Over 10,000 youths in Mombasa, will benefit from a Sh 100 million funding set up by the Mombasa County government aimed at supporting small businesses that have been hit hard during the Covid-19 pandemic.The revolving fund targeting businesses owned by Youth, Women & People with Disabilities.
The Fund was established to expand youth enterprises’ access to finance to enhance youth entrepreneurship and job creation in the County. The funding that comes at zero per cent interest aims at getting youths capital to start or grow your business.
Governor Joho said the fund would give priority to innovative projects that demonstrate high impact on creating jobs and show financial sustainability.
In a recent advert on the Standard Newspaper dating January 14, the County government of Mombasa Invited applications from youth led organizations for funding on innovative business ideas. Chief Officer in the department of Youth, Sports and Gender Innocent Mugabe said the funding targets youths already in business and those who are planning to get into new businesses.
“Youths from all the six sub-counties in Mom-basa County are encouraged to apply for the funds. This is an exercise that aims at assisting youths who have businesses and are not able to support themselves financially,” said Innocent Mugabe . He, however, emphasized that individuals will not benefit from the fund.
The advert read that the fund wishes to invite applications for interest-free loans not exceeding Sh100,000.
It was further explained that for any group to be eligible for the fund, It should be registered. operating within Mombasa County and should be made up of 5 to 10 members aged between 18 to 35 years. “Seventy percent of the membership should be below 35 years and people living with a disability are encouraged to apply, the deadline is 25th January 2021
Story by [ Mkamburi Mwawasi ]