Two cooperative societies from Kapsaret and Ainabkoi sub-counties in Uasin Gishu county have recorded a milestone after they received a whooping Sh2.5 million loans from the Enterprise Development Fund.
Kapsaret's Kormaet Sacco, predominantly owned by boda-boda operators, received Sh0.5 million while Kaptagat Farmers Co-operative Society from Ainabkoi got Sh2 million.
While presenting cheques to the two groups, Enterprise Development Fund boss Isaac Lagat challenged the two cooperative societies to stick to their individualized by-laws when loaning their members as the only way to accountability and efficiency.
He further encouraged the members to save more, noting that it was the only way to increase their borrowing capabilities.
“The purpose of any Sacco is saving and credit …the more you save the better, savings increases your borrowing strength,” said Lagat as quoted by Uasin Gishu county government in a statement posted on their website on Thursday.
Kapseret Member of County Assembly (MCA) Edwin Maraswo who was also present in the function challenged the Saccos to work hard as they purpose to exercise financial discipline in their operations.
The two cooperative societies now have a grace period of three months to invest before they can start servicing their respective loans.