Kiambu's new Jijenge Fund will pay 50 per cent of the principal for start-up businesses applying for county tenders and Local Purchase Orders.
And there's no interest.
Governor Ferdinand Waititu, launching the fund on Tuesday at county headquarters, said it will have three categories: individual loans, group loans and tenders, and LPO financing. Application forms are at the MCAs' offices and online.
The Sh200 million fund is under CEC Karungo wa Thangwa's Youth, Sports and Communication department.
It will fund ideas and innovations meant to help youths get employment.
"We want youths, women, the elderly and persons living with disability to get access to the Jijenge Fund so they can uplift themselves and their businesses," Waititu said.
He said Jijenge is part of the former Biashara Fund and pleaded with its beneficiaries to return the money they borrowed.
"Jijenge is a revolving fund and I understand that there is money that was lent through the former Biashara Fund. We need that money returned for others to benefit," the governor said.
"We will monitor the fund and give the loans to credible and viable applicants," the executive said.
Kiambu assembly Majority leader Anthony Ikonya urged the MCAs, while drafting the Finance Bill, to lower business licence fees for young people starting businesses.
Edited by Rosemary Wamochie
