Press Release: Successful Loan Applicants Selected

Date: Wednesday 11th May 2011

Kenya ICT Board is today giving Family Bank a cheque of USD 1.3 Million to start the first round of lending out the revolving fund. A total of 37 applicants have been approved. For this first round, the 37 applicants represent 37 constituencies and 24 counties across Kenya. Family Bank received 689 applications out of a total of 800 inquiries made.

The 37 approved applicants have demonstrated various business ideas within their proposed Pasha centres ranging from; youth training, e-library services, website development, government services facilitation, teacher training, KCPE and KCSE online registrations, software development to name a few.

The revolving fund will be disbursed as a loan by Family Bank, repayable over a three (3) year periodwith a 3 months grace period, but will have a flexible repayment period and below-market rate of interest – to a maximum of 10.5%. The loan applicant will be required to finance at least 10% of the business while the revolving fund will finance a maximum of 90% of the investment.

The breakdown of the successful applicants is as follows:

The objective of these loans is to enable prospective entrepreneurs to obtain access to credit which might not be available to them via existing micro–credit systems.

The Pasha project falls under the Kenya ICT Board’s digital inclusion pillar which aims to increase access to ICTs by citizens across Kenya. It complements the other Kenya ICT Board agenda to stimulate job and wealth creation in ICT through entrepreneurship and is in line with Kenya’s Vision 2030.

The List below shows the 37 successful applicants who will start off the Pasha centres in different constituencies. Note that the Kenya ICT Board plans to open 210 pasha centres countrywide; one per constituency.

For more information contact

Email digitalvillages@ict.go.ke

The Kenya ICT Board is a State Corporation under the State Corporations Act 446