Women, Youth and People with Disability to Access 24M In Revolving Fund
By Matilda Atieno from kisumu.go.ke
The County government has rolled out the capacity building for the beneficiaries of the Kisumu County women, youth and people living with disabilities revolving fund to enable access to microloans for small businesses.
Over 70 small businesses are set to benefit from the 24 million funds currently available to be shared among 13 groups in each of the 35 wards. The 7-day training under the theme ‘ empowering and transforming the vulnerable communities’, started with the Nyando sub-county and is set to be accomplished across the county with each day training set one sub-county.
The beneficiaries include registered groups of women, youth and people living with disabilities who are eligible for the fund after a thorough vetting process conducted by the sub-county fund committee.
The allotment of the revolving fund is set for launch by Governor Prof. Anyang’ Nyong’o in the coming weeks.
The potential beneficiaries are encouraged to take advantage of the women, youth and people living with disabilities revolving fund as their terms are friendlier. According to the Public Finance Act, microloans are expected to attract an interest of 3% for the people living with disabilities and a 5% interest for women and youths.
The training was officially launched by the CEC member for Education ICT and Human Capacity Development, Mr. John Awiti, who stated that the fund offers access to financial relief for the community with limited or no access to loans from the formal financial institutions. “The fund must be fairly distributed to accommodate collective needs of the community,” said Mr. Awiti.
He also mentioned that training is a way to ensure the growth and sustainability of the fund. Mr. Awiti challenged the participants to ensure accountability of the loans as they are expected to pay back to qualify for additional loans from the fund.
The county fund committee chair Mr. George Owino also urged the beneficiaries from Nyando to ensure fair distribution of the fund across the sub-county.
Speaking to some of the potential beneficiaries during the training, Mrs. Esther, Akeyo of Got Akello Women group in Muhoroni, welcomed the move by the county government to revive the Women, Youth and People with disability revolving fund, adding that the fund will boost their development projects which will, in turn, improve their livelihood, sentiments which were echoed in all the 7 sub-county training.
The revolving fund is established under the public management Act of the county government of Kisumu and regulated by the county department of finance.
The department of Women Youth and social services supported by Plan International and KEFEADO provided the training needs for the beneficiaries while the training was facilitated by Lakespan holdings limited.
The directorate is mandated by law to supervise and assist in the financial management of the fund and its beneficiaries through the committee members with the support of the gender and social officers.
