A fresh wave of grassroots economic growth is expected in Nakuru following the launch of two major county-backed financing initiatives, the Nakuru County Enterprise Fund and the Cooperative Revolving Development Fund, aimed at unlocking credit for small-scale traders, farmers, and cooperatives.
During the 2022 campaigns, Governor Susan Kihika, then Nakuru Senator, pledged to boost MSME and cooperative access to finance, as studies show transforming this sector, key to Kenya’s GDP, is instrumental to tackling poverty, unemployment, and driving development.
Today, Governor Kihika launched an ambitious Sh100 million joint kitty, dubbed Wezesha Funds, which will offer low-interest loans to Micro, Small and Medium Enterprises (MSMEs) and cooperatives often excluded from mainstream financial services.
“Access to credit remains one of the biggest hurdles for MSMEs, yet these businesses contribute over 40 percent to Kenya’s GDP. We are giving financial legs to our boda bodas, matatu Saccos, farmers, and youth groups to help them walk the journey of enterprise development,” said Governor Kihika.
Under the new structure, groups can borrow between Shs50,000 and Sh200,000 at 8 percent annual interest from the County Enterprise Fund. Cooperatives will qualify for loans of Shs200,000 to Shs5 million at 6 percent interest through the Cooperative Revolving Fund. Already, six cooperatives have qualified for Sh21 million while 95 groups are lined up for Shs16 million.
The county, in partnership with Kenya Commercial Bank, will appraise and disburse the loans as revolving funds, making timely repayment essential to ensure sustainability and continued support for future beneficiaries.
Governor Kihika urged traders, women, youth, boda boda operators, and community health workers to join or form Saccos and groups, saying organized membership is the key to accessing and benefiting from the county enterprise fund.
She urged MSMEs and cooperatives to take advantage of the opportunity to grow their businesses, transform their lives, use the funds wisely, invest strategically, and repay faithfully to ensure the revolving fund benefits more people.
Anchored on the Funds Acts and Regulations, the program will receive increased funding in future budgets to promote sustainable development by enhancing capital access, fostering entrepreneurship, creating jobs, and reducing poverty, ensuring continued growth and success.
The Governor said the funds were an intervention whose time had come and she was confident that with cheap accessible loan facilities, her administrations was creating a strong entrepreneurial wave that will go a long way to create employment, reduce poverty and engender development in Nakuru County.
“We are not just giving out money — we are building a foundation for inclusive economic transformation,” she said. “This is what happens when government listens, plans, and acts in the interest of its people.”
County Trade Minister Stephen Kuria urged loan beneficiaries to treat repayments as seriously as legal or moral duties, stressing that honesty and integrity are key to building creditworthiness and securing better financial opportunities.
He said his department would hold financial literacy forums to help residents grow credit profiles and support SACCOs, cooperatives, and groups to register companies and compete for county and national government tenders.
KCB General Manager David Nyamu urged beneficiaries to invest wisely, stating the bank will boost county funds if loans are repaid on time, promoting financial growth. KCB will provide financial literacy on savings, investment, and bookkeeping.
During the launch, the Governor distributed Shs37.19 million, with Shs21 million through the Cooperative Fund and Shs16.19 million through the Enterprise Fund, ultimately boosting economic growth by empowering local businesses and communities.
Several groups were fortunate to receive their funds at the launch such as Mwaki Travellers Sacco, which received Shs2.7 million, Olenguruone Farmers Cooperative with Shs5 million, and Sokoro Sacco, which was granted Shs3 million.
Additionally, Wanavijiji Housing Cooperative Society received Shs4.5 million, Suka Farmers Cooperative was awarded Shs5 million, and Naxwest Boda Boda Sacco obtained Shs1.9 million. Smaller allocations went to Nakuru Salon and Barbers and Ziwani Self-Help Group, each receiving Shs200,000.