Enterprise Development Fund Director Isaac Lagat has challenged the Cooperative societies to ensure that they stick to their bylaws and laid down procedures when loaning their members to enhance their growth, accountability and efficiency.
He said that failure to full adherence of their laid down laws may lead to loss of society resources, goodwill, dissolution of the society and failure to achieve its objectives.
Mr. Lagat further urged the two cooperatives to ensure that they use their bank accounts for all transactions to strengthen the bank transactions and improve on record keeping that will better loan access to loans.
He urged the members to focus on onward progress and ensure that they carry out research on other opportunities available for investment.
The director who was speaking while presenting cheques worth 2.5 Million to two cooperative societies in Kapseret and Ainabkoi Sub Counties encouraged members to continue saving and support marketing of farmers produce as this were the sole purpose of Cooperative societies.
“The purpose of any Sacco is saving and credit …the more you save the better, savings increases your borrowing strength,” Said Mr. Lagat.
Simat/ Kapseret MCA Edwin Maraswo who was present in the meeting challenged Kormaet Sacco society whose members are boda-boda operators who were given 0.5 Million Simat/Kapseret ward to work hard in their operations.
The two cooperative societies were given a grace period of 3 months before they start repaying their respective loans.
The 55-year-old Kaptagat Farmers Co-operative Society was given 2 Million as working capital for Agrovet operations.
The Enterprise boss assured the society of the county’s support citing that their records speak for itself.
Kaptagat FCS chairman said that the cash will ensure that the loan given to them will be used for the purpose intended.
He thanked the County Government of Uasin Gishu for coming in their aid to fund their project calling on farmers in the region to follow suit.
“I want to assure you Mr. Director that we will pay the loan on time so that we access to be given another loan of higher value,” Said the chairman.
Uasin Gishu Governor HE Hon Jackson Mandago, EGH is a front runner in empowering cooperative societies.