ENTERPRISE54 – Nairobi plans to release the sum of Sh30 m ($341,600) in form of loans later this year to support its young entrepreneurs.

This money, which is already a part of the 2014/2015 budget has been earmarked for one singular purpose; to make loan easily accessible to startups but first the county’s assembly has to establish a law to house this fund.

There would be no limit to the amount that can be loaned meanwhile, beneficiaries will not be required to pay interests and will have a period of 2years to repay the loans.

“For a business to turn around, you need at least one to two years. We will give a holiday period before repayments are due,” Nairobi trade and industrialisation executive Anna Othoro, said.

The county will monitor the use of these loans while borrowers will undergo training and regular business evaluations with NGO’s like the World Vision.

The new bill which is currently at the drafting stage will also regulate trade and industry in the county.

“The bill will have the trade licensing laws and regime and that will change from what is in the by-laws. It will also house this fund and cater for issues on industries. This borrows a lot from the Nairobi urban masterplan,” Ms Othoro said.