Govt Announces Ksh 1M Youth Funding: How to Apply
Govt Announces Ksh 1M Youth Funding: How to Apply
The Ministry of Cooperatives and Micro, Small and Medium Enterprises (MSMEs) has announced a funding opportunity for Kenyan youth.
In a statement, the ministry, led by Simon Chelugui, revealed that a new loan product known as ‘Stawi’ is designed to give Kenyan youth access to Ksh1 million.
The ministry urged UKTN between the ages of 18 and 35 to apply for the loans through the Youth Fund website.
“Are you an entrepreneurial youth group in need of a start-up or business expansion loan? We have the answer for you in our Stawi product,” said the Ministry of Cooperatives.
A Kenyan youth who manages his affairs.
The ministry added that Kenyan young people who run small businesses now have a chance to access the special category of loans that have very limited restrictions.
“Let’s focus on building the capacity of cooperatives, micro, small and medium enterprises through training, education, research and ICT support and promoting value addition, production and market access”, assured CS Co-operatives Chelugui .
“Our Stawi loan is a group loan for start-ups, undertaking group projects/business expansion, special business projects that generate money periodically or during predefined irregular periods and acquiring group business assets,” the statement read in part.
The features of Stawi loan include:
The maximum amount is Kshs.1,000,000,
The maximum loan amount for group-owned start-ups is Kshs.100,000.
However, first-time borrowers must also meet the following requirements:
The maximum loan amount for group startups is Kshs.100,000
The maximum amount for groups with ongoing projects is Kshs.200,000
Stawi’s loan facility also offers a grace period of three months for start-ups and one month for ongoing projects.
For Special Business Projects, payment of the Loan begins after the applicable grace period, depending on the industry.
Required Documentation
Copy of valid group registration certificate
List of certified members
Certified copies of IDs/passports for ALL members
group constitution
Collective undertaking signed by the group members to repay the loan
“Visit our country offices in each district headquarters for more information about the loan product and application process,” the ministry said.
Simon Chelugui (center), Cabinet Secretary, Ministry of Cooperatives & Micro, Small and Medium Enterprises (MSMEs) when he announced some funding for Kenyan youth.
