Bungoma County has launched a KES 40 million trade loan initiative aimed at supporting local traders and the jua kali sector across its 45 wards. The revolving fund is set to benefit 4,500 traders by providing them with access to affordable credit while linking them to mainstream financial institutions like banks, SACCOs, and microfinance institutions to facilitate business growth.
During the launch event at Webuye Municipal Hall, Governor Kenneth Lusaka hailed the program as a crucial step toward economic empowerment for small-scale traders in the region.
“This initiative represents a cornerstone in our mission to uplift Micro, Small, and Medium Enterprises (MSMEs). Having pioneered trade loans in 2014/2015, I am confident these loans will enable traders to expand and enhance their operations,” said Governor Lusaka.
The governor emphasized the importance of investing the funds wisely, urging beneficiaries to use the loans for business growth. “It is my hope that these loans will be invested in ways that generate both individual and community prosperity,” he added.
The initiative aims to bridge the financial gap faced by many traders, who often struggle to access affordable credit from formal financial institutions. By providing this financial support, the county government hopes to spur economic development and job creation within the region.
Governor Lusaka highlighted that the program operates within a legal framework designed to ensure its sustainability. He urged traders to make timely repayments, noting that responsible loan management would keep the program viable and boost the county’s revenue.
“We have put in place regulations to recover defaulted loans, and I encourage all beneficiaries to honor their repayment schedules to keep the program sustainable and boost the County’s revenue,” he said.
The governor also noted that the county government would work closely with financial institutions to offer financial literacy programs to the beneficiaries, ensuring they make informed decisions regarding the use of the loans.
“This program is not just about providing loans; it’s about empowering our traders with the skills and knowledge they need to succeed,” Lusaka concluded.
