Bungoma County Youth Groups Receive Sh25 Million Boost from Government Fund

Bungoma – The Kenyan Government has allocated Sh25 million from the Youth Enterprise and Development Fund to support approximately 83 groups in Bungoma County for the 2022/2023 financial year.

According to Kenya News Agency, Gladson Mutanda, the funds, aimed at assisting youth groups and business owners, have seen repayments of Sh14 million to date. These repayments will be redirected to other qualifying applicants. Mutanda shared these details during an interview with KNA in his office in Bungoma.

Mutanda expressed concerns about the low number of applications from youth groups. He noted that internal disagreements within groups about the amount to apply for and repayment methods often delayed the application process. The Fund, available to registered business owners, offers loans ranging from Sh100,000 to Sh2 million, requiring tangible security like Title Deeds.

The Coordinator highlighted that while business loans attract interest, youth group loans do not. He encouraged young people to take advantage of this opportunity to secure start-up capital for their businesses. Eligible groups must consist of a minimum of five members, be registered with the department of social services, and possess a bank account. Additionally, members undergo finance management training before receiving funds.

Established in 2006, the Youth Enterprise Development Fund aims to foster employment opportunities for youth groups and business owners by providing affordable funding.