Deal made for fishing businesses to recieve loans

Business

By MARK HAIHUIE
THE National Fisheries Authority has paid K1 million to the Peoples Microbank Limited as part of an arrangement to provide a loan facility to fishing businesses.
Bank’s head of credit Danny Koka said it was an installment of the K5 million agreed to in 2014.
Koka said the agreement with NFA since 2014 was the commitment of K5 million which would be used as a revolving fund for fisheries business loans.
“So far they have given us
K3 million and from that we have already lent out K4.2 million to customers,” he said.
“The maximum we disperse is K25,000 for fisheries-based business such as to those who want to buy dinghies for their businesses or equipment for fishing and across a range of needs.
“This next installment will go a long way in supporting the success we have had with the loans from this arrangement.”
NFA provincial support and industry development executive manager Welete Wararu said similar arrangements were in place with other organisations.
She said it was important to have timely reporting on funds used to enable funding from NFA.
“We are not in the banking business but rather come in with funding to create an enabling environment for fisheries businesses to get funding with ease,” she said.
“It is important for us at NFA to have reports on the funds so that funds committed through our agreements either for PML or others to be given early so that we can maintain the support for those in the fisheries sector by getting the funding.”

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