The County Government of Nyeri has supported Small and Medium Enterprises by providing financial resources through the Enterprise Development Fund. The Department of Trade, Tourism and Cooperative Development established the Nyeri County Enterprise Development Fund for the promotion and development of Micro and Small Enterprises, Co-operative Societies registered under the Co-operative Societies Act, and Enterprise Groups registered under the Ministry of Labour, Social Security, and Services or any other lawful registration body. This initiative has revived stuck businesses, enhanced productivity and enabled achievement of economic empowerment for the small-scale traders in Nyeri County.
The Enterprise Development Fund is managed by a board and supported by a secretariat headed by the Fund Administrator. The core mandate of the board is to formulate policies and procedures for the administration, regulation, and management of the fund.
Through the board Ksh 41,747,150 million has been loaned to 131 enterprises in Nyeri County. The board offers business financing, LPO financing, asset financing and technology acquisition. The asset finance has an additional feature for motorcycles where clients get comprehensive insurance financing for two years. Currently, the loan interest rate is at 5% P.A with a maximum repayment period of 24months. Applicants can access a minimum of Ksh50,000 and a maximum of Ksh 500,000. However, cooperatives can access up to one million Kenyan shillings.
In addition to providing the funds, the EDF secretariat conducts capacity building for businesses owners which is not limited to just the beneficiaries. So far, over 800 individuals and groups have been trained in a bid to improve their entrepreneurial skills.
