Boost for small businesses

22 Mar, 2019 - 00:03 0 Views

The ManicaPost

Nyore Madzianike Business Reporter
PROSPECTIVE business people in Manicaland received a shot in the arm after the Federation Investment Entrepreneur Fund (FIEF) in conjunction with Metbank extended loans to them through the Credit and Guarantee Service Scheme.

The first batch of people out of the 265, who pioneered the Credit and Guarantee Service Scheme, were handed over their loans in Mutare on Tuesday.

FIEF president Mr Mike Duru said his organisations had plans to stretch its wings into other cities and they have already established offices in Gweru and Beitbridge.

“This initiative is for those who are already in business and wish to expand and those who also want to start their businesses. We have plans to be in other parts of this province and we will be in Hauna, Mutasa to also give loans to other people,” he said.

“We launched it in September last year and the pioneer group with people who managed meet all the requirements being here to be handed their loans. Our fund does not segregate on the size or type of business one wants to venture in or is in, it embraces all even those in vending,” he said.

Mr Duru said the type of loan scheme does not require collateral security hence beneficiaries did not need to fear having their property attached in the event they failed to service the loan.

“We want to upgrade everyone even those who are believed not to be bankable. We would like to empower them through financial inclusiveness,” he said.

Mr Duru said his organisation has a monitoring team to assess whether the beneficiaries of the loan facility would have invested it in business.

He said the team would also give financial education to those starting businesses after accessing the loans.

Metbank Mutare operations manager Mrs Tshamano Zinyama urged people who want to venture into business to think big and look forward to large investments.

“People should grab opportunities as they come and think big when they venture into business. As Metbank we want empower people through financial inclusion. It is part of our plans to have people being financially included,” she said.

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