Migori small-scale entrepreneurs have received Sh.1.06 million from Poverty Eradication Fund (PEF) to help eradicate poverty through initiating income-generating activities.
Migori County Director of Social Development Eliud Ondara said that the national government fund will benefit nine youth and women groups in the Suna sub-counties to help improve their livelihoods.
Ondara explained that the benefiting groups received between Sh. 80,000 and Sh. 150,000 to help them empower themselves through self-sustaining projects that can generate income for members.
The official urged the beneficiaries to be committed, transparent, and trustworthy and repay the loan in time to increase their loan limits and help others access the funds.
The PEF loan interest is capped at eight percent with a grace period of between one to three months to give the borrower enough time to start repaying their loans.
“Due to the nature of the funds we have given the borrowers a one-month grace period and a subsequent one-year repayment plan with an interest of eight percent paid once”, noted Ondara.
He called upon the local residents to register with the Social Development Department and establish a table banking system for ease of access to the funds.
Migori County Deputy Commissioner Benson Karani said that the funds will empower various business groups in the county in an effort to eradicate poverty.
Karani revealed that the PEF will help the beneficiaries to focus on income-generating activities meant to fight poverty by promoting income generation on an individual basis within the groups.
The administrator added already the national government through various directorates has educated the groups on various ways of investing the fund.
“Majority of business groups in the country have been trained on various avenues of investment with the aim of increasing productivity and boosting our economy,” explained Karani.
Edwin Obara a beneficiary of the fund expressed his delight at the revival of the funds that will give a chance for youths to engage in meaningful developmental projects.
Obara however called upon the government to sensitize the public more and encourage the youths to apply and access the funds for economic empowerment.
By Ochuodho Elkana and Edward Omino
