Under the leadership of Johnson Sakaja, the Nairobi County government has unveiled criteria for boda riders and poultry farmers to access loans through a new proposal.
Outlined in the Biashara Stimulus Program, individuals in Nairobi engaged in these sectors must either be registered with the county or affiliated with a Common Interest Group to qualify. This requirement ensures that each applicant has a group-backed guarantor, a stipulation aimed at facilitating loan eligibility. The proposal, crafted by Governor Sakaja’s administration, addresses concerns voiced by city residents during a public participation session.
Additionally, the proposal extends to hawkers, who must either possess a business permit or be affiliated with a group to be eligible for the program. Informal business operators, including those operating under temporary structures, are required to obtain a Unified Business Permit (UBP) and join a group, association, or chama.
Furthermore, digital businesses meeting the outlined qualifications will also be considered for loans.
Upon implementation, program beneficiaries will undergo mandatory, free training facilitated by the county. Moreover, the county plans to subsidize loan interest rates.
A key requirement stipulates that all members of a Common Interest Group must maintain a positive Credit Reference Bureau (CRB) status. Loan applications will be submitted individually, with the remaining group members acting as guarantors. Both the applicant and guarantors must have a positive CRB status to qualify for a loan.
The county encourages eligible business owners to form groups and seize the opportunities presented by the forthcoming program. Loan limits will increase with each borrowing cycle.
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