The Nairobi County Government’s upcoming project, the Biashara Fund, will allocate Ksh.100 million to support small businesses in Nairobi.
The Biashara Fund which is similar to Hustler Fund will focus on businesses owned by women, people living with disabilities and the youth.
The Chief Officer for Trades and Markets, Godfrey Akumali mentioned that the county has figured a framework they will use to identify beneficiaries of the “Biashara Fund.”
“It is a revolving fund that is targeting the traders in Nairobi and we want to focus on the women and the youth because they are the ones who are doing business. We have also identified the persons living with disabilities as another target group.”
Akumali told Nation.
“There is a need for capital for these businesses. Instead of them depending on shylocks who often charge high-interest rates, we decided to give them the fund to boost their businesses. We are looking at it as a social investment in our women and youth. We want to empower them so that they can be in charge of their future and have the ability to grow their businesses.”
he added.
The “Biashara Fund” which resembles Hustler Fund will be introduced in different stages for a successful and productive execution.
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“The only difference with the one at the national government is that ours will be targeting only those who own small businesses within the county. It is not open for everyone.”
Akumali said
Additionally, the government will also provide the business people with financial literacy training and business skills to equip them with knowledge before receiving the funds for their businesses.
The Biashara Fund will be allocated from the upcoming months. The business owners will also be assigned stalls where they will be able to operate their businesses.
The Chief Officer also confirmed that that there will be an interest ranging from 8 percent to 10 percent for the funds that will be distributed and there will be a fixed return policy.
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