Kakamega County Government has disbursed Sh13.3 million worth of loans to traders through the Kakamega Microfinance Corporation.
Governor Fernandes Barasa said the county government has also allocated Sh 115.5 million to the corporation in the 2022/2023 financial year to lend to Kakamega residents to boost their businesses.
Out of the allocated amount, the county government has disbursed Sh 23.2 million to the lending institution.
He said the corporation has disbursed 1092 loans worth Sh 116 million to date with the absorption rate of the loans standing at 20 percent.
“We are at Sh 49.3 million as far as performing loans are concerned and non-performing loans are Sh. 28.2 million,” he noted.
He said loans from the corporation are payable within 12 to 48 months at an interest rate of 8 percent on a reduced balance.
“Equity Bank started as a Microfinance Institution (MFI) and now is a leading bank in Kenya. That is our dream of taking our microfinance to be a bank,” he noted.
