Busia County Trade Development Revolving Fund Act, 2016 (No. 7 of 2016).

This Act provides for the establishment of a Revolving Fund for purposes of promoting micro and small enterprises in Busia County in order to— (a) enhance economic growth and development in the county; (b) enhance equity and equality in access to trade development services; (c) ensure rural and regional development within the county; (d) improve the standards of living among the residents of Busia; (e) protect interests of marginalized communities; (f) enhance provision and access to basic services such as health, education, transport and communication and water. The Funds shall be a body corporate and shall be managed by a Board. The Board shall, among other things, consider and approve loan applications submitted from each Small and Micro Enterprise owner and facilitate capacity development of each Small and Micro enterprise owner. The Board shall undertake remedial action on all problematic loans to prevent the loss of resources which action shall include rescheduling of loans, exercising right of lien over securities charged or litigation as shall be necessary in accordance to the analysis report of the Secretary of the Board.