Honesty, Integrity Key to Accessing Credit – Mhesh Kuria

Honesty and integrity are critical to establishing and maintaining creditworthiness, which in turn enhances access to credit, better loan terms, and sustainable financial relationships.

Nakuru Minister for Trade, Stephen Kuria has urged loan beneficiaries to treat their financial obligations as seriously as legal or moral commitments.

He was speaking during the launch of the Nakuru County Enterprise Fund and the Nakuru County Cooperative Revolving Development Fund.

The Sh100 million funds aims to empower previously excluded entrepreneurs and cooperatives, including small-scale traders, boda boda operators, farmers, and women and youth groups.

The Enterprise Fund will provide loans ranging from Kshs 50,000 to Kshs 200,000 at an 8% annual interest rate, while the Cooperative Revolving Fund will offer loans from Kshs 200,000 to Kshs 5 million at a 6% annual interest rate.

Kuria said these low interest rates make credit more affordable compared to traditional banking requirements, which often exclude small businesses due to stringent criteria.

The funds are managed in collaboration with Kenya Commercial Bank (KCB), which handles monetary transactions and provides additional support like incubation, mentorship, and start-up assistance.

“My department will hold financial literacy forums to equip residents with the knowledge and habits needed to grow their credit profiles and, ultimately, unlock economic opportunities,” he said.

He also said his Ministry would support SACCOs, cooperatives, and other groups in registering companies so they can competitively bid for county and national tenders.

During the event, Governor Susan Kihika disbursed Sh21 million under the Cooperative Fund and Sh16.19 million under the Enterprise Fund to enhance the entrepreneurial capacity and resilience.

She called on recipients to invest wisely, manage the funds responsibly, and repay promptly to ensure more residents’ benefit.

“I remain committed to deepening financial access, supporting grassroots entrepreneurship, and building a resilient and inclusive economy for every resident of Nakuru County,” said Kihika.