A tailor based in Kapenguria on Thursday, June 22, lamented that he may be forced to close down his business over a Ksh1.74 million levy.
The tailor raised concerns over the matter arguing that his business was too small to make any reasonable returns enabling him to settle the debt.
He added that the arrears allegedly accrued over a three-year period within which he had been struggling to make ends meet.
“Even if I went to the bank today and asked for a loan of Ksh1.7 million or even one million, I will not receive it.
“My business is suffering as a result of the current economic challenges. If I decide to give out collateral for the amount, it will not be sufficient. Where do I even begin?" he stated.
The businessman, as a result, pleaded with President William Ruto to intervene arguing that during the campaign period, he promised to come to the aid of small enterprises and create a conducive working environment for them
His sewing shop doubled as a training centre for the youth in the area where they gain sewing skills.
In support of the tailor, residents of Kapenguria called on the government to educate small businesses on how to submit their remittances to avoid penalties.
Ruto Commitment
Since ascending to the top office, President William Ruto expressed his commitment to financing and uplifting Small and Medium Enterprises (SMEs) through different channels including launching the Hustler Fund segmented to target small businesses.
The Head of State on April 2022, stated that the fund would allow traders across the country to access between Ksh100,000 and Ksh2.5 million credit to support their ventures.
"The second phase of Hustler Fund that will be accessible to business people will be rolled out in the next one or two months," he announced during his trip to Meru.
Ruto’s Ksh3.6 trillion budget for the financial year 2023/2024 allocated Ksh13 billion for small and Medium Enterprises, a reduction compared to the Ksh46 billion that was issued in the previous financial year.
