ADVOKS GLOBAL · KENYA
Micro and Small Enterprises Act
51. Micro and Small Enterprises Development Fund
Edition: 2022-12-31 · In force
51. Micro and Small Enterprises Development Fund
(1)There is hereby established a Fund to be known as the Micro and Small Enterprises Development Fund.(2)The purpose of the fund shall be to—(a)finance the promotion and development of micro and small enterprises in accordance with this Act;(b)provide affordable and accessible credit to micro and small enterprises;(c)finance capacity building of micro and small enterprises;(d)finance research, development, innovation and transfer of technology.(3)The Cabinet Secretary may, by notice in the Gazette, fix the size of the Fund sufficient to facilitate the promotion and development of micro and small enterprises.(4)The Fund shall consist of—(a)such monies or assets as may accrue to or vest in the Fund under this Act;(b)such moneys as may be payable to the Fund pursuant to this Act or any other written law;(c)interest accruing on the Fund;(d)such gifts as may be given to the Fund; and(e)all moneys from any other source provided, donated or lent to the Fund.(5)The monies constituting the Fund shall be placed in an account to be used for the promotion and development of micro and small enterprises, and the surplus monies of the fund shall be invested by the Authority in treasury bills, treasury bonds or other securities issued by the Government and any income from the investments shall be credited to the Fund.