Nyeri — The County Government of Nyeri has invited individuals and registered groups to apply for loans.

Through the Department of Trade, Tourism, Culture, and Cooperative, the revolving fund will be availed under the County Enterprise Development Fund (EDF).

Funds will go into business expansions, asset financing, and agri-business at 5 percent, reducing the balance within a period of 24 months.

The borrowing amount will be between Sh50,000 and Sh500,000. However, cooperative societies will have access to up to Sh1 million.

While announcing the launch of the fund in Nyeri yesterday, Trade, Tourism, Culture, and Cooperative CEC Diana Kendi noted that while the loan was geared towards economic empowerment among locals, it would also go a long way in addressing youth unemployment in the area.

Kendi said the majority of the young people in the county have sunk into the abyss of alcoholism and substance abuse out of frustration due to dwindling income-generating opportunities amidst a worsening global economic crisis.

"We have seen an increase in alcoholism and substance abuse here in Nyeri and as a county government we have put different initiatives to curb this vice," Kendi said.

"One of the initiatives is of course to put a center that is supported by the health services to help those who are already addicted."

Applicants will be able to access application forms from the devolved unit website. The form will then be submitted to ward administrators.

Kendi also disclosed that they have set aside Sh62 million for the kitty this year, compared to Sh30 million in 2018.

The county boss said the move would address the challenges of unemployment among young people by creating more than 100,000 extra job opportunities.

"To create employment opportunities for the youth and cottage industries, my government will gradually increase Enterprise Development Funds (EDF) lending from Sh.55 million at an interest rate of 5 per cent." - Kna