Parents in Kisii county are not willing to give their children securities to access Youth Enterprise Development Fund ( YEDF) due to fear, the Fund’s area Coordinator, Aatos Mogoi has said.
The officer noted parents and guardians are supposed to deposit title deeds or log books as securities for the children to secure loans, invest in projects, realize profits and repay it within a given time frame.
He appealed to the parents to have confidence in their children and offer them the securities, saying the fund’s officers will ensure that they invest in viable projects and service the loans, complete and return the collaterals to the parents.
“Individual youths can secure loans at an interest rate of six percent per year. That is repayable if they are committed and focused on their projects,” Mogoi told People Daily at his office yesterday.
Majority of youth in the county noted the officers were unwilling to secure loans over unfounded fear that the funds were little and they would not generate profit and repay the loan.
He noted some educated youths were wasting time idling waiting for scarce white collar jobs, stressing the mindset had left them impoverished and relying on their aging and weak parents to survive.
“It is good to be educated and optimistic. I urge the graduates to engage in income generating activities to boost their lives as they wait for jobs in the formal or private sectors” noted Mogoi.
The officer, flanked by Credit Officer, Cyrus Ngisa said last year, no Youth Company was awarded a government contract and given Local Purchase Order (LPO) and qualified to access 70 percent of the contract or tender sum from the Fund.
He implored youths to form companies to enable them secure government contracts as enshrined in the constitution and appealed to relevant government Departments to support the youths with relevant documents to access the loans.