This archive report was first published on 6 July 2020.
Published on July 6, 2020, Co-op Bank and Laikipia County Government have launched the Laikipia Enterprise Fund, a move aimed at empowering co-operatives in the region through affordable financing and business support.
The fund has been launched with an initial kitty of Sh. 300 million, which will be used to offer affordable financing and business support to co-operatives and entrepreneurs in Laikipia County.
Under the interest-sharing arrangement, the Laikipia County Government will offer an interest subsidy of 5 per cent, reducing the bank lending rate from 12.1 per cent to 7.1 per cent per annum for all borrowers.
Co-op Bank will match three times the amount that the County Government will place in the Enterprise Fund, ensuring as many borrowers benefit from the opportunity.
Repayment period for the loans will be up to 12 months for SMEs and up to 18 months for co-operatives.
