This archive report was first published on 18 December 2019.
On December 18, 2019, the Nyandarua County Assembly approved the County Trade Fund Regulations, a crucial step towards supporting businesspersons and business-oriented groups in the county.
The regulations will guide the operations of the County Trade Fund Act, which aims to provide loans to young entrepreneurs in Nyandarua.
According to the Act, the loans will range from Sh50,000 to Sh300,000 per entity, and will be issued on a first-come first-served basis, with adherence to the principle of equitability.
County Assembly's Delegated Legislation Committee Chairperson John Mburu welcomed the development, saying it will provide access to capital for business start-ups and growth.
"This is good news for our people who are interested in doing business," Mburu said.
The fund will also consider factors such as the length of time the group or business has existed, the amount contributed by the group for the capital, the proposed business plan, and the form of security provided.
Additionally, there will be an administrative fee for the fund, not exceeding one per cent, and the interest rate will be determined at the beginning of every financial year.
