Nairobi County Lists Conditions for Unregistered Business Owners to Access Loans

[ad_1]

The Nairobi County government under Johnson Sakaja has revealed the conditions boda riders and poultry farmers need to meet to access loans in a new proposal.

Under the Biashara Stimulus Program, Kenyans living in Nairobi and working in these two sectors will need to be registered by the county or be part of a Common Interest Group.

According to a document drafted by Governor Johnson Sakaja’s administration, this will ensure that the business owner has a guarantor from the group to qualify for the loan.

Nairobi Governor Sakaja chaired the 24th Cabinet meeting of the Nairobi County Government on April 30, 2024

Photo

Nairobi County Government

The County Government was responding to concerns raised by City residents during a public participation session.

“Participants inquired whether BodaBoda and poultry farmers should have all business permits and documents in order to be eligible for the stimulus programme,” Kenyans in Embakasi North asked.

Besides these two categories, hawkers will also need to be registered to have a business permit or be part of the group to qualify.

On the other hand, those operating informal businesses such as those running their establishments under temporary structures will also need to get a Unified Business Permit (UBP) and be part of a group, an association or a chama.

Digital businesses will also be considered for loans if they meet the necessary qualifications as outlined by the county.

When this program is implemented, all beneficiaries will have to undergo mandatory training which will be free for all. The county will also subsidise the interest rate on the loan.

All members of a Common Interest Group must not be negatively listed with a Credit Reference Bureau (CRB).

“Group members will apply for loans as individuals, the rest will be guarantors. Loan applicant and guarantors’ CRB status must be positive to qualify for a loan,” the county explained.

All eligible business owners were urged to form groups and take advantage of the upcoming program. The loan limits for business owners increase the more they borrow.

A marketplace in Kenya.

Photo

UpKenya



[ad_2]

Leave a Comment

Your email address will not be published. Required fields are marked *

×

Hello!

Click one of our contacts below to chat on WhatsApp

×