How to Apply for Biashara Kenya Fund for Kenya entrepreneurs (Download Form) Kenotips.com.ng

How to Apply for Biashara Kenya Fund for Kenya entrepreneurs 2021



Deadline: 30th November 2021

How to Apply for Biashara Kenya Fund for Kenya entrepreneurs (Download Form)

Biashara, with its roots in the Arabic to “sell or buy”, is the Swahili word for business, but also translates as “trade” or “commerce.

Biashara Kenya Fund, A Turkana County Government initiative, whose purpose is to promote, expand and facilitate access to credit by enterprises established by currently financially marginalised segments of Kenyan society.

The financially excluded persons comprise specifically of individual, or group enterprises established by women, youth and persons with disability, and generally, micro, small and medium enterprises.
Eligibility

The eligibility criteria for access to the proceeds of the Fund include:
in the case of a group, is registered with the department of social services, cooperative or Registrar of Societies and is running an enterprise or intends to start an enterprise and:
at least seventy percent of the membership is aged between 18-35 years
at least seventy percent of the membership is composed of women aged between 18 years and above or;
at least seventy percent of the membership is composed of persons with disability aged eighteen years and above.
in the case of women, youth, persons with disability, micro, small and medium enterprises registered under the Registration of Business Names Act, Partnerships Act, Companies Act, 2015 or Cooperatives Act and he or she is running an enterprise or intends to start an enterprise.
in the case of unregistered business, the person shall have a business permit and a Personal Identification Number issued by the Kenya Revenue Authority and he or she is running an enterprise or intends to start an enterprise.
in the case of a natural person, the person shall demonstrate that he or she is running an enterprise or intends to start an enterprise.

It is essential to note that women, youth and persons with disability who are running an enterprise or intend to start an enterprise shall be given preference while processing loans by the Fund.
Conditions for loan Disbursement:

The loans from the Fund shall be disbursed to a successful applicant subject to the fulfilment of the following conditions:
all loans from the Fund shall be approved and recorded in the minutes of the Secretariat and a report submitted to the next Oversight Board meeting;
all loans from the Fund shall be advanced to the successful applicants and shall be disbursed through the bank account of the successful applicant, or any other appropriate account approved by the Oversight Board;
the Administrator of the Fund shall open and maintain loan accounts of all successful applicants and the amount disbursed in each account and the balance thereof, and
such other additional conditions as the Oversight Board may impose on a particularly successful loan applicant.

The Administrator shall enter into an agreement with the successful applicant setting out the terms of the loans and loan repayment prior to release of funds through signing of a prescribed form by the Oversight Board.
How to Apply for Biashara Kenya Fund for Kenya Entrepreneurs (Download Form)

Interest Rate -3 % P.A

Repayment Period – 24 months

Amount – KShs 50,000/= – KShs 200,000/=

Are you a trader, and in need of boosting your business? Talk to your trade development officer at the sub-county for guidance on how to apply for the biashara loan.

Download BIASHARA FUND APPLICATION FORM (1 MB) pdf

For more Information: Visit https://www.turkana.go.ke/


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