The Youth Enterprise Development Fund office has expressed concern that a majority of the youth are still reluctant to apply for the fund, which is available for registered groups and individuals at a very friendly interest rate.
Speaking during a sensitization event at Chilchila Ward in Kipkelion West Sub-County, the Youth Enterprise Development Fund Chief Executive Officer, Mr. Josiah Araabu, was concerned that the youth lacked knowledge of the wide range of products developed by the fund to support the needs of youth-led businesses.
The Youth Fund CEO took time to enlighten the community on the various Youth Enterprise Development Fund products, including Bid bonds or Local Purchase Orders (LPO) or local service orders (LSO) financing available to youth who have been awarded tenders by government agencies (Ministries, parastatals, county governments, and constitutional commissions) under the AGPO programme and from other reputable procuring entities not owned by the government (those listed at the NSE and credible NGOs).
He explained that the VUKA product was available to youth who wished to start or expand their businesses, and applicants may use the loan for working capital or to purchase business assets, while the Talanta loan product is available for youth to advance their talents.
“The Youth Fund is tasked with promoting enterprise development as a critical strategy for increasing economic opportunities and youth participation in nation-building. We are calling on more groups and individuals to capitalise on this loan to better their lives,” said Mr. Araabu.
Meanwhile, the Youth Enterprise Development Fund Director, Mr. Daniel Mutai, revealed that a total of 60 youth groups in the Chilchila ward had utilised the Youth Fund to the tune of Sh. 4.8 million to finance their various economic activities, including horticulture and table banking.
“More than 800 youth groups have benefited from the Youth Enterprise Development Fund in Kericho County and we hope to fund more groups and individuals,” said Mr. Mutai.
During the function held at Siwot Secondary School, Youth Enterprise Development Fund Chief Executive Officer Mr. Josiah Araabu led the community in planting 2000 trees in line with the national government’s initiative dubbed “Jaza Miti,” geared towards planting 15 billion trees in 10 years in Kenya.
By Kibe Mburu and Steve Were
