Boost for Tana River traders in Sh75m loans kitty
Governor Dhadho Godhana (middle) with Inuka Fund board members during the launch of the county's loan kitty in Bura, Tana River County.
Traders in Tana River have received a boost following the launch of interest-free loans through the county government’s Inuka Fund.
The Sh75 million kitty is meant to provide affordable loans to small businesses.
Speaking during the launch of the fund in Bura, Governor Dhadho Godhana appealed to residents to use the money wisely.
"I have done my part, but I wish you well also, be responsible and visionary with the money you borrow. If we see a positive change in your borrowing, we shall increase the amount to Sh300 million," Mr Godhana said.
Some of the potential beneficiaries said the funds will help bolster their agribusiness ideas and create job opportunities for many.
"I have a honey-making enterprise that requires packaging and branding, but I lacked the funds to do that. But this is an encouraging moment for me," said Mariam Bassa.
She said his venture has the potential to employ 20 people if it gets proper funding, as there is demand in the market but low supply.
Ms Bassa hopes to get Sh450,000 to start the branding, packaging, and marketing of her products and market them on social media.
"We have just started on Facebook, but we are not able to reach the number we desire because we have not been able to pay for adverts.
But with this amount we seek, we will be able to run adverts for three months and reach a larger audience," she said.
The trader seeks to expand her social media presence on Instagram, Twitter, and TikTok by using local models to advertise her product.
She believes she will be able to pay back the money within six months, as the enterprise has a lot of potential.
"Most of my clients are in Lamu and Kilifi. I also want to explore the market in Mombasa and beyond. There is a business for real honey and that is what we provide," she said.
Ali Bashora is optimistic that with Sh250,000, he will be able to venture into large-scale production of sunflowers.
The crop, he said, is the most sought by companies locally and abroad for the production of oil.
"With the current shortage of cooking oil, you can never go wrong with sunflowers, there is an instant market," he said.
Mr Bashora notes that with the money, he can cultivate more than 200 acres of sunflowers, fetching him more than Sh5 million.
He also says he will be able to hire more than 15 labourers to plant and weed the crop for four months and more than 10 young people to protect it from birds.
"This is a huge investment that will be continuous and will expand as we move forward. People will earn wages and even a salary from this farm in the future," he said.
The farmer believes that it will take him less than eight months to pay back the loans.
Many other traders are upbeat about the loan scheme and believe if the money is distributed well to serious enterprises, it will boost local industries.
County assembly Trade Committee chairperson Ismail Kodobo urged residents to grab the opportunity.
But he appealed to the Inuka Fund board to observe equality in sharing the funds and avoid ethnic and religious bias in loan allocations.
