Siaya Deputy Governor H.E. Dr James Okumbe has asked the Siaya County Assembly to expedite the Cooperative Development Fund (CDF) Bill 2019 legislative process to enable small scale business persons in Siaya access subsidized loans for their enterprises.
Okumbe noted that the CDF Bill 2019, is still pending at the assembly and that has thwarted the Executive’s bid to boost small scale business in their ventures.
Okumbe spoke on Tuesday while he presided over the signing of a Memorandum of Understanding between the County Government and The Kenya National Chamber of Commerce and Industry, Siaya Chapter on a Siaya County Newsletter publication, production and distribution.
Okumbe said the delay of the kitty has indeed affected traders and groups who were seeking to apply for the fund to revive their businesses.
“Those running the economy of Siaya through their Small and Medium Enterprises (SMEs) were hit by the COVID-19 pandemic and if the kitty was available, they would be able to revive their business pronto,” noted Dr. Okumbe.
Siaya has several cooperative societies and Small and Medium Enterprises (SMEs), most of which have folded due to lack of funds. The interest rates in most financial institutions are out of reach for SMEs.
The Chairman of Siaya Chamber of Commerce Roseline Amuga echoed the DG’s sentiments saying that the assembly should heed to the calls of the DG to relieve the suffering traders.
The Bill aims at creating jobs, boosting value addition enterprises and spurring economic development in the county. The fund seeks to provide money for low interest loans to cooperatives with a view to scaling up their lending activities.