By Kiptanui Rutto.
Saccos and small business entrepreneurs in Laikipia County will receive financial boost after the County Government set aside Sh35 million this financial year as part of a revolving fund to revive Co-operatives and improve small businesses.
According to the County Trade and Co-operatives Executive, Ann Cheptoo, the move will see members of Saccos and small enterprises borrow funds from the County Government at a lower rate of five per cent.
The CEC who was speaking in Nyahururu town during the annual general meeting for Home Business Sacco recently, said that the initiative was started to ensure that all Co-operatives sustain themselves financially.
“We identified lack of finances and poor management as the major problem facing our Co-operatives and small businesses and resolved to come up with a solution,” Cheptoo said.
She added that out of this, Sh20 million will go to Co-operative Development and Sh15 million to Enterprise Development Fund.
Cheptoo said the Bills to facilitate disbursements were passed by the Assembly and money has already been set aside.The Home Business Sacco has more than 1,000 members drawn from small businesses and professionals.