Small scale traders and jua kali artisans in Nakuru County are set to benefit from county government loans at minimal rates if a new bill by the Ministry of Trade will be passed by the county assembly.
The Cooperative Revolving Fund Bill seeks to empower small scale traders and jua kali artisans by enabling them access loans from a special fund.
The aim of the fund is to enable small scale traders expand their business as well as allowing new entrants to set up businesses.
According to the Nakuru CeC in charge of Trade Dr Peter Ketyenya, the loans will be advanced at an interest rate of 3% which he says will be the lowest in the market.
“The lowest rates are now at 14% but we want to enable our small scale traders to access loans at a minimal 3 % and this is a clear indication that the government is committed towards expanding trading space and creating more jobs by empowering our small scale traders,” said Ketyenya.
The loans will however be granted to traders who are members of cooperative societies to enhance accountability.
The bill has already been approved by the county cabinet and is on its way to the county assembly.