The Uasin Gishu County Enterprise Development Fund Committee on Friday approved Ksh 19 million to be loaned out to various Cooperative Societies.

The monies will be loaned out to cooperate that had made applications for the funds to boost their enterprises.

Chief Officer for Cooperatives and Enterprise Development, Ruth Samoei, said the department will work on mechanisms of enhancing the fund, in coming years, to benefit many societies.

Speaking on Friday while scrutinizing and approving CEDF loan application documents for Cooperatives that met the threshold, County Enterprise Development Fund (CEDF) committee chair, Philip Mamet, noted that the county through the Department of Cooperatives has made the fund accessible, affordable and available for the societies.

Mr Mamet maintained that it is vital for the societies to put the approved funds into use calling on them to adopt swift models for repayment for other societies to benefit as well.

He further challenged the committee members to work on strengthening the Fund to further make it more sustainable.

The committee also discussed, among others, the modalities of countering the late repayment of societies dues by the processors which is said to be the highest contributing factor to late repayments of county loans by the societies.

CEDF Director Kipleting Mengich and his counterpart for Trade, Isaac Laga, called on the societies that did not qualify to ensure they followed all set guidelines on compliance issues for them to benefit.

“We are continuously looking at other avenues that would see this fund more effective and efficient in its business process going forward for our residents to access it better and be able to grow their ventures for economic growth,” reiterated Mengich.

Lagat lauded the Fund’s Committee attributing the success of the Fund to their support and dedication saying that the foundation laid by the committee saw the fund grow from lending Ksh 20 million to the current over Ksh700 million.

Exceptionally, societies that depicted easy and traceable records of cash flow, the status of their loan repayment and a clear purpose for loan application were approved with fewer objections.

Farmer-based societies, bodaboda and matatu Saccos are the sectors that applied for the funds that are given out at 8 and 5 per cent annually.