium Enterprises (SMEs).
He noted that it is an uphill task doing business or seeking financial assistance as an individual.
“In this case, you need to join groups and form cooperatives to enable you to qualify for substantial amounts that are only offered to registered groups,” he said.
To advance women’s financial inclusion and economic empowerment, the CS said, the government has established substantial funding opportunities meant for the groups at the grassroots level.
However, Owalo said that women and youth – who are the key targets – are yet to optimally benefit from the opportunities since some are unaware of the existing programmes or lack information on how to constitute themselves into viable cooperative societies.
He challenged those already in small groups to embrace financial products and services offered by various state-sponsored funds to benefit from flexible repayment terms and lower interest rates.
The CS noted that banks currently offer loans at 16 percent interest while the State’s Hustler Fund lends at 8 percent.
Owalo stressed that the government is committed to empowering the womenfolk to engage in sustainable businesses and participate in economic development as outlined in the Bottom-up Economic Transformation Agenda (BETA).
He commended the remarkable contributions made by women, especially in the business domain that have been instrumental in driving economic growth and their capacity to contribute towards job creation.
The CS enumerated that the National Government Affirmative Action Fund (NGAAF), Youth Enterprise Development Fund, Women Enterprise Fund, Uwezo Fund and Hustler Funds are some of the financing kitties sanctioned to groups of youth, women and People With Disabilities (PWDs).
Owalo was accompanied by SASRA Chairman Jack Ranguma, former Kisumu Senator Fred Outa, Lake Basin Development Authority board member Ouko Kirindo, former MPs Martin Ogindo, AFA board member Samuel Ongou and former nominated Senator Rose Nyamunga.
By Fredrick Odiero
Get more stories from our website: Sacco Review.
For comments and clarifications, write to: Saccoreview@shrendpublishers.co.ke
Kindly follow our Facebook Page: Sacco Review Newspaper for timely updates.
