Beneficiaries of the loan facility under the poverty eradication programme in Lugari Sub County have been urged to invest in short-term, sustainable, easy to manage and economically viable projects.
Lugari Deputy County Commissioner Mrs. Agnes Karoki Shadrack made this remark during a brief ceremony held at the Lumakanda Baptist church in which cheques totalling over Kshs 1.4 million were awarded to 12 groups from the Sub County.
Noting that the Sub County Poverty Eradication Committee (SCPEC) had received applications from 69 groups, Mrs. Karoki who is the patron of the programme urged members to invest in short-term and quick income generating projects so that they are able to repay the loans in good time and thereby enable the committee disburse the same to other deserving groups.
She warned the groups against mismanagement of the loans which may result to failure in settling the debts promising to monitor and ensure the money is spent wisely.
The amount was distributed to the groups according to the strength of each group’s proposed investment projects, with the highest receiving Kshs. 140,000 and the lowest Kshs. 120,000 at a 7% repayment interest rate.
Among the benefiting groups included women’s groups, youth groups,
self-help groups and special or support groups.
Lugari Social Services Officer, Mr. Fredrick Okoth, informed the beneficiaries that the national government started the poverty eradication initiative with the aim of improving living standards through the provision of very low interest loan facilities to Kenyans.
“The aim of this initiative is to help the government build a strong economic pillar as it works toward realizing her vision 2030,” said Mr. Okoth.
He reminded the loanees that the funds were meant to improve their living standards, advising them to set short-term economic targets so as to effectively evaluate their progress.