The Nakuru government is expanding credit opportunities for small businesses including a Sh60 million fund targeting boda boda riders.
The county has already unveiled affordable credit for youth, women, small businesses and cooperative societies through a range of economic empowerment programmes.
It is now is implementing the Wezesha Biashara Fund, a flagship initiative comprising the Enterprise Fund and the Cooperative Development Revolving Fund, alongside the Sh60 million Boda Boda Fund being rolled out in partnership with KCB Bank.
The programmes are intended to improve access to financing, support business expansion and create opportunities for residents who struggle to secure affordable credit from conventional financial institutions.
Through the Cooperative Development Revolving Fund, registered cooperative societies can access loans at an annual interest rate of six per cent, with repayment periods ranging from 12 to 36 months, depending on the amount borrowed.
More than 19 cooperative societies have received over Sh60 million since the fund was established.
The financing has supported business expansion, value addition, working capital and investment in productive assets in sectors including agriculture, dairy, trade, transport and manufacturing.
The Enterprise Fund targets organised groups seeking to establish or expand their businesses.
Eligible groups can borrow between Sh50,000 and Sh200,000 at an interest rate of eight per cent, with repayment required within 12 months.
The county says 154 groups have so far benefited from more than Sh24 million in disbursements.
The funds have enabled beneficiaries to increase stock, acquire equipment, improve business premises, diversify products and reach new markets.
The initiative was intended to create opportunities for youth, women and small-scale entrepreneurs who often face difficulties accessing affordable financing.
Beyond lending, the county is providing business advisory services covering financial management, business planning, record-keeping and enterprise development.
The administration says the support is intended to help beneficiaries build sustainable businesses and manage their finances more effectively.
The Sh60 million Boda Boda Fund is intended to help motorcycle operators acquire the bikes through asset financing.
Under the programme, riders seeking electric motorcycles are required to pay a deposit of Sh10,000, followed by daily instalments of Sh189.
Those opting for fuel-powered motorcycles pay a deposit of Sh12,000 and daily instalments of Sh242.
The initiative is also intended to encourage the adoption of electric motorcycles while helping riders retain more of their daily earnings.
The financing programmes were designed to expand access to credit, support enterprise development and improve livelihoods across the county.
The county says the revolving funds will allow repayments to be channelled to other beneficiaries, sustaining lending and extending support to more residents.
