Saccos and Cooperative Societies have been urged to adopt swift models of repayment of the Cooperative Enterprise Development Fund (CEDF) loans.
Speaking during the scrutinizing and approval of CEDF loan application documents, Cooperatives and Enterprise Development Chief Officer Ruth Samoei maintained that it’s vital for the societies to put the fund into good use since the county administration has made it accessible, affordable and available for their development.
Flanked by the CEDF committee led by Fund chair Philip Mamet, the Chief Officer singled out Kurur Women Cooperative Society for their easily traced records of cash flow, the status of their loan repayment and the purpose of their new loan applications.
Kurur Women Cooperative Society has applied for the CEDF loans 10 times, compared to other co-ops and Saccos applying for the first and second time.
CEDF Director Isaac Lagat challenged the groups to follow all set guidelines on compliance so as to benefit from the funds.
He added that they are continuously looking for avenues of making the fund more effective and efficient in its business process.
The committee approved loans of up to Ksh14 million to be repaid at rates of between set 5 and 8 percent per annum.
By Wasike Elvis
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