How Youth Fund is helping youths mint millions

How Youth Fund is helping youths mint millions

Youths in the country have minted millions from loans given by the Youth Fund since its inception in December 2006, while creating jobs for other youths.

One such person is Sylvia Obungu who took a Sh2 million loan to boost her events company, Syl Events.

Sylvia found out about the Youth Fund from a friend and since she needed to pump some more capital into her business, she decided to research about it.

She discovered that she could access the funds and even better, she could access a bigger amount that what was offered by other financial institutions and at a better interest.

She applied for a Sh2 million loan to expand her business, which is now five years old, and was able to get it.

Sylvia intimated that the greatest challenge she faced when trying to access the funds was getting the documents together.

“They needed statements, invoices, receipt books and any other document that can prove you can pay the money,” she said.

Speaking on Citizen TV’s Business Centre, Sylvia encouraged youths not to fear loans but instead to arm themselves with information then go try their luck.

Another success story from the fund is Laban Gitau, the proprietor of Kitale Millers.

Laban said he needed a machine that could mill flour and at the same time make animal feeds but he did not have the money to purchase it.

Laban narrated that upon research, he found out that the fund existed and went to their offices in Maragua where he filled in the forms to request for a loan.

Shortly thereafter, he received a letter informing him that he had been approved for the loan.

The businessman now has the machine he wanted and can make the animal feeds as he intended which has increased his number of customers.

Since its inception in December 2006, the youth fund has become more accessible and the process of application has been simplified.

Tags:

kenya africa business entrepreneurship Youth Fund

Want to send us a story? Submit on Wananchi Reporting on the Citizen Digital App or Send an email to wananchi@royalmedia.co.ke or Send an SMS to 25170 or WhatsApp on 0743570000

Leave a Comment

Comments

No comments yet.

latest stories