Small-scale entrepreneurs in Migori County have benefitted from Kes 1.06 million from the Poverty Eradication Fund(PEF) to eradicate poverty by engaging in income-generating activities.
According to Eliud Ondara, the director of social development for Migori County, nine youth and women's groups in the Suna sub-counties will benefit from a national government budget that will help them better their living conditions.
According to Ondara, the benefited organisations got between Kes 80,000 and Kes 150,000 to help them develop autonomous projects that can bring in money for their members.
The official exhorted the loan recipients to show commitment, openness, and dependability and repay the debt on schedule in order to raise their loan limits and enable additional borrowers to access the cash.
The PEF loan interest rate is limited to eight per cent, and there is a grace period of one to three months before the loan is due for repayment.
“Due to the nature of the funds we have given the borrowers a one-month grace period and a subsequent one-year repayment plan with an interest of eight percent paid once”, he said.
To make it simple to obtain the monies, he urged the locals to create a table banking system and register with the Social Development Department.
According to Migori County Deputy Commissioner Benson Karani, the money will enable various business organisations in the county to fight poverty.
Karani disclosed that by encouraging revenue generation on an individual basis inside the groups, the PEF will assist the beneficiaries in concentrating on money-generating activities to combat poverty.
The administrator noted that the groups had already received education on the various investment options from the national government through its several directorates.
