Laikipia Revolving Fund Loans Set To Help Residents
The County Government of Laikipia has devoted itself to bettering the livelihood of its residents with the help of the County's Revolving Fund. The county is ensuring that its residents are productive through the provision of loans to cooperatives who in turn offer interest-friendly loans to customers.
The funding institution started in 2014 and has dispensed a total of Ksh. 139 million to over 134 cooperatives. Out of that, Ksh, 131 million has been disbursed from late 2017 t0 cooperatives. As more money is allocated by the county, the County Revolving Fund has been able to offer more loans to cooperatives.
An additional 24.7 million has been approved by the Revolving Fund board and ten million is set to go to two cooperatives that deal in farm input and warehousing in Laikipia West. The yet-to-be disbursed funds are supposed to benefit 10 cooperatives.
The County Revolving Fund offers a 6% loan interest which is payable in a period of one year or an allowance of a three-year extension.
Fund Administrator Richard Murigu has said that they are targeting to offer a helping hand to over 4,000 farmers this year through the fund aid. He added that they give loans to cooperatives who meet certain conditions such as up-to-datedness of financial details, officials who are able to serve as guarantors, proper CRB conduct.
Although the Covid-19 pandemic had affected a lot of businesses, he said that Laikipians are hopeful that everything will fall in place. He insisted on a convenient policy framework that will help the organization such as training more people to assist in creating awareness in communities.
He asked that residents be more accomodating and embrace the aiding fund. They should be able to pay back their loans so as to enable help to more customers. The organization also needs more funding since more customers are emerging to request financial assistance.
The County Revolving Fund is working in conjunction with the Directorate of Cooperatives, KCB Bank Kenya Limited , and other financial institutions to help Laikipians, not only with money borrowing but also other financial support they might need such as spending and saving habits.
