James Nyoro asks Kiambu residents to pick his Ksh1.3B fund over Ruto’s “imaginary” hustlers’ fund
Kiambu governor James Nyoro wants residents to ignore the promised Hustlers Fund by his opponents and instead take up cheap loans established by his administration.
In a bid to help collapsed businesses in Kiambu recoup from harsh Covid-19 shocks, governor Nyoro said his government has, in partnership with Kenya Commercial Bank (KCB) established a Ksh1.3 billion revolving fund accessible to small and medium enterprises.
Dubbed Jiinue Fund, he said the fund will be disbursed to youth, women and persons living with disabilities at reasonably friendly interest rates to help them boost their businesses thereby bettering their livelihoods.
In the plan, KCB will advance the money to willing individuals and small entrepreneurs while the devolved government will act as a guarantor with Sh 138 million acting as collateral.
He stated that the Jiinue fund will see groups access loans of up to Ksh300,000, and start-up financing of up to Ksh150,000 while existing MSMEs and Saccos will get financing of up to Ksh1million.
Already, Nyoro revealed that 20 people have received Ksh12 million since the program started ten days ago.
Speaking in Juja during inspection of his administration's initiated road projects, Nyoro stated that Ksh1.5 million was awarded to a young enterprise in Limuru.
"Ignore the hustlers' fund that you are being promised and which you may never see. I want the ladies like the ones I found there to form a cluster and go take up the Jiinue fund, we are in the process of bettering the working environment here and helping businesses grow," he said.
He made the statement days after Moses Kuria, his rival in the Kiambu governors race advertised that he will, alongside Deputy President William Ruto launch the hustlers' fund on June 29, 2022.
The event, according to a poster Kuria has posted on Facebook will happen at Ruto's Karen residence from 8.00 am.