The County government of Laikipia is partnering with leading banks in the country to offer stimulus package loan of Sh3.3 billion to business people.
The money is primarily working capital to boost business people while reopening their businesses affected by the COVID-19 pandemic.
Laikipia county is partnering with banks to offer a stimulus package loan of Sh3.3 billion to business people.
This is primarily working capital to boost traders and enable them reopen businesses affected by the COVID-19 pandemic.
On Monday, Governor Ndiritu Muriithi said traders can access as much as Sh2 million at an interest of seven percent.
“The county government is supporting to make the credit very affordable. The lending is by the banks, ours is to support the transaction in order to reduce the cost of credit” Muriithi said during a public participation exercise for the Finance Bill 2020 at a Nanyuki hotel.
He urged traders to take advantage of the doffer saying commercial loans currently attract an interest of 11 per cent.
Muriithi said during the 2018-19 financial year, the county collected Sh815 million of own source revenue.
This, he said, has however dropped to Sh727million in the current year due to the Covid-19 pandemic but hope to collect Sh 1 billion by the end of the financial year.
He said the county governments might move to court to compel Kenya Revenue Authority (KRA) to remit catering levies.
Muriithi said the Constitution is clear that the licensing and control of establishment that sell food to the public is a county function.