More than 200 small scale traders in Busia have benefited from the County Trade Revolving Fund with a view to empower them economically.
Speaking after issuing the cheques at Ankoroom Primary School, Busia County Governor Sospeter Ojaamong said that 220 traders benefited from Ksh5 million from the County government.
He encouraged the traders 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.
The Governor 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.
He 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 CEC of trade Judith Maketso urged the beneficiaries not to default in loan repayment. “We don’t want to reach that stage where we resort to your Guarantors to recover the money or to report your name to Credit Reference Bureau,” she said
The revolving fund was established through the Trade Revolving Bill in 2016 and later regulated in 2019.
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.
By Absalom Namwalo