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Shot in the arm for SMEs

Thursday, March 14, 2019

Nyore Madzianike Manicaland Bureau

At least 265 entrepreneurs from Mutare have received loans from the Federation Investment Entrepreneur Fund (FIEF) in conjunction with Metbank through the Credit and Guarantee Service Scheme.

The 265 received their loans in Mutare on Tuesday.

The fund’s president, Mr Mike Duru, said his organisations had plans to increase its footprint in the province.

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

“We launched it in September last year and this is the pioneering group that managed to meet all the requirements. We do not segregate on the size or type of business one wants to venture into or is in, we also welcome vendors.”

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

“We want to assist everyone even those who are believed to be unbankable. We would like to empower them through financial inclusion,” he said.

Mr Duru said his organisation has a team that ensures beneficiaries invest their loans in the business they would have applied the money for.

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