Bungoma County has unveiled a Sh40 million trade loan initiative designed to empower traders and bolster the jua kali sector across its 45 wards. This innovative revolving fund is set to benefit approximately 4,500 traders, providing them with access to affordable credit while facilitating connections to mainstream banks, SACCOs, and microfinance institutions.
At the launch event held at the Webuye Municipal Hall, Governor Kenneth Lusaka underscored the program’s significance in fostering the growth of Micro, Small, and Medium Enterprises (MSMEs). “This initiative represents a cornerstone in our mission to uplift local traders,” he declared. “Having pioneered trade loans in 2014/2015, I am confident these loans will enable traders to expand and enhance their operations.”
Governor Lusaka emphasized the importance of responsible investment, urging beneficiaries to utilize the funds wisely. “It is my hope that these loans will be invested in ways that generate both individual and community prosperity,” he stated, highlighting the potential for business growth and economic development.
The program is designed to operate within a solid legal framework, ensuring its sustainability. Governor Lusaka encouraged all beneficiaries to adhere to timely repayments, which will be crucial for the program’s longevity. “We have established regulations to recover defaulted loans, and I encourage all beneficiaries to honor their repayment schedules to keep the program sustainable and boost the County’s revenue,” he concluded.
This initiative not only aims to empower local businesses but also seeks to stimulate the broader economic landscape of Bungoma County. By providing accessible financial resources, the trade loan program is poised to ignite growth and innovation among traders, contributing to a more vibrant local economy.
