Sunday, April 21, 2024
Home > Business & Finance > Power of Uwezo funds being felt in Mwingi

Power of Uwezo funds being felt in Mwingi

Over  5000 residents in Mwingi Central constituency have used Uwezo funds to set up micro businesses and improved their livelihoods.

The  beneficiaries  who obtain the Uwezo loans through their respective groups, were able to set up small businesses  while others used the funds to expand their business.

“Through the Uwezo loans, catering business has progressively risen especially at local trading centre, while others in a  group or as individuals used the funds in buying tents and chairs for hire during public fora, whereas others buy pumps  for car wash business among other many businesses,” said the officer in charge of the Uwezo Funds in the area.  Mboya  Kyoyo.

Mboya, while  speaking to KNA in his office at Mwingi town on Friday, further disclosed that at least over 252 groups have  accessed  the Uwezo loans in the last two years, with the beneficiaries being youth, women and people with disabilities.

The Uwezo fund area boss called on those who are in need of the funds to apply for the soft loans to help them set up  micro businesses and create self-employment.

“Being an interest free loan, it has attracted more residents especially those undertaking business as they use it to
boost their business,” he said but regretted that youths unlike women are few who are apply for the loans.

He  noted that his office has been undertaking sensitisation programmes across the constituency aimed at informing and  educating locals on the Uwezo funds.

Uwezo fund is a government interest free revolving fund for women, youth and persons with disability that aims to boost financial status of the citizen through promoting business activities.

“The beneficiaries are required to be organised in groups of at least 15 members and the group registered with the social services department. The youth group members should be aged between 18 -35 years” said Mboya.

The groups are required to present a proposal on an income generating activity or an income generating project being undertaken by the group, to help the Uwezo funds office determine amount of money needed for the project.

Once  they  obtain  the Uwezo loan the group is given a grace period of 6 months. Sh.50, 000 is the least amount that  is  given to each group while the maximum is 100,000 to be paid for at most 2 years though the group has the option  to reduce the time period to less than 2 years. After the first loan repayment, the group can be given double amount  during the next round of borrowing.

By  Magero  Joshua/Denson  Mututo


Leave a Reply