Nakuru to speed up law on funding businesses as Sh27m lies idle : The Standard

Nakuru County Government has committed to fast track the County Enterprise Fund Bill to unlock a budgeted Sh27 million revolving fund meant for businesses. This follows requests from businesses under the banner of Nakuru Business Coalition during a dialogue forum in the county. Businesses have been lobbying through the forums to ensure their recommendations are included in the county’s annual development plans and the legislative agenda. The businesses detail prioritised projects and planned activities for counties.

SEE ALSO :Armed gang gouges out woman’s eyes in attack

The first phase of the dialogue forums are being held in eight counties: Uasin Gishu, Machakos, Nakuru, Kisumu, Vihiga, Kiambu, Mombasa and Nairobi. Nakuru County Acting Director Trade, Investment and Industrialisation John Macharia said the fund attracts zero per cent interest. “We realised that small businesses cannot access credit from commercial banks and micro-finance institutions. We came up with this fund as an intervention measure to assist these SMEs to grow,” he said.

For More of This and Other Stories, Grab Your Copy of the Standard Newspaper.

“We have set aside a budget of Sh10 million in addition to Sh17 million that is being held by the State Department of Trade.” Even though a ‘fast-tracked’ bill goes through the normal stages of passage, it has a shorter waiting time.

SEE ALSO :DNA test for baby claimed by 2 couples

“We need this bill to become law so that the county can start disbursing the revolving fund,” said Joseph Gichuru, chairman of the Nakuru Business Coalition.

We are undertaking a survey to help us improve our content for you. This will only take 1 minute of your time, please give us your feedback by clicking HERE. All responses will be confidential.

Related Topics

Nakuru CountyCounty Enterprise Fund BillNakuru Business Coalition