The Youth Enterprise Development Fund has widened its financing portfolio by introducing financing for egg hatching incubators to eligible entrepreneurs, rubber stamping its resolve to create more jobs in the agricultural sector among the unemployed youth.
According to information on their website the Youth Fund says the project is meant to attract more young people into the neglected agricultural sector which has potential to turn the many struggling youth into millionaires. This adds to its agricultural related financing options which also include Agri Vijana loan, a novel partnership with agro inputs supplier Amiran Kenya Limited that allow youth to purchase a farming kit that consists of 2 green houses; a drip irrigation system for the 2 green houses; seeds, fertilizers, agro-chemicals; group training and agro support and a CIC insurance package.
Under the incubator financing model, the youth fund will provide a loan of Sh208,530 with a monthly repayment of Sh5,517 over a period of 36 months. Youths who decided to take up the loan will be given a grace period of 3 months.
To qualify for the loan the applying group or individual must have electricity and power back up in case of power outages and be aged between 18 and 34 years. In case of a group, 70% of members must be youth and all group officials must be 18-34 years. The borrower must also show evidence of ability to raise 5% of the cost of the hatchery, to be paid upfront.
Upon meeting this requirements, the applicant is required to submit a duly filled loan application form, duly filled form by guarantors among other documents.
Egg hatcheries and incubators have become a hit as market for poultry and poultry products soars in the country. Vanguard farmers are now cashing in on the growing demand for chicks and chicken through hatching eggs as data show demand for poultry and poultry related products currently stands at an impressive 40 percent.
The business of egg hatching has created poultry billionaires including the late billionaire Nelson Muguku of Muguku Poultry farm whose business is now worth more than Sh3billion.
For more information on how to access the loan for the egg incubators check the Youth Fund website www.youthfund.go.ke
Written by Alvin Kaaga for African Laughter