By Malachi Motano
Over 200 small scale traders in Busia are now benefiting from from ‘County Trade Revolving Fund’ meant for economic empowerment.
According to Governor Sospeter Ojaamong,’ 220 traders benefited from from the fund and encouraged others to take advantage of such loans as their terms are friendly.
“The loan has friendly interest of 5 per cent paid once unlike loans from other financial institution that charges an interest of 14 per cent,” said Ojaamong.
He advised the beneficiaries to be industrious and utilise the resources in the County by accessing other government empowerment funds like Agriculture Development Fund, Cooperative Funds and Youth funds.
Ojaamong’ promised to work closely with MCAs and other donors to increase the fund allocation from Sh 5 million to Sh. 70 million to reach out to more traders.
The Governor was speaking after issuing the cheques at Ankoroom Primary School.
A total of 43 small traders from Teso South Benefited from the funding to the tune of Sh504, 000 during the launch. The recipients received cheques ranging from Sh10, 000 to Sh80, 000.
The revolving fund was established through the Trade Revolving Bill in 2016 and later regulated in 2019.