The Government has disbursed Sh25 million from the Youth Enterprise and Development Fund, to about 83 groups from Bungoma County, during the 2022/2023 Financial Year.
The Youth Enterprise Development Fund Co-coordinator, Gladson Mutanda, said that out of the amount the beneficiaries comprising youth groups and business owners, had so far repaid Sh14m, which he said, will be lend to other applicants who qualify.
Speaking to KNA in his Bungoma Office, Mutanda, however, expressed concern at the low number of applications from youth groups, saying some of the groups took too long to agree among themselves, on the amount to apply for and the mode of repaying.
The Coordinator said that the Fund is given to registered business owners upon giving tangible security such as Title Deeds, where the applicant is given up to Sh100,000 to Sh2 million.
Mutanda said that loans for the business people attract interest, unlike that for youths and encouraged the youths to apply and get funds, as start-up capital for their business.
He said that groups require a minimum of five members and must be registered with the department of social services and have a bank account number.
The members, he said, undergo training on finance management before they are funded.
The Youth Enterprise Development Fund was established in 2006 by the government, with the objective of promoting employment opportunities for youth groups and business people, through affordable funding.
By Morgan Sirari and Catherine Nyongesa
