Over 5000 residents in Mwingi central constituency have used Uwezo funds to set up micro business improving their livelihoods.
The beneficiaries who obtain the Uwezo loans through their respective groups were able to set up small business while others used the funds to expand their business.
“Through the Uwezo loans catering business has progressively risen especially at local trading centre, while others in a group or individual used the funds in buying tents and chairs for lending during large gathering forums, also buying pumps for car wash among other many businesses” said the officer in charge of the Uwezo Funds in the area Mboya Kyoyo
During an interview in his office at Mwingi town today,Mboya further disclosed that At least over 252 groups have accessed the Uwezo loans in the last two years, with the beneficiaries being youths, women and people with disabilities.
The Uwezo fund area boss called on those who are in need of the funds to apply for the soft loans to help them set up micro business and create self employment.
“Being an interest free loan, it has attracted more residents especially those undertaking business as they use it to boost their business” he said but regretted that youths unlike women are few who are applying the loans.
He noted that his office has been undertaking sensitization program across the constituency aimed at informing and educating locals on the Uwezo funds.
Uwezo fund is government interest free fund for women, youths and person with disability that aim to boost financial state of the people through promoting business activities.
“The beneficiaries are required to be organized in groups of at least 15 members and the group registered with social service. The youth groups members should be age between 18 -35 years” said Mboya.
The groups are required to present a proposal on income activity or an income generating project being undertaken by the group, to help the Uwezo funds office determine amount of money need for the project.
Once obtains the Uwezo Loan the group is given a grace period of 6 months. 50,000 shs is the least amount that is given to each group while the maximum is 100,000 to be paid for at most 2 years though the group has the freedom to choose the time period less than 2years. After the first loan repay, the group can be given double amount on the next take.