REVOLVING FUND

Kiambu urges loan defaulters to pay up

Sh300 million Biashara Fund launched in 2015 during former Governor Kabogo’s tenure

In Summary

• Waiver given to those who clear outstanding loans 

• Waititu launches new kitty, Jijenge Fund

Kiambu Governor Ferdinand Waititu
Kiambu Governor Ferdinand Waititu
Image: FILE

The Kiambu government has urged defaulters of the county’s loan facility Biashara Fund to repay the money before debt collectors are set on them.

The Sh300 million Biashara Fund was launched in 2015 during former Governor William Kabogo’s tenure and targeted youths with loans to start small businesses.

Speaking at the launch of a new kitty called Jijenge Fund, Governor Ferdinand Waititu said the county would enter a favourable agreement with defaulters. 

“As county government, we are willing and ready to re-negotiate with those who took up loans under Biashara Fund but have defaulted. They can come to us so that we can agree on a repayment schedule,” he said.

Meanwhile, the county government in an advert, has called for bidders to apply for a tender to recover the money from defaulters.

The bidders have up to May 20 to present their bid documents to the county’s Thika offices or to the county secretary.

“The county government with the approval of the governor hereby gives notice to all Kiambu Biashara Fund loan defaulters that penalties have been waived,” reads part of the advert.

But only those who clear outstanding arrears will benefit from the waiver. The waiver period runs between May 3 and June 3. 

Governor Ferdinand Waititu while launching the Jijenge Fund said that Sh200 million has been set aside and will give soft loans.  In the next financial year the kitty will be increased by Sh100 million.

The governor called on residents to take advantage of the kitty and apply for soft loans that will help them start and own their own businesses.

 
 

“The fund will give out loans to individuals, groups and also local purchase order (LPO) financing,” Waititu said.

Deputy Governor James Nyoro challenged the locals and particularly the youth to take advantage of the kitty to start small agro-processing industries.

“This is a kitty if well utilised that can help our youth to create jobs for themselves by initiating small agro-processing firms through value-additions by for example manufacturing yoghurt from the milk,” said Nyoro.