This archive report was first published on 23 December 2021.
Laikipia County has provided a vital economic boost to its Small and Medium-Sized Enterprises (SMEs) through a Ksh 129 million subsidized Economic Stimulus Fund.
As of now, a total of 282 SMEs have benefited from the fund, which was established in 2020 in partnership with local banks.
According to Jesse Muriithi, the county Stimulus Fund Manager, the program aims to help businesses grow by lending them up to Ksh 3 billion in subsidized bank loans.
However, Muriithi expressed concern over the low loan uptake, citing lack of trading licenses, CRB listings, and cash flow as major challenges facing SMEs when applying for the loan.
"If you have not done the application, kindly do so, for with the proper documents the loan will be disbursed within a week," Muriithi urged banks to expedite 48 pending applications.
During the Laikipia Economic Stimulus Stakeholders Engagement webinar meeting, it was revealed that many businesses applied for less than Sh100, 000, with Nanyuki town leading with 158 applications.
Residents called on the county government to review the loan application requirements to widen the scope of applicants and undertake an assessment survey to establish why residents were not applying for the loan.
